Global Real Estate Advisors, or GREA LLC makes waves in Austin area’s hot multifamily market

A photo illustration of Austin, TX (iStock)

Multifamily housing is hot in Texas — and across the US — and New York-based Global Real Estate Advisors is pursuing opportunities to buy, sell and finance new office deals.

The company was created as a national platform bringing together various local or regional brokers. After doing business in the Texas cities of Alice, Corpus Christi, Edinburgh, El Paso, Harlingen and McAllen, GREA announced the opening of 11 offices nationwide, including three in Texas — Austin, Houston and Dallas — and eight domestic cities including in Miami, New York and Chicago.

Joe James, one of GREA’s founding partners, is currently leading a team of five who are working remotely as there is no plan for a physical office in central Texas. The firm has recruited agents from commercial giants such as Brown Realty Advisors, Greystone SF, HFO Investment Real Estate, National Apartment Advisors and Rittenhouse Realty Advisors. According to a GREA press release, these brokerage deals accounted for more than $4.5 billion in combined sales in 2021.

“This is a market where we’re constantly seeing new buyers looking to enter,” James told the Austin Business Journal.

According to the Texas A&M University Real Estate Center, Austin has the lowest housing ceilings of any metro area in Texas, including Dallas-Fort Worth and Houston. Low capitalization rates — short for capitalization rates — represent lower risks and rewards but higher expected net income, making Central Texas arguably the strongest multifamily market in the state.

“Transaction levels, rents, all the metrics that are going into the multifamily market have stayed really strong during the pandemic. Personally, I don’t see any slowdown at all,” James said.

James’ previous company was Dallas-based Greystone Sales Group LLC, which had 2020 sales of $726 million.

[Austin Business Journal] – Madeleine Sperling

Contact Madeline Sperling