Multifamily momentum mows down other sectors

by Florida Properties Group on 9/13/2021

Apartment deals once again rule top commercial real estate sales through the first half of 2021.

Fueled by gains in population and job growth, lower home ownership rates, a lack of single-family home inventory and a desire for mobility, apartment transactions have dominated Gulf Coast commercial real estate sales since 2016.

The first half of 2021 was no exception.

Eight of the largest 10 transactions in the nine-county region involved multifamily rentals, as investors clamored to take advantage of rental rate increases and solid occupancy.

In most instances, the properties were of a new vintage. From a geographic perspective, perhaps not surprisingly most of the projects are located in the Tampa Bay area. Of the 10 largest deals, seven are located in Tampa Bay or its surrounding suburbs.

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