Stream Realty Launches National M-F Platform
- May 08, 2014
Expansion into the multi-family sector has been part of Stream Realty Partners L.P.’s plan for some time, and now that vision has come to fruition with the introduction of the real estate services firm’s national multi-family platform.
“When we find the right people, we make a move,” Mike McVean, co-founder of Stream Realty, told Commercial Property Executive. “All of our clients had been asking for our services in multi-family, but we didn’t offer them. We had been searching for the right opportunity for a long time and we finally found the match with Jeff [Patterson] and his team.”
Stream Realty snapped up Patterson, a former principal at Apartment Realty Advisors, to govern the new multi-family business from the firm’s office in Orange County, Calif., as a senior vice president.
“The entrepreneurial nature and the culture at Stream Realty is so important and so unique–it’s what drew me and my team to them,” Patterson told CPE.
The firm’s new multi-family enterprise, which will initially be rolled out in Southern California and Austin, will provide clients with a wide range of offerings, including acquisition, disposition, construction management and asset management services. But it’s the investment sales portion of its offerings that the firm expects will comprise the majority–an anticipated 75 percent–of the platform’s business. In the office, industrial and retail sectors, Stream Realty’s activities are predominantly in the leasing and property management arena.
However, whether it’s managing a development or orchestrating a property trade or providing any other relevant real estate service, Stream Realty will have no lack of work. The multi-family sector is firing on all cylinders. Nationally, the average apartment market occupancy level has hovered around the 95 percent mark for 11 consecutive quarters, according to a first quarter 2014 report by MPF Research, and annual rent growth levels have continued to hold at approximately 3 percent for the last seven quarters.
Stream Realty sees no end in sight. People remain cautious about homeownership following the housing crisis and increasing job opportunities are spurring demand and for many. And then there’s the fact that, for many, apartment living has simply become a preference.
“We feel like this will be a strong and stable market for at least 10 years because the desire to live in an urban community isn’t a fad, but a result of an evolving American culture,” Patterson added. “Based on the growth we’re seeing within multi-family development firms, we are confident there will be strong demand for the product for a number of years.”