ATLANTA—The multifamily predictions for 2018 are rolling in. Doug Bibby, president of the National Multifamily Housing Council, shared his insights last week.
Now, Josh Goldfarb, vice chair in Cushman & Wakefield’s Atlanta office is sounding off. GlobeSt.com asked him about sales activity and what he sees in Atlanta and the Southeast in part one of this exclusive interview. Stay tuned for part two, in which he offers his bets on what sort of buyers and sellers will be more active in 2018 and more.
GlobeSt.com How did sales activity in 2017 compare with 2016?
Goldfarb: In 2017, there was a significant amount of activity in Atlanta and throughout the Southeast. Our Southeast investment sales team alone sold 268 properties totaling $4.8 billion, an increase of 34.6% from the amount we sold in 2016.
Last year was our first full year of integration with Cushman & Wakefield following the merger. And we feel it has added tremendous value to our platform. It was definitely a remarkable year for us as well as buyers and sellers.
GlobeSt.com: What are your predictions for the Atlanta multifamily market for 2018? What about the Southeast more broadly?
Goldfarb: This year, we anticipate the strong sales volume will continue. In the first three weeks of the year, we closed 20 sales totaling $621 million.
We believe we will see more portfolio sales across the Southeast in 2018 as property owners look for new ways to achieve higher premiums. Portfolio sales enable a buyer to take advantage of economies of scale.
Cumulative buys by single entities make this year a prime time for these sales. On a broader level, continued strong fundamentals like job and rent growth, as well as strong occupancies and available capital, continue to bring buyers and sellers to the table.
A multifamily asset in one of the highest Google search zip codes just traded hands. Get all the details.