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Multifamily in Initial Stage of Recovery

MIAMI-According to Real Capital Analytics and CBRE, sales in South Florida were up 48% and dollar volume was up 22% in 2009 over 2008.

By Hortense Leon | Updated on May 11, 2010

MIAMI-Over the last 12 months, the South Florida multifamily market has seen a notable increase in sales activity and this trend is likely to continue through 2010, according to Calum Weaver, director of operations for the CBRE Multi-Housing Private Client Group in Miami. He points to Real Capital Analytics’ data that shows that in 2009, there were 45 trades totaling $550 million in the region. Sales transactions were up 48% and dollar volume was up 22% compared to 2008.

But not all sales wthat Weaver alludes to were traditional apartment sales. With multifamily units going back and forth between their incarnations as rentals and for-sale product, the lines between these two categories have become blurred in recent years.

Weaver notes that there were two types of multi-housing sales in 2009 in South Florida, traditional Class B assets and fractured condominium conversions. About 60% of the deals were traditional and 40% were in the latter category, he says.

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