Brokerage Branches Out To MetroWest
Courtesy
Ed Jordan
White Plains, N.Y.-based real estate brokerage Northeast Private Client Group has opened an office in Framingham to serve what managing director Ed Jordan calls a burgeoning multifamily property investment market.
Its new office at 945 Concord St. – just off the Mass Pike – has been open since September, and now has three staff members on board, including regional manager Colin Moynihan. Jordan said he will also spend time there to get more familiar with local clients.
Promising Region
Northeast, which has been specializing in income-producing properties since its founding in 2010, has branches in New York, Connecticut and Massachusetts. But the firm was missing a presence in MetroWest, Jordan said.
Recent area listings for Northeast include multi-unit apartment properties in Leominster and Pepperell and an 18-unit, mixed-use property in Clinton.
The firm has been doing business for about three years in Massachusetts — specifically in the Springfield market. But Jordan thinks the Framingham region holds great promise.
"After the recession, there's been a tremendous appetite for apartment buildings," said Jordan, and investors looking for a higher yield. "MetroWest held up well in terms of property values and rents."
For real estate investors, the recession brought a sort-of "perfect storm" of opportunity in multifamily real estate, Jordan said.
The recession resulted in fewer people qualifying for mortgages and more families renting. And they are renting for longer periods of time. At the same time, a fair amount of credit has become available for apartment building acquisitions, he added.
And what a difference a year makes.
Jordan said following a "terrible" 2010, apartment building sales for his brokerage were up 250 percent in 2012 compared to 2011.
"That's when the market firmed up for the multifamily sector" he said.
Niche Market
Jordan said Northeast is looking to fill what he sees as a gap in brokerage services somewhere between larger buyers and smaller buyers.
"Investors never really had brokerage service for [buildings with] less than 100 units," he said, adding that gap that smaller brokers make up the majority of the multifamily property market. "They never had the access larger players do."
Correction: The original version of this story gave an incorrect name for Northeast Private Client Group.
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