(Crystal Proenza is associate editor of Real Estate Florida.)
ORLANDO, FL-Four months after opening its Southeast regional office here, Phoenix-based Hendricks & Partners now plans to grow its local office and has sights set on expanding into Atlanta, Miami and Tampa. The nation's largest privately owned multifamily brokerage reports that it has posted exclusive property sale listings of apartment properties in Central Florida valued at more than $180 million since July.
Cole Whitaker, principal and managing partner of Hendricks' Orlando office, says institutional investor owners, such as insurance companies and pension funds, will be motivated by the economy cycle to sell off select properties in order to increase cash reserves. "They own a large portion of the class A product here because Florida is a growth market," Whitaker tells GlobeSt.com, adding that the investors will most likely sell off class A properties to each other.
Besides the growth his company could see from that business, he says Hendricks also benefits from the increase in opportunities for private investors to purchase value-add assets. "Most multifamily property firms these days are in attrition," he says.
Whitaker adds that while deals are still getting done lately, they require more effort than transactions completed over the past four years. In order to accommodate the company's projected needs, they plan to take advantage of the down market to hire high-quality real estate professionals.
Hendricks will expand its three-employee Orlando office and hopes to open an office in Atlanta early next year. A Miami office is planned to open by next fall, after which Tampa would be the next step, says Whitaker. "There are good things happening even when we're having tough times in parts of Florida," he says.
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