Globe St.: One Firm Finds Hospitality Investors Are Shifting to Class B Apartments
Like many industries, commercial real estate has taken a hit over the past month. While some sectors, such as hospitality, have been severely battered, others should be able to weather the storm. One of those havens is middle-market multifamily, according to Jon Morgan, co-founder and managing principal at Interra Realty.
“I think people’s concern that this is a true recession is a little misguided only in the sense that I think it’s going to be specific for certain asset classes,” Morgan says.
In the last few weeks, Morgan’s firm, which brokers multifamily deals, has received several inquiries from people outside of the apartment industry.
“People are paying a lot more attention to our opportunities,” Morgan says. “What we’ve seen in the last three weeks is a rush from people that own office, hospitality and retail that have never really been interested in our offerings or talking about multifamily.”
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