multifamily development and investment · 2020. 9. 10. · aaii houston. this document is strictly...

September 10, 2020

MULTIFAMILY DEVELOPMENT AND INVESTMENT

AAII Houston

THIS DOCUMENT IS STRICTLY PRIVATE, CONFIDENTIAL AND PERSONAL TO ITS RECIPIENTS. BY ACCEPTING IT YOU, THE INTENDED RECIPIENT,AGREE NOT TO COPY, DISTRIBUTE OR REPRODUCE THIS DOCUMENT IN WHOLE OR IN PART. FURTHER, YOU AGREE NOT TO TRANSMIT ORSHARE IT, OR ANY PART OF IT, TO ANY THIRD PARTY.

THIS DOCUMENT IS FOR INFORMATION PURPOSES ONLY. IT SHOULD NOT BE RELIED UPON FOR PURPOSES OF ENTERING INTO ANY FUTURETRANSACTIONS INCLUDING, WITHOUT LIMITATION, THE PURCHASE, SALE OR HOLDING OF ANY OF THE INVESTMENT INTERESTS THEREDESCRIBED AND DISCUSSED.

THIS DOCUMENT IS NOT AN OFFERING CIRCULAR, INFORMATION MEMORANDUM OR ANY OTHER FORM OF OFFERING DOCUMENT. IT SHOULDNOT BE USED OR RELIED UPON AS AN OFFER OR INVITATION TO MAKE AN OFFER OR TO ACQUIRE EITHER SECURITIES OR ANY INVESTMENTINTERESTS OF ANY KIND IN ANY JURISDICTION.

NEITHER THE KAPLAN COMPANIES NOR THEIR RESPECTIVE DIRECTORS, MEMBERS, PARTNERS, LIMITED PARTNERS, OFFICERS, EMPLOYEES ANDAFFILIATES (COLLECTIVELY, “KAPLAN”) MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE FAIRNESS, ACCURACY,COMPLETENESS OR CORRECTNESS OF THE CONTENTS OF THIS DOCUMENT. FURTHER, KAPLAN DISCLAIMS ANY RESPONSIBILITY OR LIABILITYWHATSOEVER FOR ANY LOSS OR DAMAGE OF ANY KIND ARISING FROM ANY USE OF THIS DOCUMENT OR ANY OF ITS CONTENTS AS DESCRIBEDABOVE.

BY ACCEPTING THIS DOCUMENT, YOU AGREE TO HOLD HARMLESS AND INDEMNIFY KAPLAN FROM ANY LOSS OR DAMAGE OF ANY KINDARISING FROM THE MISUSE OR PROSCRIBED USE OF THIS DOCUMENT AS DESCRIBED ABOVE.

BY ACCESSING THIS DOCUMENT YOU ACKNOWLEDGE, ACCEPT AND AGREE TO ADHERE STRICTLY TO THE FOREGOING.

NEITHER PAST NOR RELATED PERFORMANCE GUARANTEES FUTURE RESULTS.

2

DISCLAIMER

JIM HYNESPARTNER – CAPITAL MARKETS, MANAGING DIRECTOR

Jim Hynes joined Kaplan in 2017 following a 30-year career in private and public real estate finance andequity investments. Mr. Hynes’ primary responsibility with Kaplan is to direct capital formation for Kaplan’smultifamily investment activities and lead the company’s investor relations. In this role, Mr. Hynes will beresponsible for arranging General Partner private placement equity and joint-venture equity. Prior to joiningKaplan, Mr. Hynes served in senior roles with various private and public real estate investment firmsincluding Rockspring Capital in Houston, TX; Sawyer Realty Holdings in Boston, MA and The Berkshire Groupin Boston, MA. In these roles, Mr. Hynes has been responsible for transacting several billion in multifamilytransactions as well as arranging, both debt and equity for commercial real estate projects across the U.S.For the past 5 years, Mr. Hynes has focused primarily on raising institutional, family office, wealth managerand high-net-worth equity capital. Mr. Hynes earned his B.B.A., with a major in Accounting from MerrimackCollege in North Andover, MA and his Masters of Business from Suffolk University in Boston, MA.

3

BIOGRAPHY

Kaplan currently utilizes brand name institutional equity partners in a project-by-project Joint Venture modelwhere the institution typically provides 90% and Kaplan 10% of the required equity.

DEVELOPMENT

Invest in the developmentof properties incommunities that promotelive/work/play lifestyles insuburban, urban and high-density areas.

▪ 18%+ deal IRR▪ 1.7x▪ 3 - 4 year holds▪ 10% Kaplan dollars▪ Up to 65% debt

INVESTMENT STRATEGY

ACQUISITION

Invest in select propertieswith stable levels of currentincome with capitalappreciation. Proactivelymanage the capitalstructure and propertyoperations to enhanceincome and appreciationreturns.

▪ 13%+ deal IRR▪ 2.0x▪ 5 -7 year holds▪ 10% Kaplan dollars▪ Up to 75% debt

ENTITLEMENT

Invest in strategic sitestypically “covered landplays” generating somecash flow and move quicklyto secure multifamilyentitlements and then exit.

▪ 20%+ deal IRR▪ 1.7x▪ Up to 3 year holds▪ 10% Kaplan dollars▪ Up to 50% debt

5

RECENT KAPLAN REALIZED RETURNSWeighted Average 25.7% IRR, 1.8x Over 2.8 Years

REALIZED

No. Project Location TypeAcquired /

StartedUnits

Purchase

Price/BasisSale Price LTV

LP Net

IRR

LP

MultipleSale Year

Hold

Years

Institutional

Partner

1 The Royalton Houston, TX Acquisition 2011 40 10,084,920 13,042,054 0% 32.9% 1.8x 2012 0.9 Fortress

2 Spyglass Ft. Worth, TX Acquisition 2011 256 21,590,000 26,624,000 72% 33.4% 1.8x 2013 2.2 Ulysses FO

3 The Mosaic Dallas, TX Acquisition 2010 440 61,381,745 79,000,000 59% 16.0% 1.8x 2014 4.1 Walton St.

4 District at Scottsdale II Scottsdale, AZ Land 2016 Land 14,466,272 21,300,000 0% 12.4% 1.3x 2018 2.0 ARES

Subtotals / Weighted Avg. (1) 736 107,522,937 139,966,054 48% 20.6% 1.7x 3.1

5 District at SoCo Austin, TX Development 2011 215 30,908,125 39,250,000 70% 25.0% 1.7x 2013 2.3 ANICO

6 District at Greenbriar (2) Houston, TX Development 2012 319 50,183,500 56,000,000 71% 18.0% 1.5x 2014 2.2 ANICO

7 District at Westborough Houston, TX Development 2013 340 37,204,104 49,500,000 60% 22.1% 1.4x 2014 1.7 ANICO

8 District at Washington Houston, TX Development 2012 396 61,221,737 85,000,000 63% 25.1% 1.8x 2015 2.7 Simpson Housing

9 Park at City Center Salt Lake City, UT Development 2015 330 62,219,119 85,000,000 65% 40.1% 2.0x 2017 2.4 ANICO

10 District at Biltmore Phoenix, AZ Development 2015 227 54,492,296 69,000,000 65% 17.0% 1.8x 2019 3.7 Simpson Housing

11 District at Scottsdale Scottsdale, AZ Development 2016 332 81,777,000 124,000,000 63% 34.1% 2.1 2019 3.0 ARES

Subtotals / Weighted Avg.

(1)2,159 378,005,881 507,750,000 65% 27.1% 1.8x 2.7

Totals / Weighted Avg. (1) 2,895 485,528,818 647,716,054 61% 25.7% 1.8x 2.8

(1) Based on purchase prices.

INVESTORS PARTICIPATE IN LOWER RISK STAGES OF DEVELOPMENT

CO

NC

EPT

FEASIB

ILITY STUD

Y

DESIG

N &

ENG

INEER

ING

SITE SELECTIO

N

FINA

NC

ING

& EQ

UITY

CO

NSTR

UC

TION

LEASIN

G &

MA

RK

ETING

SALE

RISK

STAGE

Investors participate in thetransaction here at cost, at a laterstage, further reducing risk.

6

7

KAPLAN TARGET MARKETS

WE DEVELOP – We have discovered that there is greater returnpotential in building new product and selling to longer-terminstitutional buyers. (Kaplan has developed approximately 9,000multifamily units).

WE ENTITLE – We proactively take the necessary steps to prepareland sites for development by working through the entitlementprocess including full engineering, architectural building plans andlocal zoning and planning approvals. This typically adds tremendousvalue to the land sites.

WE ACQUIRE – Investment opportunities exist in identifying value-add and under managed assets that are actualized by our coreproperty management experience. (Kaplan has managed over35,000 units, including development).

PROPERTY MANAGEMENT – Having managed over 35,000apartments, Kaplan has a distinct advantage over other developers.We understand the realities of what it takes to operate as an ownerand what the market actually wants.

KAPLAN TYPICALLY ABSORBS ALL THE PRE-DEVELOPMENT RISK –Investors participate in the transaction when ready for developmentat cost.

INSTITUTIONAL PARTNERS – Kaplan has developed extremely deeprelationships with select institutional partners and typicallystructure projects with 90% of their equity and 10% Kaplan Partners.

10% SHARE OF GP PROMOTE – The principals of Kaplan give back10% of the earned promote to the Kaplan LPs, further enhancingtheir partner returns.

THE KAPLAN EDGE

8

THE DISTRICT AT SCOTTSDALE (PHASE I) SCOTTSDALE, AZ

9

PROPERTYDevelopment of a 332-unit Class A+multifamily community.

TOPLINEThis new 4-story, elevator, wrapbuilding with 525 garage spacescommenced construction in 2017.The site was acquired with a 2-storyoffice building with a surroundingarea that Kaplan recognized had ahigher and better use. Property isadjacent to the high-end ScottsdaleQuarter shopping area – the highestretail sales psf in the state ofArizona. The property will includethe highest finishes with all 80 topfloor being penthouse units and 40of those having private,unobstructed-view rooftop decks.

OUTCOMESold in 2019, investors received a net 34.1% IRR and 2.1x over a 3.0 year hold period.

9

THE DISTRICT AT CHANDLERPHOENIX, AZ

PROPERTYDevelopment of a 340-unit Class A+multifamily community located inChandler, AZ, just southeast ofPhoenix.

TOPLINEThese beautiful 3/4-story, elevator,mid-rise buildings with an additional12 townhome units will beginconstruction in 2018. Resort-stylepool and rich amenities will attractthe high-tech “millennial” renterthat work and play in this suburb.The District at Chandler will be a agreat addition to this submarket.

OUTCOMEPlanned to be sold in 2020, investorsare projected to receive a net 37.0%IRR and 1.9x over a 2.5 year holdperiod.

10

11

INSTITUTIONAL PARTNERS

Excellent In-Fill Location for 119 Units

SINGLE FAMILY RENTALS

• Build-for-Rent

• Single Community

• Horizontal Apartments

• COVID Virus has accelerated this strategy

• Residents include Millennials to Empty Nesters

THE KAPLAN COMPANIES

777 Post Oak Blvd., #850

Houston, TX 77056

713.977.5699

www.kapcorp.com

13

MIKE KAPLAN

Co-Managing Partner, Founder

713.977.5699 x210

[email protected]

GEOFF SIMPSON

Co-Managing Partner

713.977.5699 x202

[email protected]

JIM HYNES

Partner – Capital Markets,

Managing Director

936.522.6615

[email protected]

CONTACT US

mailto:[email protected]

mailto:[email protected]

KEY TAKEAWAYS – NEWMARK KNIGHT FRANK

SALES VOLUME

Sales volume totaled $13.9 billion in 2Q20, representing a 70.4% year-over-year decline compared with 2Q19. While transactions slowed

considerably as a result of the COVID-19 pandemic, multifamily has been the top recipient of capital year-to-date. Sales volume averaged $4.6

billion per month in 2Q20, the lowest monthly average since 2Q11.

RENT COLLECTIONS

Multifamily has been the top performing property type for rent collections since the onset of COVID-19 and the only property type to exceed 90%

rent collections each month since April. Rent collections fared best in 2Q20 in lower-cost, higher growth non-major markets such as Austin,

Denver, Sacramento, Salt Lake City and San Diego.

TOTAL RETURNS

Annual total returns for multifamily decreased to 2.98% in 2Q20 as appreciation was negative for the first time since 2009. The income

component of total returns remains durable at 4.23%, just 6 basis points below 2019 levels. Performance in the Southeast has outpaced the

broader US multifamily total returns index on a short and long-term basis.

RENT GROWTH

Over the past 12 months, annual effective rent growth fell to 2.1%, caused by a 150 basis point drop in 2Q20 compared with 1Q20. On a

quarterly basis, rent growth dropped to -1.0% due to COVID-19. Rental growth over the past 12 months remains strongest in Sunbelt markets

lead by Phoenix at 6.7%.

SUPPLY AND DEMAND

Over the past 12 months, 303,650 units were delivered nationally compared to 177,007 units absorbed. The largest markets in Texas (Austin,

Dallas, Houston and San Antonio) account for 17.9% of deliveries nationally over the past year.

DEBT MARKETS

Total mortgage debt outstanding for the multifamily sector rose to $1.6 billion for the quarter, an increase of 1.8% quarter-over-quarter. Total

originations by Fannie Mae and Freddie Mac rose to $39.8 billion in 2Q20 as the market stabilized in part due to Federal Reserve policy.

© NEWMARK KNIGHT FRANK | RESEARCH | 2020 3

HISTORICAL SALES VOLUME

UNITED STATES; DOLLARS IN BILLIONS

Sales volume totaled $13.9 billion in 2Q20, representing a 70.4% year-over-year decline compared with 2Q19. While transactions slowed considerably as

a result of the COVID-19 pandemic, multifamily has been the top recipient of capital year-to-date and remains a preferred destination for global capital.

15© NEWMARK KNIGHT FRANK | RESEARCH | 2020

Source: NKF Research, Real Capital Analytics

$36.2

$38.7

$41.2

$36.5 $46.9

$13.9

$49.6 $

48.6

$53.9 $

56.1

$0

$40

$80

$120

$160

$200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1Q 2Q 3Q 4Q

RENT COLLECTIONS

BY PROPERTY TYPE AND BY MONTH


Source: NKF Research, NCREIF, National Multifamily Housing Council

91.7

%

86.8

%

81.2

%

36.1

%

89.7

%

92.7

%

87.5

%

84.2

%

35.8

%

91.1

%

93.1

%

91.3

%

91.1

%

49.5

%

92.4

%

0%

20%

40%

60%

80%

100%

Multifamily Office Industrial Retail Other

April May June

NCREIF BY PROPERTY TYPE (VALUE-WEIGHT INDEX) NMHC RENT PAYMENT TRACKER (FULL MONTH RESULTS)

97.7% 96.6% 96.0%94.6% 95.1% 95.9%

0%

20%

40%

60%

80%

100%

April May June

2019 2020

Multifamily has been the top performing property type for rent collections since the onset of COVID-19 and the only property type to exceed 90% rent

collections each month since April, per NCREIF. Rent collections are even higher for professionally managed properties tracked by NMHC, averaging

95.2% from April to June 2020.

RESIDENT RETENTION

UNITED STATES; MULTIFAMILY RENEWALS

Multifamily resident retention rates surged to 57.2% from 53.4% in 2019 with renters renewing leases at the highest rates in recent history due to less

mobility and economic challenges caused by COVID-19.


Source: NKF Research, RealPage

50.1%

50.8% 50.8% 50.9%

51.7%

52.5% 52.3%51.9%

52.7%

53.4%

57.2%

40%

44%

48%

52%

56%

60%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

MULTIFAMILY TOTAL RETURNS

CALENDAR YEAR RETURNS

Annual total returns for multifamily decreased to 3.0% in 2Q20 as appreciation was negative for the first time since 2009. The income component of total

returns remains durable at 4.2%, just 6 basis points below 2019 levels, as rent collection remains high.


Source: NKF Research, NCREIF

21.15%

14.63%

11.4%

-7.29%

-17.51%

18.21%

15.45%

11.23% 10.42% 10.29%11.99%

7.33%6.16% 6.07% 5.51%

2.98%

-30%

-20%

-10%

0%

10%

20%

30%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Income Appreciation

* 2020 returns are annualized.

TOTAL RETURNS BY MARKET

ANNUALIZED TOTALS

High growth Sunbelt markets such as Phoenix (10.5%), Charlotte (6.9%) and Orlando (6.8%) continue to yield the greatest total returns nationally.


Source: NKF Research, NCREIF

10.5

%

6.9

%

6.8

%

5.8

%

5.5

%

5.2

%

5.0

%

4.7

%

4.2

%

4.1

%

4.0

%

3.7

%

3.5

%

3.4

%

3.4

%

3.3

%

3.3

%

3.2

%

3.2

%

3.0

%

2.5

%

2.4

%

1.4

%

1.0

%

-0.4

%

-0.6

%

-0.6

%

-3%

0%

3%

6%

9%

12%

Phoe

nix

Ch

arlott

e

Orlan

do

Austin

De

nver

Tam

pa

Min

neap

olis

Fort

Laud

erd

ale

Atla

nta

Seatt

le

Palm

Beach

Bosto

n

Ra

leig

h-D

urh

am

Subu

rban M

ary

ald

n

Washin

gto

n, D

.C.

Mia

mi

Ora

ng

e C

ounty

Oakla

nd

San J

ose

San D

ieg

o

San F

ran

cis

co

Da

llas

Port

land

Lo

s A

ng

ele

s

Ho

usto

n

Ch

icago

Ne

w Y

ork

US Multifamily Total Return Average = 3.0%

CAP RATES

UNITED STATES; QUARTERLY AVERAGE

Overall multifamily cap rates rose 6 basis points to 5.3% quarter-over-quarter, led by a 12 basis point increase in non-major markets. Non-major market

cap rates are currently 90 basis points above major market cap rates, the largest spread in 7 quarters. However, price discovery remains limited due to a

lack of transaction volume.


Source: NKF Research, Real Capital Analytics

5.3%

4.7%

5.6%

0%

2%

4%

6%

8%

10%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

United States Major Markets Non-Major Markets

* Major markets: Boston, Chicago, Los Angeles metro, New York metro, San Francisco metro, Washington, D.C. metro. Non-major markets: all other markets.

EFFECTIVE RENT GROWTH

UNITED STATES

Over the past 12 months, annual effective rent growth fell to 2.1%, caused primarily by a 150 basis point drop in 2Q20 compared with 1Q20. On a

quarterly basis, rent growth dropped to -1.0% due to COVID-19.



-1.0%

2.1%

-5%

-3%

0%

3%

5%

8%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Quarterly Annualized

EFFECTIVE RENT GROWTH BY MARKET

SELECT MARKETS; ANNUALIZED



While annual effective rent growth has stagnated for the time being, rental growth over the past 12 months remains strongest in Sunbelt markets lead by

Phoenix at 6.7%.

6.7

%

4.4

%

3.9

%

3.8

%

3.6

%

3.5

%

3.3

%

3.2

%

3.0

%

2.8

%

2.7

%

2.7

%

2.6

%

2.5

%

2.5

%

2.2

%

2.2

%

2.1

%

2.1

%

2.1

%

2.0

%

1.9

%

1.8

%

1.7

%

1.6

%

1.2

%

1.1

%

1.0

%

1.0

%

0.7

% 0.4

%

0.3

%

0.1

%

0%

2%

4%

6%

8%

Phoe

nix

La

s V

eg

as

Na

sh

vill

e

Sacra

men

to

Ra

leig

h-…

Me

mp

his

Ch

arlott

e

Phila

delp

hia

Austin

Seatt

le

Kansas C

ity

Salt L

ake C

ity

Min

neap

olis

Da

llas

Ne

w Y

ork

Bosto

n

Atla

nta

Tam

pa

Port

land

San D

ieg

o

Washin

gto

n…

Okla

hom

a C

ity

Jackson

vill

e

Co

lum

bus

San A

nto

nio

Mia

mi

De

nver

Orlan

do

Ch

icago

Lo

s A

ng

ele

s

San J

ose

San F

ran

cis

co

Ho

usto

n

US Effective Rent Growth Average = 2.1%

SUPPLY AND DEMAND BY MARKET

While the strongest markets for inventory growth are primarily throughout the Sunbelt, the largest markets in Texas (Austin, Dallas, Houston and San

Antonio) account for 17.9% of deliveries nationally over the past year.



SELECT MARKETS; 12-MONTH TOTALS

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Da

llas

Ho

usto

n

Washin

gto

n, D

.C.

Austin

Atla

nta

Lo

s A

ng

ele

s

Ch

icago

De

nver

Phoe

nix

Bosto

n

Ne

w Y

ork

Seatt

le

Mia

mi

Ch

arlott

e

Orlan

do

Min

neap

olis

Ra

leig

h-D

urh

am

Phila

delp

hia

Na

sh

vill

e

San A

nto

nio

Port

land

Tam

pa

Salt L

ake C

ity

San D

ieg

o

San J

ose

Jackson

vill

e

Kansas C

ity

Co

lum

bus

La

s V

eg

as

San F

ran

cis

co

Sacra

men

to

Me

mp

his

Okla

hom

a C

ity

New Supply Demand

AUSTIN

4.2%DALLAS

3.5%CHARLOTTE

3.5%SALT LAKE

CITY

3.5%

NASHVILLE

3.1%

TOP MARKETS BY INVENTORY GROWTH

OCCUPANCY RATE BY MARKET

SELECT MARKETS; 12-MONTH TOTALS

Occupancy levels remain strong across the country with a national average rate of 95.7%. Even in markets hit hard by COVID-19 such as New York

occupancy remains above the national average.



97.5

%

96.6

%

96.6

%

96.5

%

96.5

%

96.4

%

96.3

%

96.3

%

96.1

%

96.1

%

96.1

%

96.1

%

96.0

%

96.0

%

95.9

%

95.8

%

95.8

%

95.8

%

95.7

%

95.6

%

95.6

%

95.4

%

95.4

%

95.4

%

95.4

%

95.3

%

95.2

%

95.2

%

95.2

%

95.2

%

95.1

%

95.1

%

95.0

%

94.9

%

94.8

%

94.3

%

93.7

%

93.5

%

93%

94%

95%

96%

97%

98%

Ne

w Y

ork

Min

neap

olis

Sacra

men

to

Inla

nd E

mp

ire

Phila

delp

hia

Bosto

n

Ora

ng

e C

ounty

San D

ieg

o

Oakla

nd

San J

ose

Mia

mi

Lo

s A

ng

ele

s

Washin

gto

n, D

.C.

Phoe

nix

Salt L

ake C

ity

Seatt

le

Co

lum

bus (

OH

)

Orlan

do

San F

ran

cis

co

Fort

Laud

erd

ale

Port

land

Na

sh

vill

e

Kansas C

ity

Ch

arlott

e

Tam

pa

La

s V

eg

as

Jackson

vill

e

Me

mp

his

Ch

icago

Ra

leig

h-D

urh

am

Austin

West P

alm

Beach

De

nver

Da

llas

Atla

nta

Okla

hom

a C

ity

San A

nto

nio

Ho

usto

n

US Annual Average Occupancy Rate = 95.7%

MORTGAGE DEBT OUTSTANDING

UNITED STATES

Total mortgage debt outstanding for the multifamily sector rose to $1.6 billion for the quarter, an increase of 1.8% quarter-over-quarter.


Source: NKF Research, Mortgage Bankers Association

DEBT OUTSTANDING BY GROUP AS A PERCENTAGE DEBT OUTSTANDING BY GROUP IN BILLIONS

$751.6

$468.7

$164.7

$93.1 $

52.5

$46.7

$0

$100

$200

$300

$400

$500

$600

$700

$800

GSEs Bank &Thrifts

Life Co State &Local Gov't

CMBS Other

GSEs47.7%

Banks & Thrifts 29.7%

Government10.5%

Insurance Companies

5.9%

CMBS2.9%

Other3.3%

NEW YORK CITY

HEADQUARTERS

125 Park Avenue

New York, NY 10017

212.372.2000

Newmark Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and refinement in our data, there may be adjustments in historical statistics

including availability, asking rents, absorption and effective rents.

Newmark Knight Frank Research Reports are also available at www.ngkf.com/research

All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Knight Frank (NKF) has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of NKF. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications.

Any recipient of this publication may not, without the prior written approval of NKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains.

Jeff Day

Chief Strategy Officer

President, Head of Multifamily Capital Markets

[email protected]

Blake Okland

Vice Chairman

Head of Multifamily Investment Sales

[email protected]

Sharon Karaffa

Vice Chairman

Co-Head of Production

[email protected]

Jonathan Mazur

Senior Managing Director

National Research

[email protected]

Mike Wolfson

Director

Capital Markets Research

[email protected]

Sean Marmora

Research Analyst

Multifamily Research

[email protected]

AFRICA

Botswana

Kenya

Malawi

Nigeria

South Africa

Tanzania

Uganda

Zambia

Zimbabwe

LATIN AMERICA

Argentina

Brazil

Chile

Colombia

Costa Rica

Dominican

Republic

Mexico

Peru

Puerto Rico

ASIA-

PACIFIC

Australia

Cambodia

China

India

Indonesia

Malaysia

New Zealand

Philippines

Singapore

South Korea

Taiwan

Thailand

EUROPE

Austria

Belgium

Czech Republic

France

Hungary

Germany

Ireland

Italy

Netherlands

Poland

Portugal

Romania

Russia

Spain

Switzerland

United Kingdom

NORTH

AMERICA

Canada

United States

MIDDLE EAST

Saudi Arabia

United Arab

Emirates

multifamily development and investment · 2020. 9. 10. · aaii houston. this document is strictly...

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