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South Florida showed solid signs of recovery in 2021, steadily rebounding from the pandemic.
Contributing to the metro’s appeal is its low corporate income tax environment, and hedge fund Elliott Management is among the latest to announce the relocation of its headquarters to West Palm Beach from Midtown Manhattan.
During the first half of 2021, investors traded more than $2.6 billion in multifamily assets in metro Miami, which is almost three times the $877 million volume recorded during the same period in 2020 and already above the $2.5 billion total for last year.
Fort Lauderdale accounted for nearly half of the sales ($1.1 billion), followed by Miami ($815 million) and West Palm Beach-Boca Raton ($797 million). The price per unit rose 24.4 percent year-over-year to $243,968, well above the $172,960 national average.
By June 2021, Harbor International Group was one of the most active buyers in the metro, expanding its portfolio by eight new additions for a combined value of $215 million.
Written and published at Multi Housing News
