"With this concentration, our non-institutional related business is equally divided between refinancing and sales," says Scott Rando, operating manager and head of the multifamily team. This 50/50 split between sales and refinancing revenue is expected to remain relatively stable, although Rando forecasts a shift from refinancing towards transaction-based deals in the coming months. Regardless, "The appraisal industry is a win-win situation, providing the economic market is volatile," adds Rando.

Last year, C&W purchased the Apartment Group, a multifamily sales and dispositions brokerage company based in Atlanta. The VAS leadership team will be assembled by the end of this month using employees from that company. The unit will provide appraisal, valuation, due diligence and underwriting services, as well as lending, acquisition, and portfolio analysis, purchase price allocation and tax appeal services as part of the venture. The program will operate in 21 cities across the nation, including New York City, Boston, Chicago, Atlanta, Miami, Tampa, Houston, Dallas, Denver, San Francisco and Los Angeles.

"Many of our clients---the lenders, institutions and private owners of real estate---are already in the multifamily business," says Rando. "This is an opportunity for us to expand our market share in this business."