SANTA BARBARA, CA—Approximately 205,000 multifamily units in Florida, Georgia, South Carolina, North Carolina and Virginia were in the path of Hurricane Michael, which came ashore in Florida on Oct. 10 as one of the strongest storms in recent U.S. history.
While the full extent of Hurricane Michael's damage has yet to be officially calculated, Yardi Matrix, which tracks properties with 50 or more units, reports that cities with the most multifamily units in the storm's path were Virginia Beach, VA (36,317 units), Wilmington, NC (33,423) and Tallahassee, FL. (32,277). Moody's Analytics estimates total damage from the Category 4 storm at between $16 billion and $20 billion.
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