{"id":174226,"date":"2023-02-25T17:05:48","date_gmt":"2023-02-26T00:05:48","guid":{"rendered":"https:\/\/inbusinessphx.com\/?p=174226"},"modified":"2023-02-25T17:05:48","modified_gmt":"2023-02-26T00:05:48","slug":"feedback-march-2023","status":"publish","type":"post","link":"https:\/\/staging.inbusinessphx.com\/?p=174226","title":{"rendered":"Feedback: March 2023"},"content":{"rendered":"

What are you finding most important in attracting people to multifamily projects, and is this different for different areas of the Valley?<\/strong><\/p>\n

\"\"John Kobierowski<\/h3>\n

President & CEO
\nABI Multifamily<\/a>
\nSector: Real Estate<\/p>\n

When it comes to attracting multifamily investors, strong rents and high occupancy rates are the top factors. In the Phoenix market, occupancy rates have increased from Q4 2022 to Q1 2023 thus far, due to strong job growth, income growth and population growth. Another reason occupancy is up is because increased interest rates are making it more difficult for people to buy homes. Properties are full and multifamily investors are noticing.\u00a0<\/span><\/p>\n

In general, investors are attracted to real estate because they are investing in a hard asset, which appreciates in an inflationary market. At a recent multifamily conference, I listened to equity investors and lenders saying Phoenix is one of the few cities that has all the factors investors look for. From small mom-and-pop investors looking for an alternative investment to their stock portfolio to large institutional investors, they see Phoenix as a market that delivers on all their investment hurdles. With demand for housing far outpacing supply, multifamily investments should continue to be strong in the Valley. These factors hold true across the Valley. \u00a0<\/span><\/p>\n

John Kobierowski is president and CEO of ABI Multifamily<\/a>, a multifamily brokerage and advisory services firm with offices in Phoenix, Tucson, Las Vegas and San Diego. He is also the founder of ABI Commercial Capital; co-founder of Neighborhood Ventures, Arizona\u2019s first real estate crowdfunding company; and owner of The Grid.Works, a co-working space located on the ground floor of the ABI Multifamily headquarters in Uptown Phoenix.<\/i><\/p>\n

\"\"Jamison Manwaring\u00a0<\/span><\/h3>\n

Co-Founder, Managing Partner & CEO
\n<\/span>Neighborhood Ventures<\/a>
\nSector: Real Estate<\/p>\n

When we talk to investors about funding our multifamily projects, the most attractive elements to them are the combination of increased housing costs and the rapid growth of the Phoenix metropolitan area.\u00a0<\/span><\/p>\n

Although housing values have started to come down a little year over year, historically speaking, they are still up. In the last five years, the median listing price for a single-family home has increased by about 75%. Throw in the high interest rates and you can start to see how people are being priced out of buying a home. These folks are more inclined to rent because it\u2019s affordable and gives them the flexibility they want, which is great news for multifamily developers.\u00a0<\/span><\/p>\n

Simultaneously, we\u2019re the seeing a surge of growth and economic development sweep the Valley. People are moving here, jobs are being created and wages are strong and increasing. That\u2019s not the case in all areas of the country, but it is here. I wouldn\u2019t say that it differs from city to city; this is true across the Valley. \u00a0<\/span><\/p>\n

Jamison Manwaring is co-founder, managing partner and CEO of Neighborhood Ventures<\/a>. Before Neighborhood Ventures, he served as vice president of investor relations at LifeLock and assisted the company in its successful sale to Symantec in February 2017. Before LifeLock, Manwaring was a technology analyst at Goldman Sachs, where he participated in more than a dozen software IPOs, including Tableau, Alarm.com and LifeLock. Manwaring graduated from the University of Utah with a B.S. in finance.\u00a0<\/span><\/i><\/p>\n

\"\"Alexis Vance<\/h3>\n

Chief Marketing Officer
\nRPM Living<\/a>
\nSector: Real Estate<\/p>\n

The \u201cwork from home\u201d wave that spread across the country at the height of the pandemic has definitely cooled off a bit, but to some degree it\u2019s here to stay.\u00a0More and more prospective residents are looking for office\/flex\u00a0space within their home, as well as clubrooms and co-working space in common areas that can be utilized for their WFH efforts. Prospective residents also continue to push for more technology-driven options, both in their\u00a0homes and in common areas. Smart locks and thermostats, as well as EV charging stations, are among the most in-demand amenities attracting residents right now.<\/p>\n

Prospective residents for high-end multifamily projects continue to value more luxury amenities like state-of-the-art fitness centers, steam rooms, wine lounges with temperature-controlled lockers, and pet spas. However,\u00a0location continues to be a primary decision-driver for attracting residents to multifamily projects, with walkability and amenities like bike rooms being particularly attractive for urban areas of the Valley. \u00a0<\/span><\/p>\n

With more than 17 years of marketing and industry experience, Alexis Vance plays an integral role in positioning RPM Living<\/a> as a differentiator with an overall focus on brand equity. She spearheads all marketing, advertising, communications, BI and social media initiatives and possesses a high-level understanding of organizational vision, client relations and strategic enterprise planning due to her skilled background in executive leadership.\u00a0Prior to joining RPM, Vance led the development and build-out of the industry\u2019s first ever in-house marketing agency at Alliance Residential and helped grow the organization into a NMHC Top 5 management company.\u00a0<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

What are you finding most important in attracting people to multifamily projects, and is this different for different areas of the Valley? John Kobierowski President & CEO ABI Multifamily Sector: Real Estate When it comes to attracting multifamily investors, strong rents and high occupancy rates are the top factors. In the Phoenix market, occupancy rates […]<\/p>\n","protected":false},"author":3,"featured_media":174227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-174226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate"],"_links":{"self":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts\/174226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=174226"}],"version-history":[{"count":0,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts\/174226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=174226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=174226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=174226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}