Apartment Slowdown Won't Affect Investment Values or Market Demand, Top Builder Contends

ORLANDO-Slowdown or not, if you’re hunting for a stable real estate investment this year in Central Florida, go with multifamily product. That’s the assessment of Edward A. Storey, founder/CEO of Winter Park, FL-based Essex Builders Group which completed $107 million in contract volume last year and projects it will do at least $100 million this year.

Storey tells GlobeSt.com strong job growth in metro Orlando last year was more than enough to offset record rental construction. “Basically, we have been immune to the slowdown and values in multifamily have remained strong,” Storey says.

“Statistics show that since 1985, rental apartments in Central Florida comprise one of the most stable real estate investments in the market,” Storey tells GlobeSt.com. Although he sees fewer apartment starts this year, job growth and absorption are strong. The general contractor is confident the rapid apartment construction pace will pick up again in 2002.