![]() After lackluster construction numbers in April, multifamily building rebounded in May and posted a strong 15 percent increase. Much of the construction activity came from eight multifamily projects with values of at least $100 million in large cities across the United States, including major projects that broke ground in New York City; Jersey City, New Jersey; and Chicago in May. The multifamily projects in these cities represent almost $1.5 billion in investment in apartment towers and a mixed-use high-rise. Five major projects broke ground in April. New York continues to lead the United States in terms of new construction of multifamily projects. The other top-five metropolitan areas are Miami, Chicago, Boston, and Los Angeles. Rounding out the top 10 for new multifamily construction are San Francisco; Washington, DC; Denver; Atlanta; and Dallas-Fort Worth. In fact, eight of these ten urban regions have posted double-digit increases in construction in the past year.
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AuthorAn experienced real estate investor and co-founder of 37th Parallel Properties in Richmond, Virginia, Chad Doty has established himself as a leader in commercial multifamily real estate. Archives
January 2017
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