CBRE's Florida Multifamily Group Does Record Activity in '03

MIAMI-CB Richard Ellis’ Florida Multifamily Group completed record activity last year. The group and LJ Melody, its real estate banking subsidiary, achieved 107 multifamily sales and financings valued at more than $1.8 billion for the year.

The multifamily market in Florida remains bullish, while in other areas of the country strong single-family home sales have been putting downward pressure on apartment complexes. According to CB Richard Ellis, strong demographic and economic factors in the state, where rental housing demand is on the rise, have fueled investor interest in multifamily properties. Florida leads the country in job growth, adding 90,000 positions in the past year, according to the local economic consulting firm Fishkind and Associates.