Real Estate Journal

It’s interesting how the apartments that were built in 60s to 70s, are classified as vintage apartment properties. they continue to draw the interest of investors around the state. But experts warn that the success in this niche in truth depends on finding a good deal–the right price in the right price.

A large part of the recent multifamily investment activity n Jacksonville has been in the line of working with vintage units, as mentioned by Carol Ishii, research assistant for commercial real estate services firm Colliers Dickinson.

Ishil said, “of the 81 apartment communities sold from January 2005 to the present, 59 were built between 1960 and 1979″.

“For older apartment properties 18,000 and larger sold between 2003 and 2007, the peak year was 2004 with 33 transactions”, said Randy McNeil, director of retail and multifamily investment sales for Colliers Dickinson. “Deal volume has declined ever since, but 2007 activity could match last year�s total of 19 as an exit by converters returns the investment market to normal”, he said.

“There’s always a demand for investment property when it is priced right,” McNeil said. “The activity has slowed down because of the disparity between seller expectations and the buyer�s requirements.”