Despite slowing local apartment sales across the Twin Cities in the early part of 2012, real estate brokers are expecting sales to strongly outpace last year’s transactions.
Local apartment trends are mirroring what’s going on nationally.
“Multifamily by far has been the hottest sector nationwide. Multifamily in general is the only property sector to be going through a nationwide recovery,” said Dan Fasulo, managing director of Real Capital Analytics, a global commercial property research firm that tracks the capital investment markets in the commercial real estate industry.
“There’s somewhat of a perfect storm brewing in that sector right now,” he said.
In the first quarter, Real Capital Analytics tracked $11.98 billion in apartment sales across the U.S., a 31 percent increase compared with the first quarter of 2011. Real Capital Analytics tracks apartment sales of $2.5 million or more. Fasulo said that industry conferences on multifamily properties are drawing standing-room-only crowds.