Investors Still Hot on South Florida Apartments

Investors Still Hot on South Florida Apartments

Sean Dreznin sells Investments

Sean Dreznin sells Investments

Commercial Real Estate Direct Staff Report

Greater demand, a scarcity of available properties and low interest rates have led to a decline in capitalization rates for apartment properties selling in South Florida.

About $2.3 billion of properties traded last year in Miami, Broward and Palm Beach counties, up from $1.2 billion in 2011, according Real Capital Analytics. In 2010, $2.1 billion of properties changed hands.

Investors from South America, France, Russia and the Middle East, which always have been active in the area, continue to drive the property-sales market. But the top foreign buyers are from Canada, Weaver said. And among the more active of those is Morguard Corp., a Mississauga, Ontario, investment manager.

The largest properties – those with 100 units or more – are pursued most actively by institutional investors based in the United States, including life-insurance companies and pension managers. But smaller properties are getting their share of attention as well. Those priced between $1 million and $10 million saw a total of $490 million of sales last year, a five-year high, according to CBRE.

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