Newmark announced the expansion of its Southern California multifamily investment sales platform, allowing clients to leverage multidisciplinary experts across commercial, industrial, retail, and now multifamily practices in building and managing their portfolios. Under the strategic direction of Blake Okland, National Head of Multifamily Investment Sales the newly formed group will be led by Kevin Shannon, Co-Head of U.S. Capital Markets, and Sean Fulp, Private Capital Group lead. The team is anchored by multifamily specialists Chris Benton, who was recently recruited back to the firm, Anthony Muhlstein and Ken White who has extensive multifamily development experience. Newmark Debt and Structured Finance services will be provided to the team by Vice Chairman David Milestone, who will also leverage the strength of Newmark’s multi-disciplinary platform by working closely with Capital Market’s Vice Chairman Mitch Clarfield.
“We believe we have all the right ingredients to succeed in a post-COVID-19 environment. Kevin, Sean and Ken have experience building effective teams across all commercial product types and geographies. Chris and Anthony bring more than 20 years of Southern California multifamily brokerage experience. By bringing this team together, our clients are poised to have access to the most competitive opportunities in the market and across every segment,” says Okland.
“Adding multifamily further enhances our approach to the business, perfectly suited to the platform, culture, people and relationships we have with most of the private and institutional capital in the space,” added Shannon. “Our clients have much more to gain working with a collaborative team that views capital markets holistically.”
Multifamily has consistently been a top asset class in Southern California. Between 2016 and 2019, total multifamily sales averaged 539 transactions totaling $12.2 billion per year, which accounted for 29 percent of all transactions and 30 percent of the total volume when including office, industrial, retail, multifamily and hospitality sales, according to Newmark Research. At the end of 1Q20, the homeownership rate in the Los Angeles metropolitan area was 48.8 percent–the lowest percentage of the 75 largest metro areas, making LA favorable for rental housing demand.
“This move allows Newmark the ability to advise clients when selling an office or industrial building and exchanging into multifamily, or vice versa,” mentioned Fulp. “Adding multifamily will round out our coverage and help us stand out from all other competitors, as being nimble in this economy is what will build generational wealth for our clients.”
In 2019, Newmark’s U.S. multifamily investment team completed total sales in excess of $22.4 billion, ranking the firm as the second largest global multifamily investment sales team in the country, as ranked by Real Estate Alert.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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