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After ‘tsunami’ of 1031 deals in 2021, what’s next?

MINNEAPOLIS, MINNESOTA (June 16, 2022) – Trevor Koskovich, president of Northmarq’s Investment Sales platform, was called upon by Southeast Multifamily & Affordable Housing Business to share his insights into the 1031 business, specifically on deal velocity and current market conditions amid a choppy economy, the rise of DST’s and legislative threats to like-kind exchanges.

Brokers and qualified intermediaries expect rising interest rates to impact transaction volume of like-kind exchanges, but they emphasize that investors are still motivated to defer paying capital gains taxes.

Southeast Multifamily & Affordable Housing Business: Has your company carved out a niche within the 1031 exchange arena? Do you work with certain types of property investors exclusively? Do you concentrate on specific markets or regions in the country?

Koskovich: Our 1031 niche is really geared toward the private investor. We serve primarily family offices, syndicators and high net-worth investors. Northmarq Investment Sales has a national footprint and we are actively transacting 1031s across our national platform.

Read the full story.

The article appeared in the May/June 2022 edition of Southeast Multifamily & Affordable Business.

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Albuquerque Q1 Multifamily Market Insights: Tight Vacancies Fueling Rent Growth, New Development

Highlights:

  • Albuquerque’s strengthening economy and elevated renter demand drove down vacancy rates and pushed rents higher in the first quarter of 2022. Improving conditions carried over to the investment market, where sales were active, prices rose, and cap rates remained low.
  • After a slight uptick in the previous quarter, the local vacancy rate dipped during the first three months of 2022, falling 10 basis points to 2.9 percent. Vacancy tightened by 40 basis points year over year.
  • Asking rents rose 2 percent to $1,168 per month in the first quarter. Year over year, asking rent in Albuquerque have spiked 21.9 percent, one of the fastest rates of growth in the country.
  • The multifamily investment market in Albuquerque remained active during the first quarter, with sales velocity matching levels recorded during the same time last year.

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Albuquerque Q4 Multifamily Market Insights: Rapid Rent Growth Recorded in Second Half of 2021

Highlights:

Albuquerque Multifamily market report snapshot for Q4 2021
  • The fourth quarter proved to be a strong end to a year of rapid improvement in the Albuquerque multifamily market. Vacancies ended the year near all-time lows, rents continued to trend higher at a rapid clip, and the investment market sustained the momentum that had been building in previous quarters.
  • After reaching a historical low in the third quarter, the local vacancy rate inched higher at the end of 2021. Vacancy rose 20 basis points in the final three months of the year, reaching 3 percent. Despite a slight increase in the final months of the year, area vacancies still posted a 30-basis-point decline in 2021.
  • Asking rents rose 5.8 percent in the fourth quarter, building on steep increases that occurred earlier in the year. For the full year, asking rents spiked 21.8 percent to $1,145 per month.
  • The past year was a consistently active one for sales velocity. Prices spiked, outpacing the rate of rental increases. Cap rates compressed, ending the year below 4 percent.

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Albuquerque Q3 Multifamily Market Report: Market Strength Highlighted by Cap Rate Compression

Highlights:

  • The Albuquerque multifamily market posted rapid improvement during the third quarter. Vacancy fell significantly, while rents spiked. Per-unit prices surged after inching lower in the first half of the year.
  • Vacancies tightened in Albuquerque during the third quarter, reaching levels that have not been recorded in more than 20 years. The rate fell 80 basis points to 2.8 percent in the third quarter; year over year, vacancy is down 50 basis points.
  • Asking rents surged to $1,082 per month in the third quarter; current rental rates are up 16.1 percent from one year ago.
  • Investment activity in Albuquerque has been healthy for the past several periods. Prices rose and cap rates compressed, particularly during the third quarter. The median price is up more than 30 percent in 2021 at $131,250 per unit, while cap rates have dipped to an average of 4.5 percent.

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Albuquerque Q2 Multifamily Market Report: Rents Rising, Fueling Transaction Activity

Highlights:

Austin Multifamily market report snapshot for Q2 2021
  • The Albuquerque apartment market recorded healthy performance during the second quarter, highlighted by an accelerating pace of rent growth.
  • Asking rents reached $975 per month in the second quarter, 5.7 percent higher than one year ago. Rents are forecast to top $1,000 per month by the end of this year.
  • Vacancy inched higher during the second quarter, the first quarterly rise since the end of 2019. The rate was 3.6 percent at midyear, up 10 basis points year over year.
  • The local investment market is strengthening. The pace of transaction activity in the first half of this year nearly matched the total sales for all of 2020. On average, cap rates have largely held steady at about 5.2 percent, even as the median price has ticked lower in response to an increase in sales of older assets. Some properties have traded with cap rates below 5 percent, and a handful of transactions have closed with cap rates below 4 percent.

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Albuquerque’s multifamily investment sales market heats up, but lack of supply slows transaction volume

ALBUQUERQUE, NEW MEXICO (June 28, 2021) – Cynthia Meister, vice president of NorthMarq’s Investment Sales Office, was recently featured in Western Real Estate Business’ “Market Highlight” section. Meister shared her perspectives on who is investing, Albuquerque fundamentals performing strongly, and gridlock inside the regional multifamily market.

The red-hot Albuquerque apartment market is experiencing extremely high demand for investment properties, but it is an incredibly tight market. Owners are receiving a plenitude of bids for the limited number of assets for sale.

An abundance of capital is seeking to be deployed in Albuquerque’s robust multifamily market, substantially driving up pricing and compressing cap rates. Since multifamily has outperformed many other commercial real estate asset classes during the pandemic, it is considered a lucrative investment, fueling investor demand and pouring new capital into an already competitive landscape.

Albuquerque is also seeing significant pent-up demand from the deal pause that occurred in 2020. Fewer deals came to market at the start of 2021 due to the uncertainty around COVID-19 and the rescheduling of the National Multi Housing Council (NMHC) Convention, the typical launch pad for many assets to the market. About six months into the pandemic, however, investors began aggressively looking to place capital in order to get returns, which started the velocity in the multifamily sector.

Read the full story here.

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Albuquerque Q1 Multifamily Market Report: With Vacancy Low, Investors Ramp Up Activity

Highlights:

Albuquerque Multifamily market report snapshot for Q1 2021
  • The Albuquerque multifamily market continued to record steady performance during the first quarter. The local vacancy rate has remained low, and rents are trending higher at a rapid pace. Investors are responding to the healthy property performance by accelerating the pace of acquisitions.
  • The vacancy rate for area apartment properties held steady at 3.3 percent for the third consecutive quarter. The rate is down 50 basis points year over year and is forecast to record a modest decline in 2021.
  • Rents continue to push higher, supported by consistently low vacancy rates. Asking rents reached $958 per month in the first quarter, up 4.6 percent from one year ago.
  • Sales activity accelerated at the beginning of 2021, with transactions largely concentrated in older Class C properties. The median price in sales where pricing was available was approximately $80,400 per unit, while cap rates averaged 5.2 percent. Cap rates have started to compress in the second quarter.

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Cynthia Meister elected to CREW New Mexico Board of Directors

ALBUQUERQUE, NEW MEXICO (February 22, 2021) — Cynthia Meister, vice president of NorthMarq’s Albuquerque investment sales office was recently elected to the Board of Directors for Commercial Real Estate Women (CREW) New Mexico. She’ll serve on the board through 2022.

According to CREW New Mexico’s website, CREW New Mexico is managed by a Board of Directors that works together to set and accomplish the Chapter’s strategic goals to advance the success of women in commercial real estate. Serving on the CREW New Mexico Board of Directors is a unique opportunity for leadership and networking. All CREW New Mexico Board members, officers, and committee chairs serve individual terms of one to two years.

Download a printable version of the news.

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Albuquerque Q4 Multifamily Market Report: Investment Activity Picks Up With Low Vacancy and Rents on the Rise

Highlights:

Albuquerque Multifamily market report snapshot for Q4 2020
  • Strong renter demand and limited supply growth fueled the Albuquerque multifamily market in 2020. Vacancy was flat during
    the fourth quarter, maintaining the market’s five-year low. Rents pushed higher at a fairly steady pace throughout the year.
  • Vacancy fell 110 basis points in 2020, ending the year at 3.3 percent. Absorption was strong, with net move-ins in 2020 nearly doubling the total from 2019.
  • Asking rents ended the fourth quarter at $937 per month, rising 3.7 percent for the year. Consistently tight conditions are supporting rent increases.
  • The investment market gained momentum during the fourth quarter, with sales activity nearly doubling levels from the third quarter. The median price in 2020 was approximately $98,100 per unit, while cap rates averaged 5.2 percent.

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Albuquerque’s healthy multifamily fundamentals fuel investor interest

The city of Albuquerque recently landed a coup with news that Netflix has committed to a major expansion in the city – a move that is expected to pump $2 billion into the local economy over the next decade. That deal is icing on the cake on an economic growth story that is fueling strong investor demand for multifamily assets.

As other metros stumbled during COVID-19, the Albuquerque multifamily market has outperformed in occupancy levels, rent collections and rent growth throughout 2020. According to the latest NorthMarq research report, vacancies improved to 3.3% in third quarter, which is the lowest level since 2015. On average, rent collections during the pandemic have dropped by a slight 1-2% versus the 5-20% declines seen in other major cities. The low vacancies have given landlords greater pricing power. Metro-wide rents climbed 4.3% in third quarter with a few submarkets that have seen rent growth rise by as much as 5.5%.

Although Albuquerque has not been immune to job losses caused by the pandemic, losses are likely to be far less severe than what has occurred nationally. Total employment in the local market was expected to contract by less than 1 percent, or approximately 2,500 net job losses during 2020.
The multifamily outlook remains favorable thanks in part to a relatively modest supply pipeline. Although developers were expected to deliver 1,000 new units in 2020, completions had previously been averaging 500 new units per year since 2015. A decline in new permits issued in 2020 suggests a slower year of construction ahead. However, Class B assets are being renovated up to B+/A- levels to take advantage of rising rents. As the Class B stock (properties built between 1980 to mid-2000) continues to improve, the tenants that cannot afford the higher rents are being squeezed into older units in less desirable assets/areas.

Strong market fundamentals have buoyed investor interest, which in turn is putting pressure on pricing and cap rates. As of third quarter, cap rates averaged 5.5 percent with a median price per unit at $97,700. It also is interesting to note that current owners are keeping their foot on the gas in terms of acquisitions. In the past, new to market money has always paid the highest price, but now existing owners are willing to duke it out and bid top dollar for assets.

LIHTC deals in particular are in high demand. Two recent sales attracted nearly two dozen bidders combined. One asset sold at a sub 5% cap rate, while the other at a cap rate of 5.25%.

Investors also like the longer term growth story that is unfolding in the region. In addition to the Netflix expansion at its ABQ Studios, Amazon is moving forward with plans to build a 2 million-square-foot fulfillment center that will bring even more job opportunities. Although Netflix and Amazon are definitely names that get noticed, there are positive stories occurring across the city’s key industries, including tech, aerospace and biosciences. Those sectors, along with stable government and education jobs, have helped Albuquerque weather the negative economic effects of the pandemic and position the metro for more growth ahead in 2021 and beyond.

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Albuquerque Q3 Multifamily Market Report: Vacancy Retreats to Lowest Level Since 2015

Highlights:

Albuquerque Multifamily market report snapshot for Q3 2020
  • The Albuquerque multifamily market continued to post strong performance during the third quarter, with vacancies declining to a five-year low and rents continuing to trend higher.
  • Apartment vacancy in Albuquerque has tightened in each of the first three quarters of 2020. The rate fell 20 basis points during the third quarter, dipping to 3.3 percent.
  • With vacancy improving, asking rents have increased 4.3 percent year over year. Rents ended the third quarter at $932 per month.
  • Investment activity slowed during the third quarter, and sales velocity is down approximately 30 percent when compared to one year earlier. In transactions where pricing information is available, the median price has been approximately $97,700 per unit and cap rates have averaged 5.5 percent.

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Cynthia Meister selected as one of Connect Media’s Top National Women in CRE

Cynthia Meister, vice president – Investment Sales, was selected as one of 10 women to receive Connect Media’s Women in CRE recognition earlier this month.

In their selection of Cynthia, Connect Media notes her resilience, moving from a 20-year career in residential real estate into commercial in 2014, and her proficiency in finding value-add opportunities in the Albuquerque and surrounding markets. She also has a long history of giving back to the CRE community, specifically as a member, leader, and volunteer with CREW Network.

Cynthia relocated to Albuquerque in 2010 from Los Angeles to help care and support her mother after her father died. After spending more than 20 years in residential real estate in LA, she dove into the relocation thinking that she would get her New Mexico state real estate license and continue her career as a residential broker.

However, after learning more about the great divide in the industry from LA to ABQ, she decided to pivot in her late 40’s. She leveraged her original college degree in interior design and found a job in commercial interior design – at about the same pay as her first job in Los Angeles in the 1980s.
Later, she found a better fit as an investment sales broker, first working for the Colliers team run by Trevor Koskovich and Bill Hahn. She joined NorthMarq as VP of investment sales in 2018. She brings a strong background in negotiations, developing and maintaining relationships, managing client expectations, and identifying value-add opportunities.

Since she joined the Phoenix-based investment sales team, sales in New Mexico increased from sales of 706 units valued at $62,400,000 in 2016 to the 2020 year-to-date volume of 4,525 units valued at $409,350,000, a six-fold increase.

“Cynthia has a deep understanding of local history, culture, development trends, and prospects for growth. That has allowed the team to expand our client base and business into the New Mexico and El Paso, Texas markets,” said, and Cynthia’s boss since 2014.

Cynthia has prospected and identified business opportunities in the smaller cities of New Mexico (e.g., Las Cruces, Carlsbad) and has capitalized on them, where other brokers have overlooked these markets. That tenaciousness has led to the increased transaction volume. Since their start in 2016, the team has sold 4,525 units in New Mexico for a sales volume of $409,350,000.

Her CREW relationship has continued since 2014, as she has served on the board of directors twice, currently serving as the communications committee director with 2020 CREW New Mexico President Kelly Mancha.
According to two recent CREW New Mexico presidents, Cynthia brings strategic thinking with her can-do attitude, where she never shies away from big or small projects.

Mancha said, “Cynthia prefers to lead quietly from within the organization, willing to take even the hardest jobs on the board. When I ask her to help with a project, I always know that not only will it get done on time, it will get done better than I imagined. She’s a great asset for CREW, bringing our chapter new insights and expertise.”

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Albuquerque Q2 Multifamily Market Report: Vacancy Tightens, Supporting the Local Investment Market

Highlights:

Albuquerque Multifamily market report snapshot for Q2 2020
  • The Albuquerque multifamily market continues to strengthen, despite job losses recorded in the second quarter. There could be some modest softening in the second half of the year as the pace of deliveries accelerates.
  • Apartment vacancy in Albuquerque improved in each of the first two quarters of 2020. The rate reached 3.5 percent at midyear, 60 basis points lower than one year earlier.
  • With vacancy tightening, rents have continued to trend higher. Average asking rents have increased 3.1 percent year over year, ending the second quarter at $917 per month.
  • Sales activity in the second quarter ran slightly ahead of the pace recorded during the first quarter. The median sales price has risen, reaching $121,500 per unit in transactions where pricing information is available. Cap rates have compressed to an average of 5.5 percent.

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Albuquerque Q4 Multifamily Market Report: With Supply Growth Limited, Vacancy Remains Low

Highlights:

Albuquerque Q4 2019 market snapshot
  • The Albuquerque multifamily market has improved in recent quarters. The vacancy rate has tightened year over year, and rent growth has topped 5 percent. Demand is healthy while new supply growth has been limited in 2019.
  • Vacancy in Albuquerque rose 30 basis points from the third quarter to the fourth quarter. Despite the uptick in the fourth quarter, the rate ended the year at 4.4 percent, 40 basis points lower than at the end of 2018.
  • Asking rents rose 4.5 percent in 2019, reaching $904 per month, building on a 4.8 percent gain in 2018.
  • After a spike in 2018, investment activity returned closer to historical levels in 2019. The median price was approximately $67,900 per unit, while cap rates averaged 5.5 percent in the second half of the year and 6 percent for the full year.

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Albuquerque Q3 Market Report: Vacancy Holds Steady, While Rents Continue to Rise

Highlights:

Albuquerque Q3 2019 market snapshot
  • The Albuquerque multifamily market has improved in recent quarters. The vacancy rate has tightened year over year, and rent growth has topped 5 percent. Demand is healthy, while new supply growth has been limited in 2019.
  • Vacancy in Albuquerque ended the third quarter at 4.1 percent, 30 basis points lower than one year earlier.
  • Asking rents have risen 5.1 percent year over year, reaching $894 per month. The pace of growth has accelerated during the past year.
  • Multifamily investment activity was steady in the third quarter before slowing in the final few months of the year. The median price was approximately $70,600 per unit, while cap rates averaged 5.5 percent in the third quarter and 6 percent year to date.

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Albuquerque Q2 Multifamily Market Report: Vacancy Rate Records Steep Decline

Highlights:

Albuquerque Q2 market snapshot
  • Apartment property performance in Albuquerque strengthened during the second quarter. With competition from new supply limited, vacancy dropped and rents rose.
  • The vacancy rate fell 60 basis points from the first quarter to the second quarter, dipping to 4.1 percent. Year over year, the rate is down 30 basis points.
  • The pace of rent growth accelerated during the second quarter. Asking rents rose to $889 per month, up 6.3 percent year over year.
  • Multifamily investment activity surged during the second quarter. Prices have trended higher—the median price in sales in the first half of the year was approximately $97,700 per unit—while cap rates have averaged 6.3 percent.

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Albuquerque Q1 Multifamily Market Report: Vacancy Ticks Lower, Rents on the Rise

Highlights:

Albuquerque Q1 multifamily market indicators
  • Conditions strengthened in the Albuquerque multifamily market during the first quarter. Employers continued to expand payrolls, causing vacancy to tighten and allowing rents to rise.
  • The vacancy rate ended the first quarter at 4.7 percent, down 10 basis points from the previous quarter. The lowest vacancy rates are being recorded in Class B and Class C properties.
  • Year over year through the first quarter, asking rents spiked 5.3 percent to $871 per month, although the strongest gains were recorded in the second half of last year.
  • Apartment sales activity was limited during the first quarter, but there were clear signs of a positive investment climate. In transactions where pricing was available, the median price continued on an upward trajectory and cap rates compressed below 6 percent on average.

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Albuquerque Q4 Market Report: Strong Job Gains and Rent Increases Driving Investment

Highlights:

Q4 Market Indicators - Albuquerque market
  • The Albuquerque multifamily market closed 2018 on an upswing, with rents posting their strongest increase in years and sales activity elevated. An improving labor market is fueling the market.
  • Asking rents rose 2.2 percent in the fourth quarter and advanced 4.9 percent for the full year. Average asking rents ended 2018 at $865 per month.
  • Vacancy rose 40 basis points during the fourth quarter, reaching 4.8 percent. The vacancy rate crept higher in response to an uptick in new units delivered in the second half of the year.
  • The investment market posted a particularly strong year in 2018, with sales velocity rising by approximately 50 percent. Elevated investor demand caused cap rates to compress into the low-6 percent range on average.

Download the full report here

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Albuquerque Q3 Market Report: Vacancy Holding Steady, Rent Growth Gaining Momentum

Report highlights:

Albuquerque Market Indicators

  • Vacancy has been stable in 2018, and the rate ended the third quarter at 4.4 percent. The current vacancy rate is 50 basis points higher than one year ago.
  • Rent growth gained momentum in recent months, following a slow first half of the year. Asking rents gained 1.4 percent in the third quarter and, at $846 per month, are up 2.4 percent year over year.
  • After a very strong first half of the year, investment conditions cooled slightly in the third quarter. While sales velocity slowed in the third quarter, year-to-date transaction volume is still ahead of the pace recorded in 2017.

Download the full report here

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NorthMarq Multifamily featured in GlobeSt.com’s Middle Market Digest

Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily in Phoenix and Cynthia Meister of NorthMarq Multifamily in Albuquerque negotiated the sale of Lincoln Heights Apartments in Albuquerque, New Mexico. The transaction was featured in GlobeSt.com’s Middle Market Digest. The 184-unit multifamily property sold for an undisclosed purchase price. The NorthMarq Multifamily team represented the buyer and seller in the transaction. Read the full transaction announcement.

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