The multifamily team at the Kansas City office of CBRE ended 2015 with 18 multifamily sales transactions representing $480 million in sales volume and 4,620 total units.
The multifamily team consists of Jeff Stingley, Jeff Lamott and Bayley Pinney.
This ranked as a record-setting year for this multifamily team.
Stingley said that he expects the Kansas City multifamily market to be strong, too, in 2016. Stingley said that the developers of recently built assets are hitting stabilized occupancies and could opt to test the market.
The Kansas City market’s apartment fundamentals through the third quarter of 2015 were strong even though more than 8,000 multifamily units were delivered to the market in 2014 and 2015, according to CBRE. The average vacancy rate in this sector stood at 4.2 percent, the lowest ever in the Kansas City market, while the average rent hit $903 a unit, the highest ever in this market.
