GlobeSt.com
Amy Wolff Sorter // December 27, 2009
DALLAS-A shrinking buyer-seller gap, combined with investors tired of waiting on the sidelines could mean more trades of quality multifamily in 2010. Experts tell GlobeSt.com that both buyers and sellers throughout the Dallas-Fort Worth area are aware that the market is close to bottom, or there already.
Will Balthrope, vice president investments and senior director with the Dallas office of Marcus & Millichap Real Estate Investment Services' multifamily group says he noticed a seismic shift in investor interest since October. He pointed out that demand was huge when he and partner Ryan Epstein recently marketed the 258-unit Delante in Irving, TX. The high-end, mid-rise product attracted 44 offers, with Slosburg Cos. of Omaha, NE ending up the buyer. "This is a good example of a mid-rise luxury apartment, snapped up by an investor, without a loan, which closed in 26 days," Balthrope comments.
Balthrope and Jay Gunn, associate partner with Hendricks & Partners Dallas office, agree that buyers had been sitting on the sidelines, fearful of entering the market when values were on the way down. But with the values reasonable these days, "we're seeing a tremendous amount of capital looking for investments," Gunn points out. "There's a bunch of money out there and ready to make a move. But we still don't have the product to provide."
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