The multifamily sector has long been one of the top-performing commercial real estate sectors. Today, though? This sector is facing a slowdown, with investment sales and leasing activity in the apartment space dipping during recent months. At the same time, apartment rents, while still rising, are not increasing as quickly as they once did.
Still, the multifamily sector’s fundamentals remain strong. That’s largely because a growing number of people either want to rent or are struggling to buy a single-family home thanks to high interest rates and a lack of supply.
These were all hot topics during the fifth annual Detroit Apartment & Multifamily Summit held Oct. 24 by Michigan Real Estate Journal at The Community House in Birmingham, Michigan.
More than 175 commercial real estate pros serving the Detroit area attended the big event. In addition to commentary from the top multifamily and apartment experts in the market, the event featured prime networking opportunities for attendees.
The summit began with the opening panel, the Detroit Apartment & Multifamily Market Update, during which participants discussed the changes hitting the Detroit-area mulifamily sector. Speaking on this panel were Alex Vasileff, Bedrock Detroit; Christian Zaciewski, Newmark; Matt Johns, Walker & Dunlop; Kevin Dillon, Berkadia; John Woods, BELFOR; and Alfredo Casab, moderator, Dawda Mann, Mulcahy & Sadler.
Another highlight came from the Development, Design, Construction & Property Management Trends in Multifamily panel, the second of the day. Speaking on this panel were Martin Ruiter, Hobbs+Black Architects; Michael Ferlito, Ferlito Group; Sarah Oglesby-Battle, Beztak; Theresa Sopata, moderator, RPM Living; Seth Herkowitz, Hunter Pasteur; Clarke Lewis, REDICO; and Joe Benvenuto, LIFTbuild.
The Capital Markets panel concluded the summit. Speaking on this panel were financing experts Kevin Kovachevich, District Capital; Adam Lutz, Q10 Capital/Lutz Financial; Aaron Moll, Berkadia; Todd Williams, Lean & Green Michigan; and Mark J. Bennett, moderator, MJBennett
