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Investors Near and Far Bank on DFW's Multifamily Strength

DALLAS-Ample product, high occupancy and better than average selling prices make the Dallas-Ft. Worth multifamily market the bright star in a dim economy. It's a safe haven for in- and out-of-state investors, most of whom are familiar with the territory.

By Connie Gore | Updated on October 08, 2001

DALLAS-Dallas-Ft. Worth multifamily owners have a friend in the investment community, thanks to this year’s less-than-friendly stock market. At least that was the case prior to Sept. 11, say two leading DFW multifamily execs. Now, they’re just waiting to see what happens.

The Dallas-Ft. Worth’s hottest ticket comes with overall occupancy in the mid-90s, above-average per unit selling and rental rates, plenty of product and ample interest from investors inside and outside the state. The bread and butter of the multifamily arena are older properties, which are regularly changing hands as private investors look for a safe haven for their capital.

“This year, prices overall have been up,” Sam Lewis, Grubb & Ellis Co. vice president in Dallas, tells GlobeSt.com. The firm’s DFW multifamily team has hawked $130 million, with Lewis alone accounting for 10 of those transactions. The dominant player has been class C properties attracting institutional and private buyers alike, willing to pay in the mid to upper $20,000 per unit and allowing enough leeway to invest more money via upgrades.

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