Which acquisition tactics will serve you best?
MHN interviews Rex Hakimian, executive director, acquisition & finance, The Hakimian Organization, about mixed-use development in New York, the decision to hire internationally recognized interior design firm Rockwell Group and much more.
The site acquisition stakes for multifamily developers are higher than ever as infill and other locations become more scarce, and the cost of land continues to rise. Developers must be strategic in selecting which sites they will go after, competing against rivals and overcoming obstacles such as zoning and environmental issues. You can quantify what the remediation cost will be to a project, but less obvious are instances involving sites with histories of owners or tenants “doing something they weren’t supposed to do,” Gerry Davis, principal, Alchemy Properties, Inc., tells MHN. “That turns up in due diligence and makes my palms sweat.” Don’t miss MHN Contributing Editor Jeffrey Steele’s Development & Design feature (“Site Acquisition Tactics,” page 30) for insights gleaned from top apartment developers. Strategies differ, but one thing’s for sure: to acquire the plum sites, developers must beat their competition to the punch.
Diana Mosher, Editorial Director