Terrance Hunt sums up his prediction for the Denver area apartment market with four words: “more of the same.”
And while “more of the same” at first blush might sound pretty boring, it’s actually pretty great.
That’s because absorption has defied skeptics who have feared the Denver apartment market has been on the brink of overbuilding for the past six years.
Indeed, the Denver apartment market and other commercial real estate categories have been so compelling that Denver now ranks No. 4 as the top choice for international investors, according to Hunt.
International interest growing
“I was just talking to a group in Sweden yesterday” that is interested in investing in Denver apartments, Hunt said.
The reason Denver is so attractive to foreign and other investors gets down to basic economics: Demand is growing so quickly that, overall, it is close to keeping pace with the 10,000 or so new units being added to the market each year.
“A lot of these new companies we have been hearing about are finally going to start showing up in downtown, and that is going to continue to fuel demand,” Hunt, vice chairman, Newmark Knight Frank Multifamily, told Rebchook Real Estate Corner Thursday.
Conference expected to draw 600
Hunt will be one of the speakers at 2019 Multifamily Development Investment Conference & Expo.
The conference will be held from 7 until 11:45 a.m. Thursday, March 14, at the Hyatt Regency Aurora-Denver Conference Center.
The event is produced by the Colorado Real Estate Journal in association with Apartment Appraisers & Consultants, headed by apartment guru Cary Bruteig.
Terrance Hunt.
The title partner for the conference is Newmark Knight Frank Multifamily.
The conference is expected to draw more than 600, making it the largest apartment and investment conference in the area in 2019.
Four hours of real estate continuing education credit have been approved for those who qualify.
Bruteig to speak
The conference will kick off with opening remarks from Hunt and an overview of the Colorado multifamily market from Bruteig.
Other topics at the wide-ranging conference will include:
- Demand drivers for multifamily,
- A lender update,
- An investment panel and
- A development panel.
Two dozen participants
In addition to Hunt and Bruteig, other participants in the conference include:
- Andrew Blaustein – Senior Managing Director, Newmark Knight Frank;
- Peter Rake – Global Director of Integration, Switch Automation;
- Tamara Door – Chief Executive Officer, Downtown Denver Partnership (invited, not confirmed);
- Laura Glennon – Director, Multifamily Customer Account Management, Fannie Mae;
- Tony Nargi – Senior Producer – Western Region, Freddie Mac Multifamily;
- Charlie Williams – Senior Managing Director, Newmark Knight Frank Debt & Structured Finance;
- David Treadwell – Managing Director, Newmark Knight Frank Debt & Structured Finance;
- Mark Hamilton – CEO & Founder, Hamilton Zanze & Co.;
- Matthew Joblon – CEO and Principal, BMC Investments;
- Bill Stoll – Executive Vice President, Real Estate, Steadfast Cos.;
- Tad Johnson – Director – Acquisitions, Security Properties Inc.;
- James Bloomingdale – Senior Vice President and Head of Acquisitions, JRK Property Holdings;
- Shane Ozment – Vice Chairman, Investment Sales, Multifamily Capital Markets, Newmark Knight Frank Multifamily;
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The sale of Infinity LoHi last year at a near-record price per unit, demonstrates how bullish investors are on Denver.
Scott Johnson – Division President, Mountain States / SW, Lennar Multifamily Communities;
- Eric Garrett – President, The Garrett Cos.;
- Walter Armer – Managing Director, Holland Partner Group;
- Andy Clay – Managing Director of Development, Alliance Residential Co.; and
- Chris Cowan – Executive Managing Director, Newmark Knight Frank Multifamily.
Hunt: A new era
Hunt noted that some observers started fearing overbuilding in 2013, when there was a boom in Denver apartment building permits as the Great Recession drew to a close.
But the fear hasn’t yet tumbled the market or investor appetite in Denver apartments.
“It’s a different era,” Hunt said.
