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Caldera Newsletter • December 2009

Featured Professional

Adapting to New Realities
in Property Management

Martha Logan
Senior Vice President,
RAM Partners, Atlanta

As a third party management company overseeing a hundred apartment communities in thirteen states, 2009 will be remembered as the toughest year to operate since the establishment of our company in the late 1980’s.

No rent growth, growing concessions and expenses coupled with lackluster occupancy rates, high unemployment and a lack of new jobs have made 2009 the perfect storm. But, as the unfavorable year nears its end, we are beginning to see positive signs.

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Are We Going to Smile or Frown in 2010?

Karsang Sherpa
Vice President
Caldera Asset Management

As 2009 finally comes to an end, there is some optimism about 2010. It seems that both Bulls and Bears have valid arguments regarding factors that drive values.

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Where have All the Good Deals Gone?

By Michael Kelly
President of Caldera Asset Management

As the year 2009 comes to an end, an interesting phenomenon is occurring in the apartment transaction world. There is virtually no institutional product available in the market. Over the past couple of weeks, we have done extensive research with a large percentage of the institutional brokers across the country. Due to our long standing relationships, Caldera was able to have an open and frank conversations about assets in the market; the depth and closing ability of current buyers; and the properties being pitched which will make up the sales pipeline over the next 60 to 120 days. Historically, apartment transaction markets are in the closing phase for year-end deals and gearing up for the bevy of product which is generally announced prior to the National Multi-Housing Council (‘NMHC”) Conference.

Currently, there are very few institutional quality assets in the market. Across the country, there appears to be fewer than 20 institutional quality assets that are actively being marketed or are under agreement.

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Caldera in the News:

Recovery Rates on
Distressed Assets Vary

Will New FDIC Rules Help or
Harm Commercial RE?

REITs Hold Competitive
Advantage Over Private Mkt

The Health of
Commercial Real Estate

Capital Markets: Weathering
the Next 18 Months

More Losses on Multi-Family
Home Investments

Multifamily Misery