Say, Out-of-Towners, Why Rent an Apartment When You Should Just Buy the Whole Complex?
Says GlobeSt.com this morning, there used to be a time when investors wanting to gobble up multifamily properties kept their coin on the coasts. No more: Now, "Dallas-Fort Worth is at the top of that list," per a director at Institutional Property Advisors. Which means more and more out-of-towners -- and real estate investment trusts -- are swooping into snap up apartment complexes.
Reports Jennifer Duell Popovec, already this year $673 million in properties are going, going, gone -- well past last year's total, with months left on the calendar. So, why come the sudden rush? All the familiar reasons, says Balthrope Group namesake Will Balthrope:
"Dallas-Fort Worth is at the top of buyers' list for several reasons: our job growth forecast for next five to 10 years is outstanding and at the top of the nation. Our job losses were minimal during the recession, our population is expected to continue to grow and our construction pipeline is very low."
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