Brook Farm Group

Some positive news as we head toward the fourth quarter. The latest CBRE #multifamily research shows the vacancy rate for this sector stabilizing after two years of quarterly increases. And, the firm is expecting the rate to decline in the upcoming months, with rent growth accelerating due to a slowdown in construction and other factors. Check out this Connect CRE story by Paul Bubny for more. https://lnkd.in/eUCSWdpM #multifamilydevelopment #multifamilyinvestment #rentgrowth

Here's a media recap of our recent launch of The Sinclair at Palm Pointe. As noted in MultifamilyBiz.com, this 265-unit #multifamily development in Fort Myers is unique due to its well-located infill location and fully entitled development site. It's an incredible opportunity and we're excited to move toward a groundbreaking in the near future. Appreciate the support of Rail Gauge Partners, Trustmark Bank, First Horizon Bank, Patterson Real Estate Advisory Group and Marble Capital in getting this project over the finish line. https://lnkd.in/gAf8awT9... #multifamilydevelopment #floridahousing #apartments #multifamilyinvestment

Thanks to the support from Patterson Real Estate Advisory Group in helping to source financing for The Sinclair at Palm Pointe. https://lnkd.in/gphrkT65 #multifamilyfinancing #multifamilydevelopment #financing

A new study by Redfin shows the number of U.S. renter households grew by nearly 2% on an annual basis in the second quarter, reaching a record 45.2 million. This is more than three times faster than the number of homeowner households, which grew by 0.6% to a record 86.3 million. The report was created by analyzing U.S. Census Bureau and other data -- and also covers other dynamics of the #multifamily market, such as rent growth and construction volumes. #multifamilyinvestment #multifamilydevelopment https://lnkd.in/geytrWvA

We're pleased to announce the closing on the land and construction loan for our latest development -- a 265-unit, Class A #multifamily community in Fort Myers, FL being developed with Rail Gauge Partners. The project activates an already entitled, in-fill site adjacent to a popular retail center. With entitlements in place, we can streamline the development cycle and deliver units in early 2026 when supply should be well below recent levels. “The Sinclair at Palm Pointe represents an incredible opportunity to deliver a highly-amenitized community in a mature, densely developed location along US-41 in a rapidly-growing Florida market,” said Peter DiCorpo, Chief Operating Officer, Brook Farm Group. Construction financing was provided by Trustmark Bank and First Horizon Bank, with preferred equity provided by Marble Capital. https://lnkd.in/gDZKPuBw

Great intel from JLL on all the inward migration to Atlanta. #multifamilydevelopment #multifamily #atlanta #growthmarkets https://lnkd.in/gmgKuSK7

A recent report from BuildingDesign Media, looking ahead to the second half of the year, shows the strength of the #multifamily sector despite some economic challenges. Among the key themes are: --Demand remains steady, but rising supply and financing issues are creating headwinds. --Growth is expected to slow in the coming months, but there will be regional variations based on economic conditions and supply factors. --The economy remains stable and job growth persists, but softening rent growth and occupancy rates are emerging. --And, of course, the industry is continuing to track inflation (which is now down to 3.3%) and interest rates. https://lnkd.in/g32By27V #multifamilydevelopment #multifamilyinvestment #apartments #apartmentliving

What’s on the minds of young renters as they debate a lease renewal or move? The majority plan to move to a different city -- and want in-unit washers and dryers, air conditioning and access to online reviews and ratings when evaluating #multifamily communities. GlobeSt.com broke down a recent survey by Apartments.com and noted that 34% of respondents aged 18 to 24 said they wanted to move to a different city, metro or state, while 30% wanted a different neighborhood in the same city and 15% wanted to stay in the same neighborhood. Top selling factors in order of importance were price (78%), safety and security (49%), proximity to work or school (27%), amenities (26%), number of bedrooms (23%), and square footage (23%). About 73% planned to move into their own apartment while 27% were moving in with a roommate. That percentage increased to 85% and 15%, respectively, for renters aged 35 to 34. #multifamilydevelopment #apartmentliving #apartments #amenities https://lnkd.in/gn_uDQXA

Despite a large wave of #multifamily deliveries, the demand side remains surprisingly resilient and can support the influx of new units, according to Sam Tenenbaum, who leads Cushman & Wakefield's multifamily insights group. As noted in Multi-Housing News, 86,000 #apartment units were absorbed in Q1 2024, a 60% increase from a year ago and the second best quarter aside from Q1 2021. "People are willing to and able to move into and create new households that are primarily rentals today." he said. #multifamilyinvestment #apartments https://lnkd.in/gAWbCzAX