Palmer, who joins Insignia/ESG from National Apartment Advisors in Atlanta, where he was a partner, will be based in the firm's Downtown Los Angeles office and will be working closely with Russell Dixon, Insignia/ESG's national director of multi-housing properties. Palmer will advise clients in the area of investment sales, debt, and structured finance.
"I think LA is like many other markets around the county in that a lot of the newer properties are not performing as they had been expected to," comments Palmer about the state of the market. "Some of the rent growth is not as strong as it had been, and the west side of LA is suffering from some vacancy problems for the first time in a long time." He adds that this situation is endemic to the whole country, and is a result of slowing job growth and continued layoffs.
These concerns are only in the short term for the multi-family market, Palmer notes. "There's a lot of liquidity in multi-family product because of the agency lending," he says, referring to Freddie Mack and Fannie Mae. "There's always a lot of money chasing deals, both from a debt and equity standpoint. They hired our team--I have two partners in Atlanta--to bulk up their ability to transact in the institutional marketplace."
Handleman joins the Downtown Los Angeles-based brokerage team spearheaded by executive managing director R. Todd Doney. Handleman will also be working with director Nico Viligiate and associate Charlie Smith, rounding out the regional team that works at tenant representation, landlord representation and investment sales.
Handleman says of his hire: "My presence is not necessarily to react to market conditions, positively or negatively. It's to address the team's needs for more manpower at a senior, sophisticated level. The amount of business that the team has been involved with has been significant, and I'm there to increase its capacity to continue and grow what's already been successful."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
