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Multifamily Experts See Sector Ready to Change

PHOENIX-Veterans say there is light at the end of tunnel with the single-family housing market starting to stabilize and multifamily assets showing higher operating numbers.

By Amy Wolff Sorter | Updated on August 29, 2008

PHOENIX-After nearly 18 months of slow investment sales in the multifamily market, change could be just around the corner. Experts acknowledge this year and the first part of 2009 most likely will be write-offs, but increased activity could actually begin in mid-2009.

On the surface, numbers might be deceptive. According to Tyler Anderson, vice chairman in Phoenix for CB Richard Ellis, last year’s multifamily transactions stood at $3.5 billion. This year to date, the sales total is $400 million. But investors, especially private capital investors, are starting to be cautiously optimistic, not so much because Phoenix is becoming a market for fire-sale deals, but rather single-family sales are starting to come back to normal. And, multifamily transactions are likely to follow.

“I’m starting to see deals come to market and people talking about that more,” Anderson says. “While we probably won’t get back to that insane $3.5 billion in 2009, we’ll likely see around $1.5 billion.”

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