Commercial Property : Camden Brickell

Tuesday 13 November 2012

Camden Brickell

Avalon Bay, which focuses on coastal, high-barrier-to-entry markets, reportedly is in the process of developing $1.6 billion worth of apartments and Camden Properties, another REIT, is developing $550 million worth of apartments in high-growth, affordable markets like Dallas-Ft. Worth and Atlanta. Dallas, Houston, Austin, New York, Washington, D.C., Seattle and San Jose will get the bulk of the new supply in 2012, but it is only San Jose, New York and Washington, D.C. that may end up with a higher than long-term average number of units. Still, these markets are expected to absorb the new supply quickly, according to Marcus & Millichap.In 2011, the number of apartment units completed was a record low of less than 40,000, according to Marcus & Millichap. In 2012, 85,000 units are scheduled to be completed, but less than 15% were finished in the first quarter. Delays, due to issues with construction loans, among other things, could affect the final tally of finished units.