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2021 Q1 Multifamily Market Report

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As we roll into 2021, we look at a year in review of a tumultuous, bifurcated 2020. The Grand Rapids market has largely been known as a low beta market compared to the multifamily market in the US, and it continued to prove such in 2020. The Grand Rapids market was the 12th strongest market for rent growth, with a YoY increase of 4.76%, and a 5 year average of 4.32%. Nationally, rent growth fell -0.8% in 2020, however, there was a large variation between metros as high-gateway markets like San Francisco (-9.4%) struggled the most while the Midwest, Sunbelt, Southwest, and Mid-Atlantic regions saw modest growth. The pandemic accelerated the trend of Millennials beginning to settle down and buy houses in suburban markets as well as accelerating the work-from-home trend that many have come to know and love & vice versa. Close to 10 months into the largest global pandemic and economic disruption, the economy reflects much of the same story as the rental market - the economy is bifurcated. Weekly jobless claims remain elevated as new unemployment claims have topped the 2009 peak every week since March while on the other hand, the equity markets are continuing to reach all time highs. 

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2021 Q1 Multifamily Market Report

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Matt Jones

Associate Vice President

Grand Rapids

As Associate Vice President with Colliers International,  my primary focus is assisting clients in the acquisition and disposition of multifamily properties throughout the Midwest with an emphasis on West Michigan. 

My specialty lies in helping our clients maximize sale proceeds during the transaction process, but my team prides ourselves on our ability to deliver data driven market knowledge and trends to our clients throughout the life cycle of a property. As a property investor myself, I am able to view each assignment through multiple lenses to achieve the best results for my clients. My client list includes small and large developers, private equity funds, family trusts, and international investors. I have sold numerous properties to first time international buyers and maintain a network of contacts that extends far beyond the Midwest.

My entire professional life has been focused on multifamily investment properties and  I pride myself on delivering a hands-on, personal approach that has developed long-lasting business relationships with my clients. My team is focused on understanding our clients, their company, their long-term objectives, and being a true solutions-based adviser on their side of the table.

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Ryan Pena

Associate

Grand Rapids

Ryan  joined Colliers' Michigan Multifamily Team in 2019 to grow the Colliers' Multifamily footprint in Michigan. Ryan is responsible for originating, underwriting,  structuring, and executing multifamily investment sales and capital market transactions throughout the Midwest, with a focus on Michigan. In his first full year, Ryan was the highest grossing rookie in Colliers' Grand Rapids office. 

Prior to Colliers, Ryan interned with Advanced Real Estate Services in Irvine, CA. While there, Ryan assisted in identifying, analyzing, and executing new acquisition opportunities, growing investor relationships, and implementing operational efficiciences to grow the ARES apartment portfolio to over 8,500 units and $2.5 Billion across Southern California. 

 

 

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