Feedback: March 2023

by John Kobierowski, Jamison Manwaring, Alexis Vance

What are you finding most important in attracting people to multifamily projects, and is this different for different areas of the Valley?

John Kobierowski

President & CEO
ABI Multifamily
Sector: Real Estate

When it comes to attracting multifamily investors, strong rents and high occupancy rates are the top factors. In the Phoenix market, occupancy rates have increased from Q4 2022 to Q1 2023 thus far, due to strong job growth, income growth and population growth. Another reason occupancy is up is because increased interest rates are making it more difficult for people to buy homes. Properties are full and multifamily investors are noticing. 

In general, investors are attracted to real estate because they are investing in a hard asset, which appreciates in an inflationary market. At a recent multifamily conference, I listened to equity investors and lenders saying Phoenix is one of the few cities that has all the factors investors look for. From small mom-and-pop investors looking for an alternative investment to their stock portfolio to large institutional investors, they see Phoenix as a market that delivers on all their investment hurdles. With demand for housing far outpacing supply, multifamily investments should continue to be strong in the Valley. These factors hold true across the Valley.  

John Kobierowski is president and CEO of ABI Multifamily, a multifamily brokerage and advisory services firm with offices in Phoenix, Tucson, Las Vegas and San Diego. He is also the founder of ABI Commercial Capital; co-founder of Neighborhood Ventures, Arizona’s first real estate crowdfunding company; and owner of The Grid.Works, a co-working space located on the ground floor of the ABI Multifamily headquarters in Uptown Phoenix.

Jamison Manwaring 

Co-Founder, Managing Partner & CEO
Neighborhood Ventures
Sector: Real Estate

When we talk to investors about funding our multifamily projects, the most attractive elements to them are the combination of increased housing costs and the rapid growth of the Phoenix metropolitan area. 

Although housing values have started to come down a little year over year, historically speaking, they are still up. In the last five years, the median listing price for a single-family home has increased by about 75%. Throw in the high interest rates and you can start to see how people are being priced out of buying a home. These folks are more inclined to rent because it’s affordable and gives them the flexibility they want, which is great news for multifamily developers. 

Simultaneously, we’re the seeing a surge of growth and economic development sweep the Valley. People are moving here, jobs are being created and wages are strong and increasing. That’s not the case in all areas of the country, but it is here. I wouldn’t say that it differs from city to city; this is true across the Valley.  

Jamison Manwaring is co-founder, managing partner and CEO of Neighborhood Ventures. Before Neighborhood Ventures, he served as vice president of investor relations at LifeLock and assisted the company in its successful sale to Symantec in February 2017. Before LifeLock, Manwaring was a technology analyst at Goldman Sachs, where he participated in more than a dozen software IPOs, including Tableau, and LifeLock. Manwaring graduated from the University of Utah with a B.S. in finance. 

Alexis Vance

Chief Marketing Officer
RPM Living
Sector: Real Estate

The “work from home” wave that spread across the country at the height of the pandemic has definitely cooled off a bit, but to some degree it’s here to stay. More and more prospective residents are looking for office/flex space within their home, as well as clubrooms and co-working space in common areas that can be utilized for their WFH efforts. Prospective residents also continue to push for more technology-driven options, both in their homes and in common areas. Smart locks and thermostats, as well as EV charging stations, are among the most in-demand amenities attracting residents right now.

Prospective residents for high-end multifamily projects continue to value more luxury amenities like state-of-the-art fitness centers, steam rooms, wine lounges with temperature-controlled lockers, and pet spas. However, location continues to be a primary decision-driver for attracting residents to multifamily projects, with walkability and amenities like bike rooms being particularly attractive for urban areas of the Valley.  

With more than 17 years of marketing and industry experience, Alexis Vance plays an integral role in positioning RPM Living as a differentiator with an overall focus on brand equity. She spearheads all marketing, advertising, communications, BI and social media initiatives and possesses a high-level understanding of organizational vision, client relations and strategic enterprise planning due to her skilled background in executive leadership. Prior to joining RPM, Vance led the development and build-out of the industry’s first ever in-house marketing agency at Alliance Residential and helped grow the organization into a NMHC Top 5 management company. 

Speak Your Mind

In Business Dailies

Sign up for a complimentary year of In Business Dailies with a bonus Digital Subscription of In Business Magazine delivered to your inbox each month!

  • Get the day’s Top Stories
  • Relevant In-depth Articles
  • Daily Offers
  • Coming Events