Strong demographic trends and low interest rates are creating the best environment to invest in multifamily housing in 100 years, McKinley Properties CEO Albert M. Berriz said at a Tuesday luncheon.
“Check the math. Check the psychology. This is the most robust time to invest in the history of the country,” he said.
Ann Arbor, Mich.-based McKinley owns more then 30,000 apartment units in 14 states. About 40 percent of its assets are located in Florida’s Interstate 4 corridor, including seven communities in Pinellas County and 23 properties in Hillsborough County.
Berriz said the company is close to closing deals on several other properties in Tampa Bay by the end of the year.
Apartment development and attractive investment returns in the I-4 corridor will continue to be fueled by population growth and job growth. “It’s 132 miles of solid opportunity,” Berriz said.
Area rents will double by 2020, he predicted during the Commercial Real Estate Women Tampa Bay Deal Maker’s luncheon at the Embassy Suites in Tampa.
Berriz said many young people view homeownership as an anchor. He downplayed aspirations for transit-oriented development.
“You are not Washington, D.C.,” he said. “You guys are car wired, not train wired.”
Waterloo Real Estate 
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