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Jen Cookke. Vaughn, Wade(Wade M.) Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development Massachusetts Institute of Technology. Center for Real Estate 2020-01-23T16:58:58Z 2020-01-23T16:58:58Z 2019 2019 https://hdl.handle.net/1721.1/123595 1135863384 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). 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). by Wade Vaughn. S.M. in Real Estate Development S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate 114 pages eng Massachusetts Institute of Technology MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission. http://dspace.mit.edu/handle/1721.1/7582 Center for Real Estate. Program in Real Estate Development. Overlooked opportunities : small Class B multifamily in secondary sun belt markets Small Class B multifamily in secondary sun belt markets Thesis application/pdf 2020-03-09T19:58:53Z Publication unknown unknown <Publication xmlns="https://www.openaire.eu/cerif-profile/1.1/" id="684418c6-55d1-4df5-bc32-9783c4ed7766"> <Type xmlns="https://www.openaire.eu/cerif-profile/vocab/COAR_Publication_Types">http://purl.org/coar/resource_type/c_1843</Type> <Language>eng</Language> <Title>Overlooked opportunities : small Class B multifamily in secondary sun belt markets</Title> <Subtitle>Small Class B multifamily in secondary sun belt markets</Subtitle> <PublishedIn> <Publication> </Publication> </PublishedIn> <PublicationDate>2019</PublicationDate> <Authors> <Author> <DisplayName>Vaughn, Wade(Wade M.)</DisplayName> <Affiliation> <OrgUnit> </OrgUnit> </Affiliation> </Author> </Authors> <Editors> </Editors> <Publishers> <Publisher> <DisplayName>Massachusetts Institute of Technology</DisplayName> <OrgUnit /> </Publisher> </Publishers> <License>http://dspace.mit.edu/handle/1721.1/7582</License> <Keyword>Center for Real Estate. Program in Real Estate Development.</Keyword> <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).</Abstract> <Access xmlns="http://purl.org/coar/access_right" > </Access> </Publication>