MIAMI—In any major metropolitan multifamily market, some markets are hotter than other. And there are always multifamily dark horses to watch.
GlobeSt.com turned to Hampton Beebe, executive managing director of ARA Newmark, to get some insights into both in part two of this exclusive interview. You can still read part one: How Miami Multifamily Will Surprise Us This Year.
“In most of the South Florida submarkets, we continue to see a significant rent spread between post-rehab value add properties and newly built garden properties,” Beebe tells GlobeSt.com. “As a result, we continue to see phenomenal interest in value-add offerings.”
Beebe reports a record number of offers submitted and extremely strong interest from new buyers to the South Florida markets. And it's not just Miami.
“Downtown Fort Lauderdale has been the leader in rent growth for South Florida,” Beebe says. “With the delivery of the Brightline high speed rail service, the connectivity between Miami, Fort Lauderdale, West Palm Beach and Orlando will be closer than ever before.”
Beebe expects this service to attract more residents to these urban cores. The suburban markets in Palm Beach and Broward Counties, he says, are also performing very well.
So what about the dark horse? It may be Downtown West Palm Beach.
“With just three deliveries thus far in this cycle and two major developments delivering in the next year, West Palm Beach is poised to see a major influx of residents,” Beebe says. “The growth and long awaited connectivity between CityPlace and Clematis Street will be a rebirth for the city.”
(Check out these six multifamily trends to watch in 2018 You can still read part one of this interview: Did the 2017 South Florida Multifamily Market Live Up to the 2016 Hype?
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