{"id":770,"date":"2021-05-18T09:01:00","date_gmt":"2021-05-18T09:01:00","guid":{"rendered":"https:\/\/sitelogiq.wpenginepowered.com\/?p=770"},"modified":"2023-10-27T21:14:53","modified_gmt":"2023-10-27T21:14:53","slug":"multifamily-market-activity-gaining-traction-whats-the-impact-on-your-energy-efficiency-and-sustainability-plans","status":"publish","type":"post","link":"https:\/\/www.sitelogiq.com\/blog\/multifamily-market-activity-gaining-traction-whats-the-impact-on-your-energy-efficiency-and-sustainability-plans\/","title":{"rendered":"Multifamily Market Activity Gaining Traction: What\u2019s the Impact On Your Energy Efficiency and Sustainability Plans?"},"content":{"rendered":"<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>Despite the uncertainty of the COVID-19 pandemic, there hasn\u2019t been a migration away from multifamily living as many thought there would be. The multifamily market remained steady and lean with activity followed by a slight dip mid-year. The multifamily market continues to be highly competitive with an uptick in major mergers and acquisitions. In this article, we\u2019ll explore the following topics to understand this multifamily market activity:<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<ul class=\"wp-block-list\"><div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>The competitive market for multifamily properties<\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Drivers and implications of increased market activity<\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Key concepts to consider in the acquisition processes<\/li>\n<\/div><\/div><\/div><\/ul>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<h2 class=\"wp-block-heading\">The competitive market for multifamily firms<\/h2>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>The coming year looks promising; in the CBRE 2021 US Real Estate Outlook<sup>1<\/sup>, multifamily sector investment volume was projected to rise 33% to $148 billion. Multifamily Executive<sup>2<\/sup> quotes the CBRE report to explain this multifamily activity: \u201cThe economic rebound will lead to rising multifamily demand, largely from \u2018unbundling\u2019\u2014certain renters moving out of their parents\u2019 homes or those of friends as job opportunities provide more financial flexibility to live independently.\u201d Multifamily Executive goes on to say, \u201cIn addition, COVID-related factors, as well as high housing costs and shifting demographics, have currently impacted the appeal of urban submarkets. Suburban multifamily communities are expected to outpace urban properties in the recovery.\u201d There\u2019s no doubt that multifamily activity continues to rise with major mergers and acquisitions to support this. The founder of Newmark Dallas<sup>3<\/sup> recently said there currently is more buyer demand than there is product for DFW\u2019s multifamily market.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"850\" height=\"567\" src=\"https:\/\/sitelogiq.com\/wp-content\/uploads\/2022\/04\/Business-deal-850x567-1.jpg\" alt=\"\" class=\"wp-image-771\" srcset=\"https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Business-deal-850x567-1.jpg 850w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Business-deal-850x567-1-300x200.jpg 300w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Business-deal-850x567-1-768x512.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/figure>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><strong>Additional activity:<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<ul class=\"wp-block-list\"><div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Owner and operator Morgan Properties partnered with Olayan America to acquire a portfolio of 48 apartment communities with 14,414 units in 11 states for $1.75 billion.<sup>4<\/sup><\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Multifamily leaders Texas-based RPM and Atlanta-based CF Real Estate services are merging to create a national footprint with more than 84,000 units in 17 states.<sup>5<\/sup><\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Utah\u2019s multifamily market hit sales volume levels of $1.63 billion in 2020.<sup>6<\/sup><\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li>Jordan Fisher, Principal, Next Wave Investors noted his acquisitions in the Phoenix market in Multi-Housing News<sup>7<\/sup>, \u201cWe recently capitalized on high investor demand with the sale of La Estrella Vista, a 96-unit multifamily community in the Far West submarket of Phoenix.\u201d<\/li>\n<\/div><\/div><\/div><\/ul>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<h3 class=\"wp-block-heading\">Drivers and implications of increased market activity<\/h3>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>With a surge of increased activity in the multifamily market, there are plenty of theories as to why this is happening including high residential market demand and lifestyle preferences, a continuation of the pre-pandemic market trend, and shifting investor preferences. The National Apartment Association<sup>8<\/sup> reported that the U.S. needs about 4.6 million new multifamily units by 2030 to keep up with demand. That\u2019s about 328,000 new units annually over the next 10 years. Driving factors seem to stem from the \u201crenters-by-choice\u201d lifestyle of millennials. With rising costs of homeownership, student debt, and overall lifestyle preferences, renting is seen to be far more attractive to the millennial generation than owning. According to HousingWire<sup>9<\/sup>, recent surveys show that 32% of rental households don\u2019t believe the American Dream includes homeownership, 26% of people who do own a home wish they were renting instead, and 20% say they never plan on buying a home in their lifetime.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"850\" height=\"567\" src=\"https:\/\/sitelogiq.com\/wp-content\/uploads\/2022\/04\/multi-family-1-850x567-1.jpg\" alt=\"\" class=\"wp-image-772\" srcset=\"https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/multi-family-1-850x567-1.jpg 850w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/multi-family-1-850x567-1-300x200.jpg 300w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/multi-family-1-850x567-1-768x512.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/figure>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>Investors who usually purchase non-multifamily properties are now turning to multifamily due to its resilience in the market. Since 2018, investor preferences have shifted, supporting this notion. According to NEWMARK<sup>10<\/sup>, \u201cThe change in allocations [towards Multifamily assets] is being driven by several factors, including a shift toward institutional ownership; stronger risk-adjusted returns in the favored sectors; and growth opportunities in\u2026rental housing\u2026.While high levels of NOI growth also are responsible for multifamily returns, employment and population growth in secondary markets\u2014particularly in the Sunbelt\u2014have helped support high total returns.\u201d<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>With all this multifamily property market activity, it\u2019s important to ensure that assessments and due diligence are as comprehensive and streamlined as possible. A Forbes article<sup>11<\/sup> on multifamily real estate investment says, \u201cThe stabilizing economy may offer opportunities for investment growth; however, poorly managed income properties flounder in any economic climate. Consequently, multifamily investors should take precautions to ensure lean operations and tenant appeal to stay competitive and profitable.\u201d The Forbes article offers guidance for acquisition viability, \u201cExercise thorough due diligence on the market and subject property\u2026.Focus on efficiency in energy, labor, and material utilization. Do this by implementing sustainable design strategies in renovations and new builds, and leveraging SaaS technology to streamline asset and property management functions.\u201d<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<h3 class=\"wp-block-heading\">Key concepts to consider in the acquisition process<\/h3>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<ul class=\"wp-block-list\"><div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li><strong>Include energy efficiency, resident expectations, aesthetics, and construction efficiency early in the process. <\/strong>When deals need to close quickly, the due diligence process must be efficient, but that doesn\u2019t mean energy efficiency should be skipped until later. An energy evaluation will identify opportunities to reduce operating costs, improve resident experiences and aesthetics, and facilitate construction efficiency to help meet the overall financial goals of the investment. Including an energy efficiency evaluation as part of the due diligence process should be common practice for all acquisitions, not just when required for green loans. Pre-acquisition is the ideal time to include an energy audit to maximize your investment. The commercial sector has the Standard Guide for Building Energy Performance and Improvement Evaluation in the Assessment of Property Condition (ASTM E3224-19<sup>12<\/sup>). A streamlined energy evaluation process should also be used when assessing multifamily properties.<\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li><strong>Avoid costly energy efficiency plan delays and prove increased cash flow. <\/strong>Waiting to evaluate energy efficiency can mean running inefficient appliances and lighting, which increases operational costs unnecessarily. A developed energy efficiency plan improves net operating income as quickly as possible. Prioritizing \u201clow-hanging fruit\u201d opportunities such as inefficient appliances, water-saving features, improved HVAC and lighting, etc. can impact operating costs right away. The earlier these opportunities are implemented during the hold period, the more time (and data) you\u2019ll have to prove the increased cashflow and property value increase.<\/li>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<li><strong>Set realistic budget expectations and be ready to execute rapidly on findings post-acquisition. <\/strong>By evaluating energy efficiency before the acquisition, property managers can develop their post-acquisition plans right away and be ready to execute as early as possible. Preparation will be a strong contributing factor to the success of your due diligence process through combating long lead times, reviewing budgets, and allocating funds as needed to taking action on findings. With strong preparation, being ready to combat common roadblocks leads to seamless, rapid execution.<\/li>\n<\/div><\/div><\/div><\/ul>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"850\" height=\"567\" src=\"https:\/\/sitelogiq.com\/wp-content\/uploads\/2022\/04\/Real-estate-1-850x567-1.jpg\" alt=\"\" class=\"wp-image-773\" srcset=\"https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Real-estate-1-850x567-1.jpg 850w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Real-estate-1-850x567-1-300x200.jpg 300w, https:\/\/www.sitelogiq.com\/wp-content\/uploads\/2022\/04\/Real-estate-1-850x567-1-768x512.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/figure>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>Experienced energy efficiency auditors in the multifamily space have guidelines to follow and can quickly perform an evaluation at the same time as other auditors, without impacting the due diligence timeline. Working with an experienced energy efficiency partner is a proven, effective method for implementing results-oriented energy efficiency plans. An experienced energy efficiency partner saves time and money that most professionals can\u2019t afford to lose, especially during the acquisition process. In addition to time and cost savings, working with a professional ensures all auditing requirements are met and accounted for. That\u2019s why several of the top 50 NMHC leaders that are acquiring multifamily properties have partnered with the <a href=\"https:\/\/sitelogiq.com\/markets\/commercial-real-estate\/multifamily-housing\/\">multifamily acquisition experts at SitelogIQ<\/a> to help overcome obstacles and develop successful national energy efficiency rollouts.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>For more information about including energy efficiency in the due diligence process, call us at 855 581 6464, or email <a href=\"mailto:CI_Multifamily@sitelogiq.com\">CI_Multifamily@sitelogiq.com<\/a>.<\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<h3 class=\"wp-block-heading\">Subscribe for Updates from SitelogIQ!<\/h3>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p>https:\/\/app-3qnob2f5g6.marketingautomation.services\/prospector\/form\/MzawMLEwNTQyBQA\/MzFLSzQzMjHQTbWwSNU1MbQ00U00STXUNUgxNrSwNDU2TDJJAQA?rf__sb=https%3A%2F%2Fwww.sitelogiq.com%2Fblog%2F&amp;_tk=202101|601418f79e564e1a5747d494&amp;instance=v3du<br><strong>SOURCES<\/strong><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>1<\/sup> CRBE. \u201cCBRE\u2019s 2021 US Real Estate Outlook: Speed of Recovery Mixed, with Quicker Rebound for Industrial, Multifamily and Data Centers\u201d (November 12,2020) Accessed at <a href=\"https:\/\/www.cbre.us\/about\/media-center\/2021-us-real-estate-outlook\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.cbre.us\/about\/media-center\/2021-us-real-estate-outlook<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>2<\/sup> Serlin, C. \u201cCBRE Outlook: Quicker Rebound Expected for Multifamily in 2021\u201d (November 17, 2020) Accessed at <a href=\"https:\/\/www.multifamilyexecutive.com\/property-management\/apartment-trends\/cbre-outlook-quicker-rebound-expected-for-multifamily-in-2021_o\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.multifamilyexecutive.com\/property-management\/apartment-trends\/cbre-outlook-quicker-rebound-expected-for-multifamily-in-2021_o<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>3<\/sup> O\u2019Boyle, B. \u201cDFW\u2019s Multifamily Market Continues to Surge\u201d (March 30, 2021) Accessed at <a href=\"https:\/\/www.dmagazine.com\/commercial-real-estate\/2021\/03\/dfws-multifamily-market-continues-to-surge\/?ref=feat-sect\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.dmagazine.com\/commercial-real-estate\/2021\/03\/dfws-multifamily-market-continues-to-surge\/?ref=feat-sect<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>4<\/sup> Serlin, C. \u201cMorgan Properties and Olayan America Purchase Massive Multifamily Portfolio\u201d (February 24, 2021) Accessed at <a href=\"https:\/\/www.multifamilyexecutive.com\/business-finance\/morgan-properties-and-olayan-america-purchase-massive-multifamily-portfolio_o\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.multifamilyexecutive.com\/business-finance\/morgan-properties-and-olayan-america-purchase-massive-multifamily-portfolio_o<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>5<\/sup> Serlin, C. \u201cRPM and CF Real Estate Services Merge\u201d (March 8, 2021) Accessed at <a href=\"https:\/\/www.multifamilyexecutive.com\/property-management\/rpm-and-cf-real-estate-services-merge_o\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.multifamilyexecutive.com\/property-management\/rpm-and-cf-real-estate-services-merge_o<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>6<\/sup> Utah Business. \u201cUtah\u2019s multifamily market hits sales volume levels of $1.63 billion in 2020\u201d (March 29, 2021) Accessed at <a href=\"https:\/\/www.utahbusiness.com\/utah-multifamily-market-sales-record\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.utahbusiness.com\/utah-multifamily-market-sales-record\/<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>7<\/sup> Marcut. A. \u201cPhoenix Multifamily on Solid Ground: Q&amp;A\u201d (February 1, 2021) Accessed at <a href=\"https:\/\/www.multihousingnews.com\/post\/phoenix-multifamily-on-solid-ground-qa\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.multihousingnews.com\/post\/phoenix-multifamily-on-solid-ground-qa\/<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>8<\/sup> National Apartment Association. \u201cUnited States Needs 4.6 Million New Apartments By 2030 or It Will Face A Serious Shortage\u201d (June 30, 2017) Accessed at <a href=\"https:\/\/www.naahq.org\/news-publications\/united-states-needs-46-million-new-apartments-2030-or-it-will-face-serious-shortage\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.naahq.org\/news-publications\/united-states-needs-46-million-new-apartments-2030-or-it-will-face-serious-shortage<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>9<\/sup> Falcon, J. \u201cMore claim the \u2018American Dream\u2019 involves renting\u201d (October 9, 2019) Accessed at <a href=\"https:\/\/www.housingwire.com\/articles\/more-claim-the-american-dream-involves-renting\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.housingwire.com\/articles\/more-claim-the-american-dream-involves-renting\/<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>10<\/sup> Newmark. \u201cThe Shifting Preferences of Commercial Real Estate Investors\u201d (December 2019) Accessed at <a href=\"https:\/\/www.nmrk.com\/insights\/real-insights\/the-shifting-preferences-of-commercial-real-estate-investors\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.nmrk.com\/insights\/real-insights\/the-shifting-preferences-of-commercial-real-estate-investors<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>11<\/sup> Rastegar, A.&nbsp; \u201cWhat A Recession Could Mean For Multifamily Real Estate Investment In 2020\u201d (March 23, 2020) Accessed at&nbsp; <a href=\"https:\/\/www.forbes.com\/sites\/forbesrealestatecouncil\/2020\/03\/23\/what-a-recession-could-mean-for-multifamily-real-estate-investment-in-2020\/?sh=2de69f06c32c\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.forbes.com\/sites\/forbesrealestatecouncil\/2020\/03\/23\/what-a-recession-could-mean-for-multifamily-real-estate-investment-in-2020\/?sh=2de69f06c32c<\/a><\/p>\n<\/div><\/div><\/div>\n\n<div class=\"container\"><div class=\"row\"><div class=\"col-xxs-12\">\n<p><sup>12<\/sup> ASTM International. ASTM E3224 \u2013 19&nbsp;Standard Guide for Building Energy Performance and Improvement Evaluation in the Assessment of Property Condition. Accessed at <a href=\"https:\/\/www.astm.org\/Standards\/E3224.htm\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.astm.org\/Standards\/E3224.htm<\/a><\/p>\n<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Despite the uncertainty of the COVID-19 pandemic, there hasn\u2019t been a migration away from multifamily living as many thought there would be.<\/p>\n","protected":false},"author":10,"featured_media":771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Multifamily Market Growth&#039;s Impact on Energy Efficiency<\/title>\n<meta name=\"description\" content=\"The multifamily market continues to be highly competitive with an uptick in major mergers and acquisitions. 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