Multifamily Drew Notable Buyers, Prices Even With Widespread Construction

Vivian de las Cuevas-Diaz, a partner with Holland & Knight in Miami

SOUTH FLORIDA—More than $6 billion were poured into the region’s multifamily market this year with institutional, local and foreign investors bidding high and large for assets of all shapes and sizes. According to an article written by GlobeSt.com sister publication, ALM’s Daily Business Review, steady demand for rental homes has supported impressive rental rates, lower vacancies and top-dollar trades across all product types.

“There are people who this year decided, ‘I really need to focus on this. This is the next wave. This is the best way to get a deal done,’ ” said Vivian de las Cuevas-Diaz, a partner with Holland & Knight in Miami. “ And a little bit of it was being driven by financial institutions. Financial institutions got very excited by multifamily. Therefore, more people were looking into it.”

Institutional investors went several years without pocketing South Florida apartments because there were none built for nearly a decade, said Brad Capas, founder of CapasGroup Realty Advisors in Fort Lauderdale.