From Bisnow May 11, 2011 –
Multifamily’s the name of the game in DFW, says Holmes Firm namesake Ron Holmes. It looks like some of the first dollars that lenders are parting with are flowing toward multifamily, which Ron says make good sense considering apartment vacancies are low, concessions are drying up, and rents are moving north.
But, that leaves the question of what’s driving people to apartments.
“There are many foreclosed houses that aren’t leasing. It’s an anomaly to me that people are renting apartments when there’s an oversupply of houses,” he says. And he wonders if we’re seeing a fundamental shift in peoples’ attitudes toward housing.
One of the trends Ron sees is for multifamily is for investors to take great locations with older properties at low rents and tear them down to redevelop with a more upscale complex appropriate to the neighborhood. “There are some pockets of Dallas primed for this,” Ron adds.