Real estate investment money wants to go some place, and that means multifamily housing in the current U.S. economy, according to what investors and others told Jones Lang LaSalle (JLL) in a survey whose results were published Monday.
Investors are very interested in West Coast cities this year, the respondents said, along with Dallas and Phoenix. In 2010, it was New York and Washington.
“It’s clear that multifamily is the sector to watch now, and in 2012,” said Jubeen Vaghefi, a JLL managing director and the leader of the firm's Multifamily Investment Sales team. “During the past year, apartments have shown a vitality that’s unparalleled among the other asset classes.”
About 150 private investors, real estate brokers, developers, and REIT and institutional investors answered JLL's questions at the RealShare APARTMENTS 2011 Conference in Los Angeles last month.
Private investors account for almost half of the action, the respondents told JLL. They said foreign investments accounts for 3 percent, but they are carefully focused.
