Commercial real estate: Walker & Dunlop’s record-breaking finish | Jax Daily Record | Jacksonville Daily Record
With 2020 sales of around $ 1.75 billion, the Walker & Dunlop multi-family team of Brian Moulder, Dhaval Patel and Bobby Gatling made an uncertain year one of their best yet.
The three posted record sales in the first and fourth quarters, driven by low interest rates, the economic development in Jacksonville, and the influx of new residents into the area.
The team completed 14 sales between Thanksgiving and late 2020, Moulder said. The second and third quarters were slower, he said.
“If you’d asked me in April if we were going to have the best fourth quarter we’ve ever had in our career, I would have thought you’d be crazy,” Moulder said.
They sold five of the top ten commercial real estate sales of 2020. These included the sale of ARIUM Deerwood homes for $ 96.85 million, Citigate homes for $ 90 million, and JTB homes $ 83.25 million.
ARIUM Deerwood was the largest multi-family sale of the year. The price of the JTB Apartments of $ 237,857 per unit was the highest in Jacksonville history.
As the retail and office markets in Jacksonville weaken, the development of apartment buildings increases.
Dhaval Patel, Brian Moulder and Bobby Gatling of Walker & Dunlop outside JTB Apartments on AC Skinner Parkway, which they sold for $ 83.25 million.
Patel said the higher paying jobs in Jacksonville, such as those in financial technology, healthcare, and advanced manufacturing, are helping to drive up rental rates, adding to the value of apartment buildings.
Many of the employees with higher paying jobs want to live in an apartment.
“They want the convenience, the flexibility,” said Patel.
“That was the fundamental change that has really fueled the housing sector over the past five to ten years. They want to do the bare bones (maintenance) but have the quality of life and lifestyle. “
Potential multi-family investors are aware of the Jacksonville conditions. Often times they choose Orlando and Tampa. Jacksonville has always had the same demand drivers as Orlando and Tampa, but investors are starting to see this, Moulder said.
“Once (buyers) do the research, (Jacksonville) is just a snap,” said Patel. “It’s all about finding the right offer for you that meets the acquisition criteria.”
For the Walker & Dunlop team, keeping customers informed about the surrounding market and being in constant communication with them were key to their success in 2020.
The three left CBRE and opened Walker & Dunlop’s Investment Sales Office in Jacksonville in 2015.
The Jacksonville quality of life is attracting new residents and investors to the area, Gatling said.
Those from the Northeast are finding that Jacksonville can have more space for less and a higher quality of life.
“I don’t think we’ve had any more inquiries or appetites for Jacksonville in our Jacksonville career,” Moulder said.
“You want to be in an apartment building in the state of Florida. I’ve never seen Jacksonville this hot. And if jobs continue – there’s no reason why they shouldn’t – and interest rates stay low, we should probably be in the same position as a future top trend. “