Andover Real Estate Partners News & Press

Multifamily Housing Drives U.S. Real Estate Growth Based on the ninth annual Akerman U.S. Real Estate Sector Report by top U.S. law firm Akerman LLP 70% of real estate executives and investors say they are more optimistic about for 2018 market activity than in the last two years. According to the firm’s findings, executives agree that a top trend is growth driven by multi-family housing. Sixty three percent of respondents say real estate investing in multifamily is the most active segment this year based on the Akerman data. This marks a stark change from 2017 when 43 percent of commercial real estate leaders predicted single-family homebuilding would outpace investing in multifamily properties. "We’ve found that the market continues to be active for the purchase and redevelopment of multifamily properties," states Rob Stone, Founder and CEO of Andover Real Estate Partners. In 2018 alone Andover has closed 3 deals totaling $70 million in Southeast Michigan and will

Column: Michigan’s comeback accelerating Column: Michigan’s Comeback Accelerating Source: The Detroit New s Timothy Nash, Keith Pretty, Rich Studley and Bob Thomas  Published 10:40 p.m. ET Nov. 25, 2017 The 2017 Michigan Economic Competitiveness Study was recently released by the Michigan Chamber of Commerce Foundation and Northwood University. The sixth annual study confirms that Michigan is making great progress at the state level since the Great Recession ended in 2009. The first decade of the 21st century has been referred to as “Michigan’s Lost Decade,” in which Michigan’s economy was ranked at or near the bottom in key economic categories ranging from gross domestic product and wage growth to tax policy and job growth. In fact, Michigan’s economy was the only one to have actual population loss from 2000-10 according to the U.S. Census Bureau. Michigan’s population declined 0.6 percent, losing a net 54,804 people while the United States population increased 9.7 pe

  Rewriting The Narrative On Apartment Demand And Oversupply Rewriting The Narrative On Apartment Demand And Oversupply Source: Globe Street Article   June 13, 2017 |  By Erika Morphy WASHINGTON, DC– We can scrap the talk of the apartment market becoming over-saturated — at least in the long term. A new report has determined that the US will need to build more than 4.6 million new apartment homes across a range of price points by 2030. This is according to research from Hoyt Advisory Services, which was commissioned by the National Multifamily Housing Council and theNational Apartment Association. As for the market becoming over-saturated in the immediate term, we can nix talk about that as well, per the report. It has found that currently nearly 39 million people live in apartments, and the apartment industry is quickly exceeding capacity. In fact we can rewrite the entire narrative that the multifamily sector is in danger of being overbuilt. The research has found that

Investors Pile Into Suburban Rental Housing Source: Wall Street Journal By Keiko Morris  Dec. 26, 2017 7:00 a.m. ET Institutional investors such as pension funds and insurance companies are on the hunt for higher yields in the suburbs. Now that the urban luxury-apartment boom is winding down, some big investors are fanning out to the suburbs. As institutional investors such as pension funds and insurance companies hunt for higher yields, they have been scouring the older and less glamorous suburban rental buildings that ring metropolitan central business districts, real-estate executives and analysts said. Part of the reason: Swelling supplies of new luxury apartments in urban areas are driving rents lower for high-end city apartments. “About two years ago was the inflection point where we began to see the impact of having a lot of new product in the urban areas, and we also began to see the beginning of some softness,” said Jeanette Rice, Americas head of multifamil