Multifamily

Agency lenders are making more permanent loans than ever on apartment properties.

About 95 percent of the planned development project is owned by CIM Group, a private Los Angeles-based investment firm. The remainder is owned by Kushner Cos. and LIVWRK.

The new federal budget just passed by Congress includes a few changes that will strengthen the LIHTC program.

Some of the investors are hoping to raise the rents, but many are satisfied to keep these apartments relatively affordable.

Cohen discusses his firm’s emphasis on “older-than-brand-new assets,” its keen interest in workforce housing and its insistence on steering clear of the South Florida market.

As more multifamily developers experiment with modular construction, its use is increasing.

“Occupancy is hovering around 95 percent, and that’s a healthy rate, especially with lots of product moving through initial lease-up,” says Greg Willett, chief economist with RealPage Inc.

Property managers offered free rent to attract residents at roughly one-third (30.0 percent to 35.0 percent) of apartments in cities including Las Vegas, San Antonio and New York.

When REITs buy new buildings or start construction, they are showing a surprising focus on garden apartment properties.

Apartment projects are becoming more expensive to build, straining development budgets.