Levy tells GlobeSt.com that he will help the developer pursue markets with strong job growth to bolster its multifamily property portfolio. The Morgan Group will continue to be "very selective with respect to the sites we elect to pursue," he emphasizes.
There are 1,900 units slated for start-up this year in Atlanta, Denver and San Diego. There also are other projects in various development stages, including Memorial Heights, a 437-unit complex in the chic, historic heights section of Houston. Levy says Memorial Heights affirms the developer's commitment to Houston's market.
Meanwhile, two properties in Denver and Houston are up for sale and two more could follow, says Levy. The Park Meadows, a 518-unit Denver complex is already on the market at an asking price of $73.8 million. In Houston, the 229-unit Plaza in the Museum District is being marketed for $26.6 million. Levy says the Plaza has been extremely successful in terms of occupancy and rent, but it's being sold to assure equity partners an internal rate of return that Levy says, "is best realized through a sale."
Levy had been the former managing director of real estate and lodging investment banking in the southern region for JP Morgan Chase Co. He feels institutional investors will continue to be attracted to the consistency of the multifamily market in comparison to other investment opportunities, particularly the stock market. "Multifamily properties are a favored product class among institutional investors," says Levy.
The Morgan Group, he says, has a number of pension funds backing its projects. In his new role, Levy will specifically handle debt and equity financing deals, manage property acquisitions and dispositions and the historical oversight over of company and project finances.
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