Overlooked opportunities : small Class B multifamily in secondary sun belt markets
Name
1135863384-MIT.pdf
Size
77.6 MB
Format
Adobe PDF
Checksum (MD5)
31dba91c5c56a6d0fade82df0035fd21
Author(s)
Vaughn, Wade(Wade M.)
Advisor(s)
Jen Cookke.
Alternative Title
Small Class B multifamily in secondary sun belt markets
Date Issued
2019
Publisher
Massachusetts Institute of Technology
Abstract
This thesis examines an underappreciated asset class -- small Class B multifamily in secondary Sun Belt markets -- to see if it is a suitable entry point for junior real estate investors and developers. Due to the small size and low price points of these properties, as well as their location outside of gateway markets, these assets tend to escape the attention of highly-sophisticated capital. This lack of attention creates market inefficiencies with strong upside potential for-junior real estate investors and developers at reasonable entry-point prices. This thesis examines the economics of small Class B and C multifamily assets; the resiliency of these assets in an economic recession; and the optionality inherent to Class B and C multifamily as it pertains to various holding and exit strategies. This thesis also explores the trends driving growth in secondary Sun Belt markets, and why these markets are attractive to junior real estate investors and developers. Incorporated within this thesis are case studies of a secondary Sun Belt market (Tampa Bay, Florida) and a small, Class B multifamily asset (the Caprice).
Description
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 52-54).
Subjects
Center for Real Estate. Program in Real Estate Development.
MIT Department
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development
Massachusetts Institute of Technology. Center for Real Estate
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