REITs target Memphis, Nashville for multifamily acquisitions

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Multifamily REIT 1Q Acquisitions

Multifamily REIT 1Q Acquisitions – Source: Real Capital Analytics, JLL Research

Real Estate Investment Trusts (REITs) seeking multifamily investments are increasingly setting their sights on Southeast U.S. markets to take advantage of the yield and upside potential Southeast markets provide.

According to exclusive research from JLL and Real Capital Analytics, Dallas and Atlanta continue to lead the way in REIT multifamily acquisitions – with $272.3 million and $200.3 million in acquisition volume, respectively, in the first quarter of 2014. However, REITs have also been targeting Southeast markets such as Memphis and Nashville. Acquisition volume in the first quarter totaled $43.8 million in Memphis and $25.3 million in Nashville.

Many other Southeast cities were among the most active for REIT acquisitions, including Charlotte ($48.2 million), Little Rock ($43.7 million), Greenville ($41.9 million), Raleigh-Durham ($39.9 million), Columbia ($20.3 million), Greensboro ($19.7 million) and Jacksonville ($10.3 million).

REIT acquisitions in the U.S. totaled $1.5 billion in the first quarter, and JLL anticipates that REITs will continue to be a leader in multifamily acquisitions throughout the year, especially considering the $4.3-billion Essex Property Trust-BRE Properties merger that closed in April.

For more exclusive research, visit the JLL Tennessee website and visit JLL Research to explore the “Charts of the Week.”

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