Multifamily sector still strong, say experts at PCBC conference

The Pacific Coast Builders Conference focuses heavily on single-family construction. But this year’s PCBC (June 27-29, San Diego) had a strong dose of multifamily-related content, according to an excellent report by Patricia Kirk, in National Real Estate Investor. Among the trends Kirk noted:

1. There’s a lot of growth ahead for the multifamily sector, said Kim Edwards, SVP, J.P. Morgan Real Estate Banking. Long-term growth in occupancy rates is projected, Edwards told PCBC attendees.

2. Millennials in the 20- to 34-year-old age bracket are not the only group looking for apartments, said Ron Witten, Witten Advisors LLC, a multifamily market advisory firm. All age groups under 65 are showing demand for rentals.

3. Mixed-use projects are entertaining more non-traditional uses, such as museums and conference centers, said Jonathan Cox, SVP, AvalonBay Communities, a publicly traded multifamily REIT.

4. It is wise to lease the retail component of mixed-use projects first, said Kimberly Byrum, Principal, Meyers Research. The retail creates a “destination” that helps in leasing the multifamily units.

5. Apartment units in mixed-use projects don’t necessarily outperform the market in rent growth, according to Byrum, but they may stimulate rent growth for the larger neighborhood. A walkable environment can add $100 to $125 a month to rentals. It also produces higher yields.

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The Tampa Bay Rays Major League Baseball team announced that it has reached an agreement with St. Petersburg and Pinellas County on a $6.5 billion, 86-acre mixed-use development that will include a new 30,000-seat ballpark and an array of office, housing, hotel, retail, and restaurant space totaling 8 million sf.

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