The Roaring ‘20s are back: A Decade of Growth will Propel DFW’s Multifamily Market

Even during this time of unprecedented economic turmoil, lenders are showing a willingness to back new multifamily projects—assuming certain circumstances are met. Nowhere is that truer than in the fastest-growing metro over the past decade. The Dallas-Ft. Worth area acquired 1,349,378 new residents between 2010 and 2019, more than any other U.S. metro. Projections suggest that the 2020s will be just as roaring, with an estimated 1.39 million new residents to DFW by the end of 2029. While the multifamily sector has been particularly strong across the country in recent years, the uncertainty created by the pandemic is forcing banks to take a more stringent approach to underwriting. For the moment, they are focusing on projects in high-growth markets like Dallas-Ft. Worth. Admittedly, the 2020s aren’t off to a great start. What seemed like a never-ending development cycle has slowed considerably due to the disruptions caused by the COVID-19 pandemic. Regardless of this uncertainty, nearly all of DFW’s in-progress multifamily projects have moved ahead without interruption and even some new projects are landing financial backing. According to Payton Mayes, executive vice president, regional managing partner – central region at JPI, in addition to location and fundamentals, lenders are also looking to partner with experienced firms. “Most capital wants to deal with tried and true sponsors,” said Mayes. Click to read more at www.rednews.com.