Network,Find Opportunities,Find Funding, Promote Events and Services
Dear Friends & Associates,
The 1st quarter of 2013 was another strong period for L5 Real Estate Investments. Our current multifamily portfolio continues to outperform initial performance projections. We are currently in contract to sell two properties in Odessa, TX (80 & 220 units) and in the process of acquiring another two property portfolio in Tyler, TX (120 & 180 units) that is expected to close in June.
The US economy continues to restore jobs to the labor market albeit many economists anticipate slow growth in 2013. Effective rent growth stabilized at 3.22% and the US occupancy rate increased to 94.4% in March. Multifamily investments and apartment fundamentals remain solid - 16 of the top 88 metro areas reported annual effective rent growth greater than 5.0% (best – Oakland 7.6%, worst – Las Vegas 0.9%). However, despite this positive news we continue to closely monitor supply risk as some markets (i.e. Washington DC) are exceeding historical construction permit averages with builders feverishly capitalizing on strong rental rates and favorable demographics.
Below are some interesting links to articles on the current multi-family state of affairs:
Multifamily Housing Growth Poised to Continue in 2013 (US News & World Report - 02/13/13)
Apartment Industry, Residents Contributed $1.1 Trillion to the Economy (National Real Estate Investor 04/03/13)
Best-Performing Cities 2012 (Milken Institute)
L5 Investments continues to provide best in class wealth and asset management via well located, yield driven assets where improved operations and physical improvements maximize earnings and build wealth.
As always, please do not hesitate to contact me should you have interest in learning more about the multifamily industry.
L5 Real Estate Investments
Apartment Acquisition & Asset Management with High-Yield Performance
1926 S. Pacific Coast Highway, Suite 231, Redondo Beach, CA 90277
p: (310) 991-3091
f: (310) 237-5520
L5 supports Mychal’s Learning Place at: www.Mychals.org
Please reply: REMOVE from list in the subject line if you wish to be removed from this confidential distribution list.