Apartment Sales Post Strong Second Quarter
The following article exemplifies what is occurring in Portland, Oregon, as sales are higher than 2010 locally as well as nationally. Lenders seem to be agreeing, as lending continues to be st
able in the multi-family market.
The apartment sales recovery continued into the second quarter, according to New York-based commercial real estate data provider Real Capital Analytics (RCA).
In all, $23 billion in apartment assets traded in the first half of 2011, which marked a $104 million year-over-year improvement from 2010. The $14 billion in volume that traded in the second quarter alone was the most active period since the fourth quarter of 2010, which was a busy quarter thanks to end-of-the-year sales. 2011’s second-quarter tally may have been impressive then with volume surging 132 percent on a year-over-year basis, after the first quarter’s 72 percent increase.
Behind the sales numbers was even more proof of the overall health of
the market. RCA characterized pricing as “stable” with per-unit prices averaging about $100,000 in the second quarter. However, there is pricing pressure in the top markets with 10 percent of the properties in those metros going for 4.7 percent or less.
Article written by Les Shaver for Multifamily Executive.com, re-posted at www.josephbernard.net
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