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3 Northmarq Debt + Equity teams named among ConnectCRE’s 2023 Top Mortgage Brokers and Lenders

MINNEAPOLIS (July 25, 2023) — Northmarq Debt + Equity teams based in Atlanta, North Carolina, Dallas and Florida offices have been named among ConnectCRE’s 2023 Top Mortgage Brokers and Lenders for the Atlanta & Southeast, Florida & Gulf Coast, and Texas regions. The teams were chosen based on 2022 total dollar volume.

Atlanta & Southeast Region: Faron Thompson (Atlanta), David Vinson (Raleigh, N.C.) and Grant Harris (Charlotte, N.C.) of Northmarq’s Atlanta and North Carolina offices completed 36 transactions in 2022, totaling $907 million. Read the full story.

Florida & Gulf Coast Region: Bob Hernandez (Tampa), Ryan Whitaker (Jacksonville), David Gahagan (West Palm Beach), Jaspaul Kapoor (Miami) and Bob Harrington (Fort Lauderdale) from five of Northmarq’s Florida offices closed 68 deals, totaling $1 billion during 2022. Read the full story.

Texas Region: Lauren Bresky, Joel Heikenfeld and Kevin Leamy of Northmarq’s Dallas office arranged 70 transactions in 2022 with a combined volume of $3 billion. Read the full story.

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Tampa 1Q23 Multifamily Market Insights Report: Rents continue to push higher, up 4.5% year over year


  • Property performance metrics were healthy in Tampa during the first quarter, as asking rents continued to push higher. The development pipeline continued to expand with projects totaling 18,275 units currently under construction.
  • As apartment construction accelerated, vacancy ticked higher. The vacancy rate rose 50 basis points in the first quarter to 4.1%, still lower than the market’s five-year average. Year over year, the rate is up just 20 basis points.
  • Asking rents trended higher during the first quarter, rising 1% to $1,830 per month. Year over year, rents are up 4.5%.
  • Tighter conditions in the debt markets have limited investment activity in Tampa in recent months. The number of deals during the first quarter was down roughly 50% from levels recorded one year ago. The median sales price to this point in the year is $249,200 per unit, up 18% from the median price in 2022.

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Tampa Q4 Multifamily Market Insights: With vacancy at a 7-year low, developers ramp up activity


  • Most property performance metrics improved in Tampa during the fourth quarter, as local vacancy remained at a cyclical low, and asking rents inched higher. Multifamily development picked up in recent months as more than 5,800 units came online in 2022.
  • Local vacancy was mostly stable from the third quarter to the fourth quarter, finishing the year at 3.6 percent. The rate improved by 20 basis points in 2022 and is 100 basis points lower than the region’s long-term average.
  • Average rents inched higher in the fourth quarter, ending the year at $1,812 per month. Asking rents rose 6.3 percent in 2022.
  • Multifamily sales activity picked up somewhat during the fourth quarter, although deal volume has declined significantly from the first half to the second half of the year. The median sales price in 2022 was $210,600 per unit, while cap rates averaged around 4.7 percent during the fourth quarter.

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Robert Hernandez interviewed by GlobeSt: How the recent Fed rate hike will affect CRE financing

Yes, things can get worse, but there are still sources and opportunities, depending on the deal.

TAMPA, FLORIDA (February 10, 2023) – When experiencing pain, the natural human response is to ask when it might stop. That is what commercial real estate, among other industries, have been doing. When will inflation end and the Federal Reserve stop hiking rates?

The answer to the first is that inflation is slowing. But to the second, when the Fed thinks it’s time. Even though the increase to the benchmark federal funds rate was only a quarter point on Wednesday, the central bank was clear that it wasn’t done.

“The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” a Fed statement noted. “In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans.”

So, the question currently is one of how much to raise rates, not whether increases should continue — at least for now.

The impact on CRE is significant for short-term funding in particular. “It will affect the cost of short-term floating-rate debt; however, longer-term permanent financing has already priced it in. I don’t see much movement in the treasury/index,” says Robert Hernandez, senior vice president and managing director of NorthMarq’s Tampa regional office.

In one sense, as Hernandez notes, the extra quarter point may not represent a large incremental impact because “it’s already difficult to secure financing.” However, the bigger issue is the total impact of all the rate increases.

“The challenges for commercial real estate lie less in today’s uptick than in how long we’ve been in a high interest rate environment; financing costs are roughly double what they were six months ago,” says Dennis Malloy, who is in commercial loan originations at Alliant Credit Union. “The longevity of this high-rate environment means that borrowers are facing the proposition of selling at higher cap rates or refinancing at significantly higher interest rates than their current debt.”

But not all is gloomy. “The lenders on the sidelines will likely stay there for now,” adds Malloy. “On the other side of that coin, deals with strong cashflow today can still secure financing, and this minor rate increase won’t affect that. Fannie and Freddie are still lending, and there are banks and credit unions in the market for deals with good fundamentals.”

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Robert Hernandez provides expert analysis regarding the impact of rate hikes on CRE funding

TAMPA, FLORIDA (February 6, 2023) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team, was recently interviewed by ConnectCRE for a story titled, “Ongoing Fed Rate Hikes Cause Little CRE Funding Change.” The article notes that, to one’s surprise, the Federal Reserve has continued its attempts to slow down inflation via an increase of the Effective Federal Funds Rate (EFFR) by a quarter point to a 4.50 – 4.75 percent range. The increase was less than five previous consecutive rate increases, and Hernandez noted that it will likely have little impact on securing financing for commercial real estate transactions.

“It’s already difficult to secure financing,” observed Hernandez. “I don’t think this increase will have much more of an impact. Platforms providing debt and equity have already pulled back.” He added that short-term floating-rate debt will be more impacted. “The long-term bond markets have already priced it in, so I don’t see the cost of longer-term, fixed-rate debt increasing,” he said.

Hernandez noted that the office sector will be the most challenged by the ongoing EFFR increases. “Office deals coming up for refinancing will most likely not be as well-occupied, and there may be issues with their current loan amounts. This could require more equity to resolve.”

Read the full story.

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Tampa Q3 Multifamily Market Report: Vacancy declines again in 3Q, development gaining momentum


Tampa multifamily market fundamentals snapshot for Q3 2022
  • Most property performance metrics improved in the Tampa multifamily market in the third quarter. The vacancy rate fell and the combination of elevated demand and tight conditions is prompting new development. New development, however, will be tempered by a more restrictive lending market and higher interest rates.
  • Vacancy continued to tighten, dropping 20 basis points during the third quarter to 3.6 percent. Year over year, the rate has improved by 10 basis points.
  • Apartment rents in Tampa remained relatively flat, coming in at $1,800 per month. In the past year, average asking rents have advanced 6.6 percent.
  • Fewer properties sold during the third quarter, but there have already been signs of a bit of a rebound in transaction counts as 2022 comes to a close. The median sales price to this point in the year is $215,600 per unit, nearly identical to the median price in 2021. Cap rates tracked higher from the low-4 percent to mid-4 percent range in the third quarter.

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Tampa Q2 Multifamily Market Report: Vacancy improves, rents continue to push higher


Tampa Multifamily market report snapshot for Q2 2022
  • The Tampa Bay multifamily market sustained its momentum throughout the first half of this year, posting some of the strongest operational performance in the country. Vacancies inched lower, and rents continued to push higher at a rapid pace.
  • Vacancy dipped 10 basis points during the second quarter, reaching 3.8 percent. The rate has improved significantly in the past year, tightening by 110 basis points.
  • Rents in the Tampa Bay metro area have been growing at one of the fastest rates in the country for more than a year. During the second quarter, asking rents advanced an additional 3.3 percent to $1,810 per month. Year over year, area rents have spiked 19.4 percent.
  • The local investment market gained momentum during the second quarter. Transaction activity accelerated, and prices pushed higher. Sales velocity through the first half of 2022 is ahead of the robust pace of transactions that closed in the first half of last year.

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Orlando is a hot market for neighborhoods built entirely for renters

TAMPA, FLORIDA (July 28, 2022) – Luis Elorza, managing director of Northmarq’s Tampa investment sales team, shared his insights on the increased demand for build-to-rent (BTR) communities around Central Florida in an article recently published by the Orlando Sentinel. With BTR communities rising from 3 percent of the inventory of major rental home providers in 2019 to 26 percent last year, Orlando and Central Florida represent prime targets for developers.

In the story, Elorza states, “If you look at Tampa and Orlando, that’s the vast majority of the [built-to-rent] that’s being built in the state right now.”

The article also notes Northmarq’s count of 335 BTR units (most built within the last 10 years) in the Orlando MSA. Another 1,174 units are under construction and 824 units are planned, bringing the total of new communities in the upcoming years to eleven.

Other topics include:

  • Benefits for developers
  • Renter appeal
  • Demographics driving the industry

Read the full story.

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Bob Hernandez sheds light on impact of rising inflation and rates and how the markets are pivoting

MINNEAPOLIS, MINNESOTA (July 18, 2022) – REBusiness Online recently featured the insights of Bob Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team, in its article titled “Borrowers, Lenders Reach an ‘Inflection Point’ in the Wake of Rising Inflation and Interest Rates.”

The story notes how this summer became a pivotal moment in the capital markets world as commercial real estate borrowers and lenders navigate rising inflation levels and interest rates. In regards to financing, borrowers are bringing more equity to deals, which has taken the form of preferred and joint venture equity.

“We’ll see a slowdown [in acquisitions] throughout the summer, but then pick back up once everybody adjusts to the new normal and the fact that rates are 200 basis points higher and that buyers need to bring more equity,” said Hernandez. “Buyers were quick to realize that debt was going to cost them more so they’re offering a little less. Sellers haven’t quite adjusted yet.”

On the refinancing side, lenders aren’t expecting any slowdowns because naturally borrowers have to refinance (or sell) once their loans mature. Hernandez stated that borrowers are eager to get ahead of any further interest rate spikes and prepaying their loans early, which he says is a major shift from recent years when interest rates were at historic lows.

“Before, I had a hard time convincing anyone to refinance early, even a year. They always waited,” said Hernandez. “Borrowers now want to refinance out of their construction or existing loan and get into a non-recourse, long-term, fixed-rate deal with one of our life companies or Freddie Mac and Fannie Mae as soon as possible.”

He added that a few borrowers are electing to go with floating-rate debt because of the flexibility it provides, plus some borrowers suspect that interest rates will come back down in the years ahead.

Hernandez went on to point out that a historical lens can assuage overly negative interpretations of current market conditions. “Borrowers who have been around for a while realize that historically low rates are gone,” says Hernandez. “They are not in the mid 2s to low 3s anymore, they’re in the high 4s to low 5s, but those are still good rates. Most of my career those rates have been higher.”

Read the full story on REBusinessOnline.com.

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Jeannette Jason adds 35 years of CRE experience to Northmarq’s investment sales platform in Florida

TAMPA, FLORIDA (July 15, 2022) — Northmarq’s Tampa investment sales office has brought aboard yet another seasoned CRE veteran, with the addition of Jeannette Jason in the role of senior vice president. Jason will work with Luis Elorza and Bob Hernandez, both managing directors. With Jason’s 35+ years history in the Tampa Bay CRE brokerage and investment market, the investment sales team now offers clients more than 100 years of experience and industry knowledge.

“Our Central Florida team continues to grow. We are active on debt, equity and investment sales assignments and look forward to adding land advisory to the services we provide. We could not be more excited to bolster the strength of our local, regional and national investment sales platform with the addition of someone as respected and experienced in the industry as Jeannette,” said Elorza.

During her career, Jason has specialized in a broad spectrum of asset types including residential, commercial, hospitality and industrial land with particular emphasis on urban infill multifamily land transactions, adaptive reuse, historic renovations and the assemblage and disposition of complex development sites. She has coordinated all aspects of development initiatives from either an ownership or brokerage perspective, including acquisitions, entitlement pursuits, rezoning, investment packaging, joint venture partnership negotiations, leasing, property management, construction management as well as asset dispositions.

Prior to Northmarq, Jason worked for seven years as a Director on the Land Advisory Group with Cushman & Wakefield. Before this, she spent 25 years as Owner/Broker of DjG Tampa, Inc., a real estate investment and brokerage firm specialized in downtown Tampa. In the early years of her commercial real estate career she worked as a sales associate with a boutique real estate firm.

“I am very excited to get started collaborating with the Northmarq team and leveraging my experience to the benefit of our clients. With Northmarq’s investment sales, debt/equity and servicing platforms, I am excited to be part of an organization that can offer value through every aspect of a transaction,” said Jason.

Jason has a bachelor’s degree in Economics from Florida State University and holds the Certified Commercial Investment Member designation. She is an active member of CCIM, FGCAR and ULI.

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Tampa Q1 Multifamily Market Insights: Rents remain on upward trajectory in 2022


Tampa Multifamily market report snapshot for Q1 2022
  • The Tampa economy continues to add jobs, supporting demand for area apartment properties and prompting demand for new units. Rents are on the rise, even as vacancy rates have inched higher after reaching cyclical lows during the second half of last year.
  • Vacancies inched up 10 basis points in the first quarter. Despite the recent uptick, the current rate of 3.9 percent is down 80 basis points year over year.
  • Local rents continued to trend higher after a year of rapid growth. Asking rents increased by 2.8 percent during the first quarter, ending the period at $1,752 per month. Year over year, rents have surged by 28.4 percent.
  • The investment market remained active during the first quarter. Nearly twice as many properties sold during the first three months of this year than during the same period in 2021. The median sales price was $202,500 per unit while cap rates averaged 3.5 percent.

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Tommy Ware brings 15+ years of CRE experience and production to Northmarq’s Tampa debt/equity team

TAMPA, FLORIDA (June 30, 2022) — Northmarq’s Tampa office celebrated the addition of Tommy Ware to its debt/equity team. Involved in the CRE industry since 2006 and a producer for more than a decade, Ware has originated loans for various capital sources totaling more than $500 million. In his current role, Ware will facilitate financing solutions for Northmarq’s local, regional and nationally-based clients through the company’s relationships with agencies, life company lenders, banks, credit unions and other capital sources.

“I am very excited to hit the ground running with the entire Tampa Northmarq team,” said Ware. “I have known Bob Hernandez, managing director of debt + equity in the Tampa office for many years, and he is very well respected and admired by clients, brokers, and financial institutions. I am honored to join him and the Tampa debt and equity team, and I look forward to building on the successes of the team. Being in the mortgage banking industry for the last 15+ years, I am eager to continue serving my clients’ equity and financing needs with Northmarq’s innovative and collaborative platform, in addition to working alongside our strong investment sales team.”

Prior to joining Northmarq, Ware most recently worked for Grandbridge Real Estate Capital in their Tampa office as vice president of production from 2012-2022. During his successful tenure with the company, Ware received a “Large Producer Award” in 2016 and 2018. Tommy graduated from the University of South Florida with a BS in Finance and a minor in Economics, and he was a member of the National Honor Society. He also achieved his CCIM designation in 2009.

“Tommy is a great fit and will work well with the Tampa team,” said Hernandez. “We look forward to leveraging his previous experience and success in the industry to drive financial solutions for lenders and borrowers.”

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Tampa Q4 Multifamily Market Insights: Rents and Prices Spike as Demand Outpaces Supply


Tampa Multifamily market report snapshot for Q4 2021
  • Very strong operating conditions were recorded in the Tampa apartment market during 2021 as the local economy recovered, vacancies tightened, and rents advanced at an unprecedented pace.
  • Rents surged 30.2 percent in 2021, the strongest annual rent increase ever recorded in Tampa. While rent growth occurred in each quarter, it was most prominent in the middle of the year when rents increased by more than 11 percent in both the second and third quarters.
  • Vacancy in Tampa improved by 150 basis points in 2021, ending the year at 3.8 percent.
  • The investment market continued to strengthen through the end of the year. Transaction activity picked up in the final quarter, increasing by 45 percent from the previous period. The median sales price in 2021 spiked to $217,700 per unit while cap rates compressed to 3.5 percent by the end of the year.

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Tampa Q3 Multifamily Market Report: Record-Setting Rent Growth Fueling Investment Demand


Tampa Multifamily market report snapshot for Q3 2021
  • The Tampa multifamily market is benefitting from rapid economic growth and a modest pace of new construction. This undersupply is resulting in tightening vacancy levels and some of the steepest rent increases in the country.
  • Vacancy fell 120 basis points in the third quarter, ending the period at 3.7 percent. The rate is down 140 basis points year over year.
  • The Tampa market has recorded some of the strongest rent increases in the nation for the past few quarters. During the third quarter, asking rents spiked 11.3 percent, reaching $1,688 per month. Year over year, asking rents have advanced 26.9 percent.
  • The investment market continued to accelerate in the third quarter. Transaction activity spiked by approximately 60 percent. Prices are on the rise, with the median price reaching $210,100 per unit and cap rates averaging 3.75 percent.

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Tampa Q2 Multifamily Market Report: Hiring Surge, Population Gains Fueling Unprecedented Rent Growth


Tampa Multifamily market report snapshot for Q2 2021
  • The Tampa multifamily market ended the first half of 2021 in a very strong position, with vacancy rates below 5 percent, unprecedented rent growth, absorption ahead of last year’s pace, and the labor market on an upswing. The strong market fundamentals are expected to continue throughout the remainder of the year.
  • Vacancy ended the second quarter at 4.9 percent, matching the level from one year ago. The rate has improved in 2021; year to date, vacancy is down 40 basis points.
  • With momentum building in the economy and demand elevated, rents are posting significant gains. Asking rents surged by more than 19 percent year over year, the strongest gain in the nation.
  • Transaction activity accelerated, and prices pushed higher during the second quarter. The median price in deals closed to this point in 2021 is $160,000 per unit, while cap rates continue to compress to less than 4 percent. Preliminary indications suggest the second half of this year should be particularly active in the local multifamily investment market.

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Tampa Q1 Multifamily Market Report: Sharp Vacancy Decline Highlights a Very Strong Start to 2021


Tampa Multifamily market report snapshot for Q1 2021
  • The Tampa multifamily market started 2021 in a strong position. Absorption accelerated, vacancy tightened, and rents recorded significant gains.
  • Vacancy for area apartments declined 60 basis points during the first quarter, reaching 4.7 percent. The rate closely tracks long-term averages in the market and is unchanged from one year earlier.
  • Local asking rents continued to post strong gains in the first quarter, reaching $1,252 per month. Year over year, asking rents are up 4.8 percent.
  • Fewer apartment properties sold at the start of this year, following a rapid pace of deal flow at the end of 2020. In deals that closed in the first quarter, the median price was approximately $140,000 per unit, while cap rates continued their downward trend, averaging around 4 percent.

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Investment Groups have Ferocious Appetite for Apartments in Central Florida

Highly favorable demographic trends, Influx of new investors targeting lower yields, and added competition among buyers are driving up pricing.

After a pause due to the uncertainty around the COVID-19 pandemic in the middle of 2020, transaction activity is ramping up significantly for multifamily investments in Tampa, Orlando and across Central Florida. There is phenomenal interest from well-known, national investment groups and local investors entering the market.

Investment activity in the Tampa area spiked during the fourth quarter of 2020, jumping 80 percent from the third quarter. Record transaction volume is projected for the year to come, with activity expected to be largely focused on newer apartment properties.

An influx of new and very well-capitalized investment groups is fueling a dramatic upward shift in pricing. Cap rates in Central Florida are dropping 25 to 50 basis points for all product types: value-add, newer properties, and properties that are going through their initial lease-up. In recent years, many developers waited for properties to get near 90 percent occupancy before marketing them. Today, developers are starting the valuation and marketing process much earlier and often are getting unsolicited offers when they are 50 percent, 60 percent, or 70 percent leased. New properties that traded in the low 4s six months ago will trade for mid to high 3s this year.

There is very little pushback on where pricing is heading for well-designed assets in the best submarkets of Tampa, St. Petersburg and Orlando. We are also seeing a clear resurgence of investor interest in the submarkets in Orlando that are more dependent on the parks and tourism.

A big factor fueling the sales at the top end of the market has been new development. For newer, garden-style properties in Tampa, we recently experienced an 8 percent increase in less than one year. The average sale price was $214,000 in the first three quarters of 2020 compared to $231,000 in the last two quarters (Q4 2020 and Q1 2021).

Additionally, the development pipeline is robust. Developers are bringing new projects online to meet increasing renter demand, which should lead to ongoing, strong investment activity.

Many of the buyers that are making the best offers on top properties are well-known investment groups. Some have been active in Florida for years; however, a growing number are coming to Florida for the first time after building a large portfolio of multifamily properties in other markets across the United States. In addition, we also see growing interest in this market from investors in Europe, Latin America and Israel. There are often multiple offers on assets, and many properties are not even making it to the formal listing process before bids come in and a buyer is selected.

Why are apartments so hot and why Central Florida?
Since the multifamily sector has outperformed many other commercial real estate sectors during the pandemic, investors are chasing apartment deals. Central Florida is particularly sought after due to its healthy market fundamentals and influx of new residents. People are moving out of costly, densely populated urban areas, a trend triggered by COVID-19, and into more affordable cities like Tampa and Orlando.

According to a recent report by Redfin, Orlando had a net inflow of 61,000 residents in 2020, the third-highest city nationally, only behind Phoenix and Dallas. Tampa came in fourth with 47,000 new residents.

These migration trends and solid demographics are helping keep vacancies low while asking rents are ticking higher across Central Florida. While investors were active across several segments of the multifamily market in 2020, activity was more pronounced among newer projects, and that trend is expected to continue.


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Tampa Q4 Multifamily Market Report: Investment Market Roars Back to Life to Close 2020


Tampa Multifamily market report snapshot for Q4 2020
  • The Tampa multifamily market remained relatively stable during the second half of 2020. The local vacancy rate ticked up as the pace of development pushed higher, but rents rose as the economy reopened and renter demand accelerated.
  • Apartment vacancy in Tampa ended 2020 at 5.3 percent. The rate inched up 20 basis points during the fourth quarter.
  • Asking rents reached $1,228 per month in the fourth quarter; for the full year, rents gained 4.1 percent.
  • Investment activity surged during the fourth quarter, pushing prices higher. The median price rose to $152,800 per unit, while sales of newer properties commanded more than $230,000 per unit.

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NorthMarq expands multifamily investment sales team in Central and South Florida

MINNEAPOLIS, MINNESOTA (April 7, 2020) — NorthMarq announces the expansion of its investment sales capabilities in Florida with the addition of Justin Hofford, a commercial real estate veteran with experience in multifamily dispositions and CRE valuation. He joins Luis Elorza, managing director – Investment Sales to provide acquisition, disposition, and advisory services to owners of multifamily investment properties across Central and South Florida and across the southeast U.S.

NorthMarq has grown its investment sales capabilities into ten existing debt and equity offices in the last 18 months, with the Central/South Florida team the most recent addition. Elorza and Hofford will advise clients in collaboration with the company’s debt and equity professionals in Jacksonville, Miami, Orlando, and Tampa, and partner with Jason Nettles, managing director – Investment Sales, and Megan Thompson, senior vice president – investment sales, who joined the company’s Atlanta office; together, both teams offer expertise for the southeast U.S.

“We’ve seen great success when we partner the right investment sales people with our existing debt and equity colleagues. This team combined with our other Investment Sales colleages have created a powerful platform to serve clients across the country,” said Trevor Koskovich, president-Investment Sales.

Hofford, senior investment sales associate, will focus on multifamily dispositions and acquisitions in Tampa and Southwest Florida. With a twenty-year career in the commercial real estate industry, he was most recently engaged in multifamily dispositions, valuation and market analysis at JBM Multifamily Institutional Advisors. Previously, he was with Cushman & Wakefield’s Valuation and Advisory group, where he consistently ranked as a top producer in Florida.

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Tampa Q4 Market Report: After an Active Year, Deliveries Slow and Vacancy Dips in Fourth Quarter


Tampa 4Q2019 market snapshot
  • The Tampa multifamily market closed 2019 on an upswing. Both new supply and demand growth were strong during the past year, a trend that is likely to continue in 2020.
  • Vacancy dipped in the fourth quarter, reaching 4.8 percent. While the rate improved in the final few months of the year, vacancy rose 20 basis points in 2019.
  • Asking rents in Tampa rose 4.8 percent in 2019, ending the year at $1,180 per month. The pace of rent growth slowed slightly in the fourth quarter.
  • Projects totaling approximately 5,000 units were delivered in 2019. Completions are forecast to slow to approximately 4,200 units in 2020. Development has been active for the past few years as builders have stepped up activity to meet renter demand.
  • The Tampa multifamily investment market strengthened in 2019, with sales velocity picking up, prices rising, and cap rates compressing. The median price reached $136,900 per unit, while cap rates compressed to an average of 5.1 percent.

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NorthMarq adds Investment Sales experts in Los Angeles and central Florida

Teams join existing Debt and Equity offices in coast-to-coast
platform expansion

MINNEAPOLIS (JAN. 16, 2020) – NorthMarq continues its expansion of Investment Sales with new teams joining existing NorthMarq debt and equity offices in Los Angeles and central Florida. With these two additions, the company’s investment sales platform extends across the U.S., covering nine offices in eight states.

“Our goal when we started this business was to offer investment sales coast-to-coast; the additions in Southern California and Florida truly achieve that for us. We look to continue this business expansion as we move through 2020,” said Jeffrey Weidell, chief executive officer, NorthMarq. “We are pleased that our new business is bringing added value to new and existing clients.”

The company’s investment sales business started in April 2018 when Trevor Koskovich joined the company as president of Investment Sales, and integrated his team with the existing Phoenix office. He is responsible for recruiting additional investment sales professionals to the platform.

“Each new office brings a new level of success to clients and our company,” said Koskovich. “The synergy among the professionals has been remarkable and is a testament to our plan to ensure a cultural fit with our new recruits.”

The two new teams bring seasoned veterans in commercial real estate, capital markets, and advisory services.

  • Los Angeles: Bryan Schellinger joins the company as managing director-Investment Sales, bringing nearly 10 years of investment sales with $1 billion in transaction history, most recently with Marcus & Millichap. Steven Goldstein, associate vice president-Investment Sales, also joins NorthMarq from Marcus & Millichap and has worked with Bryan for the last two years. The Los Angeles team will collaborate with the recently opened debt and equity office managed by Ory Schwartz, as well as coordinate client services throughout Southern California with teams in Newport Beach and San Diego.
  • Central and southwest Florida: Investment sales leader Luis Elorza joins the company as managing director, bringing more than 20 years of investment banking, corporate finance and investment sales experience, most recently with Cushman & Wakefield where he and his team closed over $4.5 billion in multifamily transactions since 2005. Covering Florida from NorthMarq’s Tampa office, Elorza will collaborate with Jason Nettles, managing director-Investment Sales, and Megan Thompson, senior vice president-Investment Sales, in the company’s Atlanta office, and with NorthMarq’s debt & equity offices across the southeast U.S.

NorthMarq’s nine investment sales offices stretch from Southern California to the East Coast.

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