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Multifamily Investment Sales Go South

ORLANDO-Although occupancy is up by four percentage points from year end 2000 to 93.6% and demand remains strong, only seven apartment properties were sold in the first half, six of them class B assets, a new analysis by the Orlando office of CB Richard Ellis shows.

By Alex Finkelstein | Updated on July 27, 2001

ORLANDO-Although rents are rising, new construction is slowing and concessions are down, class A multifamily properties in metro Orlando aren’t finding themselves to the market as they have in the past three years, a new apartment industry analysis by CB Richard Ellis shows. Sales are down by 67% from last year.

“Investment activity has reflected a wait-and-see attitude,” Robert W. Miller, senior vice president, multi-housing properties group, CB Richard Ellis, tells GlobeSt.com. “Developers, equity partners and lenders are approaching new projects with more caution.”

Besides the dearth of class A for-sale product, there is also a shortage of prime development sites. The resulting effect is a plunge in building permits and a definite construction slowdown.

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