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NEWPORT BEACH, CA—Apartment developers should make sure to build in markets that will absorb new construction pipelines adequately because, in some markets, rents are now softening as supply is exceeding demand, Buchanan Street Partners' president Tim Ballard tells GlobeSt.com. Investors looking to maximize ROI in real estate have historically considered financing multifamily developments, but Buchanan Street Partners has seen various shifts that investors must consider prior to making a deal, Ballard says.
Buchanan recently began a $50-million age-restricted, multifamily development in the Greater Salt Lake City area. The property, once complete, will meet provide upscale amenities, pleasing views and access to retail and public transportation. In addition, Buchanan Street has activated a programmatic effort to expand the company's multifamily investment portfolio by investing $500 million in multifamily projects in three years.
We spoke with Ballard regarding the multifamily market, how he views its current state and strategies for other investors.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
