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Prices on most Real Estate assets have come down significantly over the past year. In multifamily, class C properties in particular have gotten crushed and prices on Class A and B properties have also contracted. Too many sponsors paid too much for properties, overleverages, and got floating rate debt. Over the next couple years, great opportunities will present themselves to invest in high quality assets at discounted prices. If interest rates come down during this period, as many predict, and cap rates follow, big profits will be earned. Mark Hamilton, Chairman of Hamilton Zanze, a multifamily operator of 25,000 units, is bullish on the next few years for what multifamily has in store as absorption, occupancy, and rents increase.
