Lakewood Terrace in Dallas
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DALLAS–Marcus & Millichap's Fluellen-Hoover investment sales team closed seven multifamily transactions during the first three quarters in 2018. The properties, all located in secondary markets, are in Texas except for one located in Shreveport, La.
“The secondary markets have historically been an afterthought,” Bard Hoover, Senior Vice President Investments, tells GlobeSt.com. “However, we have a small, dedicated sales and office team who are laser focused on covering the secondary markets in Texas, Oklahoma, New Mexico and Louisiana.”
Nick Fluellen, Senior Managing Director Investments, further explains that “the yields were getting skinny in the primary markets and they are much better in the secondary markets. As a result, investors are attracted to these markets due to, in part, the lower levels of competition.”
Another reason for the influx of investors into these secondary market is that “homeownership isn't what it used to be,” says Hoover. “First, people always need somewhere to live, however, millennials like to move around and thrive on mobility. Homes are also expensive, even starter homes. So a lot of people rent in multifamily units on a long-term basis.”
“Every market has a different set of drivers,” explains Fluellen. “College Station, TX is a college town, Killeen, TX is a military town and Odessa, TX is an oil town. Multifamily investors recognize that these markets may not have a diverse economy but they still have profitable assets. Our brokers are astute to these factors and successfully transacted these deals from start to finish.”
The Fluellen-Hoover multifamily investment team sold the following properties between the first of the year and the end of Q3 2018.
- Peppertree and Spanish Oaks, 180 units, Odessa
- The Reserve, 108 units, Tyler
- The Veranda, 103 units, Lubbock
- Grand Oaks, 74 units, Shreveport, La.
- Aspen Square, 36 units, Abilene
- Park Terrace, 33 units, Lubbock
- Rosemont, 12 units, Abilene
The sales team for these transactions includes Trey Caldwell, Joseph Murry, Matt Aslan, Sean Scott, and Evan Burke. Chris Shaheen is Marcus & Millichap's broker of record in Louisiana and Tim Speck is the firm's broker of record in Texas.
Founded in 1971, Marcus & Millichap is a commercial real estate investment sales, financing, research and advisory company. The firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion.
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