Barry Sternlicht, whose $5.4 billion deal to buy a largely suburban multifamily portfolio from Equity Residential was greeted with some skepticism when it was first announced in October, may end up having the last laugh. JLL reports that an increasing number of renters are being lured to the suburbs, thanks to new construction that offers relief from the high rents of core urban high-rises. Investors are taking another look at suburban properties as a way to diversify their portfolios, if not quite on the same scale as Sternlicht’s Starwood Capital Group.
Take Florida as an example. The Sunshine State offers “a prime case for suburban multifamily upside potential,” said Jubeen Vaghefi, international director for JLL in Miami. “Jobs are back and rents are rising quickly in tier one markets like Miami and Fort Lauderdale.
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