How to Use ‘Equal and Uniform’ to Reduce Multi-Family Property Values in Texas

Written on March 14, 2018 at 04:02 PM

By James Sutton, Regional Director - Central South, Dallas
& Bill O’Quinn, Senior Managing Consultant, Dallas

To say the multi-family market in the Dallas-Fort Worth metropolitan area is performing well would be an understatement. Deliveries were up 14 percent in 2017, vacancies were down 4 percent, rental rates were up nearly 7 percent, and cap rates were down almost 20 basis points. From a property tax standpoint, factoring all of these variables into an income approach to valuation would support higher assessed values at the appraisal district level. While this may be the case, there is another valuation method that needs to be considered before giving up on your property tax appeal.

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Categories: Real Property, Apartments, Paradigm Info, Multi Family, Texas

Five Top Markets for Seniors Housing Investment

Written on March 12, 2018 at 04:56 PM
Seniors housing continues to be in high demand, especially the  independent and assisted living subsets, due to the rapidly aging population.  Unfortunately, the influx of supply has caused overdevelopment and flattening  occupancy rates in most markets. In the fourth quarter of 2017, the national occupancy rate—based on aggregated data from 31 markets—averaged 88.8 percent, down 70 basis points year-over-year, according to the National Investment Center for Seniors Housing & Care (NIC).
The National Real Estate Investor spoke with several seniors housing and financial experts to learn some of their picks for the top regions around the country for seniors housing development.   Many industry insiders may be quick to say that seniors housing is overdeveloped in most markets, but that is an issue in many asset classes, particularly in places with lower barriers to entry—for example, Dallas, Houston, Atlanta, San Antonio and Denver, says Aron Will, vice chairman of debt and structured finance, seniors housing, at CBRE. There are opportunities to be found if you pay attention to what each specific market wants.
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Categories: Senior Living, Real Property

Managing a Decade of Increasing Property Taxes in the Dallas-Fort Worth Industrial Market

Written on March 06, 2018 at 12:49 PM

By Carlos Villatoro, Senior Managing Consultant, Dallas

A prominent national industrial REIT client recently asked for a historical summary of property taxes for a distribution warehouse they were considering purchasing. We were alarmed to see the property had experienced seven consecutive years of significant increases and had already budgeted for another increase in the upcoming year. Unfortunately, this trend is not specific to that one property alone. By 2020, I will not be surprised if we will have seen a decade of continual property tax increases for nearly all industrial properties across the Dallas-Fort Worth (DFW) area. In order to minimize and manage these increases as much as possible, it’s crucial to understand why and how they are happening in the first place.

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Categories: Distribution Centers, Industrial, Real Property, Paradigm Info, Texas, Warehouse

Downtown L.A. Starting to Mirror Manhattan's Glut of Apartments

Written on March 01, 2018 at 04:26 PM

More than 4,000 new apartments are forecast to hit the Los Angeles market this quarter, according to CoStar, as the first wave of as many as 30,000 in the next three years. Much of the construction is concentrated downtown, where it’s easier to build than in other parts of L.A., and almost all the new apartments will be at the higher end of the market. Signs of rent weakness are emerging as construction approaches peak, and L.A. landlords could be facing similar pains as as their counterparts in Manhattan, where a flood of supply has started to drive down rents.

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Categories: Real Property, Apartments, Multi Family, New York, California




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