Cushman & Wakefield’s capital markets practice is among the most successful in the country, helping clients buy and sell investment properties including apartment and condominium complexes. While multifamily construction has been outpacing single family homes, and both domestic and foreign investors are showing more interest in the market, the Pinstripe PR team has had success offering their professionals as sources for capital market stories.
Here are a few recent clips featuring Byron Moger, Executive Director, Capital Markets:
Pricey, posh, tiny apartments rule Tampa Bay’s big-money rental boom in the Tampa Bay Times
“The housing bust “changed a lot of people’s perspective on home ownership. … They’re thinking it’s certainly not the piggy bank it was, and they feel like there’s less incentive to tie one’s self down,” said Byron Moger, a multifamily executive director for commercial real estate brokerage Cushman & Wakefield. “They’re paying a little more, but the lifestyle is better for them and the trade-off is worth it. … It’s as much about lifestyle as economics.”
Luxury condos go from recession doom to boom in the Tampa Bay Times
The few condo developers today cater largely to the upper crust: Bliss, an 18-floor tower proposed for near St. Petersburg’s Beach Drive, will offer nothing below $800,000. Some of the new luxury apartments rising around the bay area might also get converted to condos if prices continue to soar.
“It’s in the back of the minds of developers building high-rise rentals, for sure,” said Byron Moger, executive director of Cushman & Wakefield’s multifamily advisory group. “But the prices have to get to the point where they make sense. And we’re probably not there yet.”
Commercial brokers said the stream of foreign cash toward Tampa Bay will likely continue as investors, both foreign and stateside, look for dollar signs outside the “sexy six”: New York, Los Angeles, San Francisco, Boston, Seattle and Washington, D.C.
As competition in those gateway markets for real estate has intensified, financiers have turned toward cities like Tampa, where the investment stone has yet to be squeezed dry.
Apartments, condos get a bigger piece of the construction pie in the Tampa Bay Business Journal Byron Moger, an executive director at Cushman & Wakefield, said most of the new construction is in apartments rather than condominiums. Empty-nesters, young professionals and immigrants are adding to the population of renters in Tampa Bay.
Some of the shift can also be attributed to new conditions in post-recession Florida. “People no longer look at houses as storehouses of value with lots of potential appreciation,” Moger explained. “Plus it’s harder to buy houses — you need more down payment. Sometimes a lack of liquidity makes it easier for people to rent.”
The Cove sells for $50 million at auction in the Tampa Bay Business Journal “This sale was always meant for auction,” Moger said. “The transparency in the process is very important to the seller. Anyone who’s qualified can bid. It’s live online. Someone might complain afterwards, but it’s right there in front of you. You could’ve hit the button [to raise the bid]. The other advantages are the certainty that it will sell and the high probability that the sale will close.”
Multifamily has local real estate market hopping in the Tampa Bay Business Journal
Cushman & Wakefield announces two Pinellas apartment transactions in the Tampa Bay Business Journal
Brandon apartments trade for $52.7 million in the Tampa Bay Business Journal
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