Lee & Associates Atlanta Apartment Advisors Team
Trey Burgess, who joined Lee and Associates – Atlanta in 2015, immediately began looking to form a strategic alliance with another broker to maximize Lee’s presence in the multifamily markets. Burgess teamed up with Brian Costas, a 2016 John Marshall Law School graduate, and today they make up the Atlanta Apartment Advisors team of Lee & Associates – Atlanta. Burgess and Costas have worked together to create synergies and find advantageous investments for their clients. The Lee Apartment Advisors Team has cultivated its own list of over 3,500 multifamily properties and 2,500 contacts of buyers and sellers. As a former appraiser, Burgess knows how to create the most value for the client.
That being said, Burgess and Costas have focused their efforts on properties in the secondary and tertiary markets (7% – 10%) as they typically yield better returns versus metro Atlanta submarkets (4% – 5%) for clients. The market for investment offerings is particularly tight across all markets as there is a limited supply of apartment facilities available for sale. Owners are currently reluctant to list properties for several reasons: a) their investment is yielding a high return; b) they would consider selling but don’t want to risk upsetting their tenant base, or c) the owner is concerned about where to reinvest the capital.
An article in National Real Estate Investor stated: “Investors continue to buy fewer apartment properties than they did in 2016, yet prices continue to rise. Strong rent growth and relatively healthy occupancy rates in the apartment sector continue to attract investors, who are then frustrated by the relatively small number and high asking prices of apartment properties available for sale.”
For the team, the key is building strong, long-term client relationships as trusted advisors for both owners and potential investors to bring offers to the table that both parties find lucrative. For now, the Burgess and Costas schedule meetings with both brokers in attendance. Soon, however, each broker will cultivate their client base separately to maximize market presence and achieve their team initiative of one to two closed transactions per month.
Trey Burgess, Principal
Brian Costas, Associate
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