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With new multifamily supply coming to a standstill, occupancy rates will rise over the next few years and assets will appreciate. In the meantime, multifamily is rife with challenges in most markets. Interest rates have risen dramatically, expenses have skyrocketed, and occupancy has fallen. Despite this downward pressure, prices have still not contracted enough for experienced operators to want to acquire. Cameron Pimm, Co-founder of Stonemark Landings, is a multifamily operator who is looking to expand his current workforce portfolio into more holdings in South Carolina, Nevada and Salt Lake City. With a dearth of good deals in the 100+ unit market, Cameron is starting to look at sub-100-unit deals where there’s less competition and more inefficiency in the pricing.
