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GlobeSt.com EXCLUSIVE: C&W Broadens Multifamily Appraisal Focus

NEW YORK CITY-A newly formed Cushman & Wakefield team is set to broaden the firm's multifamily valuation and appraisal service initiatives on a national basis. The company hopes to capitalize on soft economic conditions, predicting multifamily advisory revenues of $10 million by 2004.

By Michael Gilliard | Updated on February 04, 2002

NEW YORK CITY-Cushman & Wakefield is expanding its multifamily valuation and appraisal services on a national level with a newly assembled team that will work within the firm’s Valuation Advisory Services group. While multifamily deals currently account for 10% of the $50-$55 Mil VAS revenue, Cushman & Wakefield predicts that percentage will double within two years.

“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.

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