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The Greater Salt Lake Area Multifamily Market

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The Greater Salt Lake Area Multifamily Market THE GREATER SALT LAKE AREA MULTIFAMILY MARKET THE MOST COMPREHENSIVE MULTIFAMILY REPORT 2018 REVIEW / 2019 OUTLOOK PREFACE TABLE OF CBRE is pleased to release the 2019 Greater Salt Lake Area Multifamily Market Report, the most current and comprehensive multifamily data available for the Salt Lake Area/Wasatch Front market. Produced by Patrick Bodnar and Eli Mills of CBRE, this report CONTENTS has been assembled to empower the decision making of multifamily professionals interested in the Utah market. This report has been prepared with current data sourced from a survey of over half the multifamily market (60,000+ units) along the Wasatch Front Area inclusive of Salt Lake, Utah, Davis and Weber Counties. Minimum reporting requirements were identified for each city and county by class, type and size. Data contributions and validations to this publication were made by: • CBRE Research • Utah Department of Economics • CBRE Econometric Advisors • University of Utah Bureau of Economics and Business Research • Yardi Matrix • Equimark Properties (2014 Historical Data) • Axiometrics • Construction Monitor • Western States Multifamily • CoStar Whatever your multifamily needs may be, please reach out to us. CBRE has the most comprehensive data on the market and can provide information on a macro or micro level based on class, city, submarket, zip code, location, age, size, proximity to rail stops, and many other variations. CBRE consistently leads the market, with multifamily investment sales totaling over $29.5 billion in 2018 (Source: Real Capital Analytics). As the leader in multifamily sales every year since 2001, the exposure of CBRE is second-to-none. With 65 locations and over 300 multifamily professionals, including direct lending services, CBRE’s unparalleled multifamily platform has a competitive presence in Utah and an enhanced investment reach into the multifamily space, providing our clients with the greatest market exposure available. We welcome your inquiries into the Utah multifamily market and encourage you to contact us with any questions. Patrick Bodnar Eli Mills Senior Associate Senior Vice President For a market analysis on your property or Apartment communities are raising the more information contact: bar by providing a more diverse set of amenities including trash valet service, Patrick Bodnar Eli Mills rooftop pools, car-charging stations, yoga Senior Associate Senior Vice President studios, parcel pick-up lockers, and pet +1 801 869 8053 +1 801 869 8029 amenities. This sports bar lounge includes pool, shuffleboard and a golf simulator. [email protected] [email protected] 2019 GREATER SALT LAKE AREA MULTIFAMILY REPORT EXECUTIVE SUMMARY TRANSACTION VOLUME & CAP RATES Multifamily investment product continues to outperform all other 2018 had an incredible finish in multifamily sales volume at approximately HEADLINES TO KNOW NOTABLE SALES TRANSACTIONS commercial investments in total sales volume, rent growth and new $1.437 billion in total sales. This marks two years in a row well above $1 development. 2018 year-end statistics posted the highest apartment billion in sales volume. Salt Lake multifamily has matured well out of a LARGEST SALE HIGHEST PRICE/UNIT GREATEST # OF UNITS sales volume in the history of Utah; a total of $1.437 billion in apartment transactions occurred, crushing 2017’s previous record-setting year RENT privately traded market, sending a message of scalability to institutional, by 38%. Strong rent growth of 5.9% is being fueled by continued job private equity and high net worth family offices across the nation. Of all growth showing a consistent average of 3.3%; there were 48,500 jobs $1,122/MO. 5.9% YOY the sales in the marketplace, 20 were of institutional quality with a total added in 2018. A total of 7,467 units delivered in 2018, of which 76% of 5,504 units sold at an average project size of 290 units. There were 8 have been absorbed. Supply has barely been keeping up with demand. VACANCY SALES trades greater than $50M. Average unit pricing for individual classes is as Multifamily has a commanding presence in the market. Investment firms follows: Class A, $223,579; Class B, $171,771; and Class C, $131,917. $1.437 BILLION FAIRSTONE AT RIVERVIEW ALTA GATEWAY FAIRSTONE AT RIVERVIEW from across the nation and several international markets were active 4.0% RECORD VOLUME AND ALPINE MEADOWS AND ALPINE MEADOWS bidders in Salt Lake in 2018. A leading institutional firm, Invesco, Cap rates compressed largely due to the incredible amount of liquidity NO CHANGE in the marketplace looking for yield. The Salt Lake market rises straight Taylorsville & Sandy, Utah Salt Lake City, Utah Taylorsville & Sandy, Utah purchased their second asset in Salt Lake City in 2018. The robust YEAR-OVER-YEAR growth story demonstrated in the greater Salt Lake area is fueling investor to the top for achieving better yield than competing western markets, 714 Units 277 Units 714 Units interest searching for yield in untapped, secondary markets. In addition but more importantly, significant future rent growth is still available in to the economic indicators, the transportation infrastructure—including PIPELINE Utah. Comparatively, the Salt Lake market rents average $1.27/SF while high speed commuter rail, light rail and the rebuild of the Salt Lake CAP RATES - YEAR END 2018 comparable markets, such as Denver and Portland are $1.74/SF and International Airport (a $3.6 billion investment)—have also been an 7,467 UNITS 10,281 UNITS important identifier of future growth for active investors. It is an excellent 2018 DELIVERIES UNDER CONSTRUCTION $1.61/SF, respectively. As the market continues to mature, renters will time to be engaged in the greater Salt Lake area multifamily market. recognize they have more expendable dollars to pay toward the cost of CLASS A CLASS B CLASS C living, which will continue to drive rent growth in the Salt Lake market. There is plenty of headroom for rent growth. 4.88% 5.29% 5.7% MARKET TRENDS LOOKING FORWARD ( ) SALES CAP RATES WESTERN MARKETS – CAP RATES & PRICING PER UNIT MULTIFAMILY SALES VOLUME* $, MILLIONS 6.5% $450,000 $1,600 VALUE-ADD CAP RATE PRICE/UNIT 6.0% $1,500 $1,437 & CORE+ RATES TO $400,000 HEALTHY INCREASED 5.4% $1,400 ASSETS REMAIN STABLE 5.5% 5.32% 5.2% 5.2% 5.3% ABSORPTION INSTITUTIONAL $1,300 5.0% 4.7% $350,000 INTEREST $1,200 4.5% 4.3% $1,100 PIPELINE $300,000 $1,038 6,244 UNITS 4.0% $1,000 $250,000 $900 2019 EXPECTED 3.5% $301,273 VALUE-ADD NEW HIGH RISE $800 $703 DELIVERIES 3.0% OPPORTUNITIES RESIDENTIAL $200,000 $700 $644 2.5% $239,042 $600 $230,983 $150,000 $464 RENT VACANCY 2.0% $202,640 $500 $400 1.5% $100,000 $285 $154,126 $150,674 $300 GROWTH SOME 1.0% TO SLOW INCREASE $122,713 $50,000 $200 0.5% $100 0.0% $0 $0 SALT LAKE CITY PHOENIX LAS VEGAS PORTLAND DENVER SEATTLE LOS ANGELES 2013 2014 2015 2016 2017 2018 Source: CBRE, Inc., Real Capital Analytics. Source: CBRE, Inc., Real Capital Analytics. *Based on properties 50 units and above. © 2019 CBRE, Inc. 4 © 2019 CBRE, Inc. 5 2019 GREATER SALT LAKE AREA MULTIFAMILY REPORT GREATER SALT LAKE AREA SUPPLY VS. DEMAND AND ABSORPTION The Greater Salt Lake Area, also known as the Wasatch Front, consists Development of multifamily product has continued at a consistent pace. UTAH ACCOLADES NOTABLE NEW DEVELOPMENTS of four counties—Salt Lake, Utah, Davis and Weber. Ogden City is A favorable financing market and aggressive equity investors desiring to located 45 minutes to the north of Salt Lake City, while Provo is located be a part of the incredible growth story in Utah has developers feverishly THE LARGEST SALE HIGHESTTHE LARGEST PRICE/UNIT SALE GREATEST # OF UNITS 45 minutes to the south of Salt Lake City. Approximately 2.4 million ECONOMY competing for sites up and down the Greater Salt Lake Area. Salt Lake County has 7,373 units of the 10,281 units currently under construction. people (80% of Utah’s population) live within this four-county area. NUMBER 2 Approximately 7,467 units were delivered in 2018. By year end, 76% NUMBER 1 STATE FOR STATE FOR of these units were leased. Although new product continues to come on THE WASATCH FRONT ECONOMIC OUTLOOK BUSINESS (ALEC) (FORBES) line and average project absorption has backed off from 19 units per month to 15, a healthy development climate still exists. Population growth in 2018 totaled 52,664. 2019 is projected to realize HARDWARE VILLAGE THE RITZ CLASSIC MILAGRO 3.05 a net population growth of 67,649, a 2.1% increase. These new move- Salt Lake City, Utah Salt Lake City, Utah Salt Lake City, Utah MILLION NEW ins are coming primarily for employment opportunities and a better PEOPLE AIRPORT NUMBER 1 quality of life. Coupled with the large number of college graduates each 453 Units 287 Units 183 Units U.S. CENSUS $3.6 BILLION STATE FOR FUTURE year of approximately 39,000, housing demands will continue to grow. 30.6 Notably, several out of state developers are actively pursuing sites. They PUBLIC LIVABILITY CONSTRUCTION SUMMARY LOWEST TRANSIT GALLUP WELLBEING are looking forward to competing in a growth market largely untapped MEDIAN REACHES by outside developers. Demand for development is mostly in the COUNTY COMPLETED 2013 - 2018 UNDER CONSTRUCTION POTENTIAL STARTS Salt Lake 17,351 7,373 8,714 AGE IN 6TH LOWEST downtown area, along the light rail transportation lines and the Sugar NATION 75% House Town Center neighborhood. New unit deliveries for 2019 are Utah 5,773 1,938 4,577 NATIONAL OF THE CRIME RATE Davis 2,599 325 1,236 MEDIAN: 37.1 estimated to be lower than 2018, providing a healthy course correction DEMOGRAPHICS FRAMEWORK POPULATION LIFESTYLE IN AMERICA and strengthening absorption.
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