We stopped in Denver next on the 2019 Figure 9 Real Estate Multi-Family. Originally, we were planning to stop in Colorado Springs, but we could not find any interesting Value-Add Multi-Family investment opportunities, so we decided to look at Denver.
Here is a summary of what we found:
Below are a few of the key market indicators:
- Rent Growth: 3.6%
- Vacancy: 6.9%
- Jobs: 1.7%
- Population Growth: 1.4%
Here are some of the PROs and CONs from our impressions:
- PRO: Solid rent growth
- PRO: Lots of overall growth in the area
- CON: Tons of development
- CON: Hard to find value add deals
- CON: Challenge for value add to compete with new inventory
Denver is a cool place, can definitely see the draw to the area. We did not find sufficient Value-Add Multi-Family opportunities on this trip.
We are gong to pass.