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8/17/20
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Newmark Knight Frank has expanded its Southern California multifamily investment sales platform, allowing clients to leverage multidisciplinary experts across commercial, industrial, retail, and now multifamily practices in building and managing their portfolios.
L - R: Kevin Shannon, Sean Fulp, Anthony Muhlstein, Mitch Clarfield, Ken White, David Milestone, Chris Benton and Blake Okland |
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Under the strategic direction of Blake Okland, National Head of Multifamily Investment Sales the newly formed group will be led by Kevin Shannon, Co-Head of U.S. Capital Markets, and Sean Fulp, Private Capital Group lead. The team is anchored by multifamily specialists Chris Benton, who was recently recruited back to the firm, Anthony Muhlstein and Ken White who has extensive multifamily development experience. NKF Debt and Structured Finance services will be provided to the team by Vice Chairman David Milestone, who will also leverage the strength of NKF’s multi-disciplinary platform by working closely with Capital Market’s Vice Chairman Mitch Clarfield.
Multifamily has consistently been a top asset class in Southern California. Between 2016 and 2019, total multifamily sales averaged 539 transactions totaling $12.2 bil per year, which accounted for 29% of all transactions and 30% of the total volume when including office, industrial, retail, multifamily and hospitality sales, according to NKF Research. At the end of 1Q20, the homeownership rate in the Los Angeles metropolitan area was 48.8%–the lowest percentage of the 75 largest metro areas, making LA favorable for rental housing demand.
In 2019, NKF’s U.S. multifamily investment team completed total sales in excess of $22.4 bil, ranking the firm as the second largest global multifamily investment sales team in the country, as ranked by Real Estate Alert.
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