Firm completed several upgrades in six-year ownership of garden-style community.
ReadInvestors Prefer Multifamily Purchases in Recovering Market
Investors are shifting their purchases to multifamily properties and away from single-family homes, according to a California Association Of Realtors (CAR) survey.
The 2015 CAR Investor Survey found 21% of investors purchased multifamily properties in the past year, up from 19% in 2014 and 14% in 2013.
Additional findings from CAR’s “2015 Investor Survey”:
- Investors held properties for an average of 6.1 years in 2015, down from 8 years in 2014 and 7.9 years in 2013.
- Investors owned fewer properties on average (6.4) in 2015, down from 8.3 in 2014 and 6.5 in 2013.
- 70% of investors believed their property would increase in value in one year, and 75% said the property would increase in value in five years.
- Investors expect their properties to appreciate an average of 27% during their ownership period.
- Investors intend to charge a median monthly rent of $1,850 and plan to increase that by $50 (2.7%) next year.