Multifamily report: 20,000 units headed to three counties in the region

Demand will continue to supercharge the multifamily market, especially in Lee and Collier counties, says one industry analyst.

By Mark Gordon
| 4:40 p.m. November 27, 2022
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Aria Landings in Fort Myers was sold for $49 million in the third quarter. (Courtesy photo)

Charlotte–Lee–Collier

A tug of war is playing out in the Southwest Florida multifamily market.

On one side is the harsh reality of Hurricane Ian and rising interest rates. Both, according to a new report from California-based commercial real estate services firm Lee & Associates, have led to multiple deals either being delayed or outright failing over the past three months. “Overall transaction volume for multifamily has decreased over 60% from (the) prior quarter,” the Lee & Associates report found, “as cap rates adjust to the new leverage environment.”