(To read more on the multifamily market, click here.)
LOS ANGELES-Senior vice presidents and multifamily team members Rory Ferlauto, Don Hudson and Nancy Uy have joined Colliers International. The team will be part of Colliers' Practice Capital Advisors (PCA) group and work out of the firm's San Fernando Valley office.
The three will focus on the Greater Los Angeles and San Fernando Valley regions, which are familiar territories to the team who just made its move to Colliers from Sperry Van Ness' Woodland Hills office.
Before joining Sperry Van Ness in July 2005, the trio, which has closed $600 million worth of transactions since its inception and should close $90 million this year, was with CB Richard Ellis, where they first met in 1999 and formed a partnership. The Colliers move materialized this October, after Glen Esnard moved to the firm and developed the PCA service deliver platform.
"Glen was an investment manager for us at CBRE for many years," Ferlauto tells GlobeSt.com. "He joined Colliers and then asked us to run the PCA group out of the Encino office."
Ferlauto, Hudson and Uy, whose deals usually range from $1 million to $25 million, will begin their careers at Colliers' Encino office just as talks about threats to multifamily developments are becoming very real. At the Apartments 2006 conference, held Oct. 5 at the Hollywood and Highland complex, issues such as affordability, an overzealous condo craze and municipalities' involvement in housing have kept many owners from fully enjoying the high-rent, low-vacancy market.
The San Fernando Valley is on especially high alert, because it is in one of the districts, along with Brentwood and Westwood, in which council members are calling for a moratorium on condo conversions.
This may not affect the team or Colliers' PCA group that harshly, however, as Delores Conway, director of the Casden Real Estate Economics Forecast at USC's Lusk Center and a panelist in the Apartments 2006 economy panel noted, "the condo price appreciation has slowed in all major southwestern cities [while] the apartment market has really picked up, with vacancies declining and rates [rising]."
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