DALLAS - FORT WORTH
MULTIFAMILY TRENDS & OBSERVATIONS
MID-YEAR 2018
Photography: Steve Hinds
PAGE 2&
PAGE 3DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
DALLAS-FORT WORTH TRENDS TO WATCH
Source: Axiometrics, Bureau of Labor Statistics, & U.S. Census Bureau
_________________ DFW Job Growth Among the Highest in the Nation _______________ » DFW, second only to New York, continues its trend of prolific job growth. » DFW added 118,200 new jobs Year-Over-Year as of July 2018. » The unemployment rate of just 3.6% is well below the national average. » A, B C’s For Future DFW Job Growth:
A - Affordable D - Diversified EconomyB - Business-Friendly E - Educated WorkforceC - Centrally Located F - Fair-Weather Climate
______________ DFW Apartment Market Fundamentals Remain Strong ______________ » Stable occupancy is reported at 94.6% with 2019 projected to be 95%+. » Absorption and deliveries are projected to be on pace with each other through 2018 for
Dallas-Plano-Irving-Fort Worth-Arlington markets with estimated absorption of 27,104 units while deliveries are projected at 27,418 units.
» New multifamily deliveries in 2019 are projected to be on par with 2018. » Effective Rents are projected to rise in 2019 alongside occupancy.
_________________ Headwinds Slowing Down New Development ___________________ » Fewer available apartment sites along with resistance among suburban communities to
rezone new multifamily parcels are resulting in higher land prices and longer lead times. » New construction costs continue to rise as labor and material costs have been increasing 5%
per year along with rising land prices. » Tightening credit standards for multifamily construction loans result in higher equity
requirements. » Average return on cost for new developments has declined from 9.5% to 6.6% between 2002
and 2017.
_____________ Transaction Market Remains Robust with some Caution _____________ » Ample low-cost debt and equity for all multifamily asset classes still exists. » Value-add deals are still the darling of the investment market with in-place cap rates the
lowest among all classes. » Some traditionally value-add capital is shifting its focus to newer, more stabilized assets
chasing higher going in yields with lower capital risk. » Institutional investors are considering suburban over urban core locations in an attempt to
find higher yields. » There is continuing caution in underwriting rent growth in the near term for submarkets with a
higher new development pipeline. » Rising interest rates combined with compressed cap rates result in low LTV’s and higher
equity requirements.
& PAGE 4
QUARTER TWO 2018 STATS AT A GLANCE
TOTAL UNITSUNITS ADDED
SINCE 2010UNITS ABSORBED
SINCE 2010
788,816 127,008+/- 166,273+/-
CURRENTOCCUPANCY
PROJECTEDOCCUPANCY Q2 2019
ANNUAL # NEW UNITS DELIVERED
94.6% 95.2% YTD: 25,618
CURRENT AVERAGE EFFECTIVE RENT
PROJECTED EFFECTIVE RENT GROWTH
EFFECTIVE YOYRENT GROWTH
$1,116 2010 TO YTD 2018: 39% 2010 TO YTD 2019: 45%
FOR THE YEAR ENDING Q2 2018: 1.3%
FOR THE YEAR ENDING
Q2 2019: 3.1%
DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS
Source: Axiometrics, Bureau of Labor Statistics, U.S. Census Bureau, Natl. Asso. of Realtors, Fortune 500, & Sperling’s Best
PAGE 5DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
ECONOMIC DRIVERS AT A GLANCE
JUNE 2018WORKFORCE JOB GROWTH
JUNE 2018UNEMPLOYED
3,716,200 JUNE 2018 YTD:113,600+/-
2010-JUNE 2018:786,700+
DFW: 3.8% U.S. 4.2%
CENSUS BUREAUJULY 1, 2017 POPULATION
2010-2017 POPULATION GROWTH
2010-2050 PROJECTED POPULATION GROWTH
7,399,662 973,448+ +10MM+
PUBLIC/PRIVATE PARTNERSHIPS
FORTUNE 500COMPANIES
CLASS A OFFICESPACE Q2 2018
$246,550,000 22 15.7 MM SF $29/SF
Q2 2018MEDIAN HOME PRICES
YOY % GROWTHMEDIAN HOME PRICES
COST OF LIVING INDEX SPERLING’S BEST PLACES
$268,200 5.10% DALLAS: 95
DENVER: 128
HOUSTON: 102
ATLANTA: 102
BENCHMARK: 100
DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS
& PAGE 6
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Multifam
ily Permits
Popu
latio
nDFW MF Permits & Population
1980‐2017
Population MF PermitsSource: U.S. Census Bureau | R. E. Center Texas A&M
DFW MULTIFAMILY STARTS - A HISTORY LESSON!!!
The challenge – “boom or bust” perception vs recent history and reality todayHalf the MF permits with twice the total population vs. the 1980s
DFW POPULATION PROJECTIONS 2010 - 2050
2010 – 2050 (Estimate) = + 10 million peopleAt 2.7 people per HH = 3.7MM HHs
= 92,500 HH per year
19702,428,365 1985
3,624,952
20106,341,740
20177,399,662
205016,367,293
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
1970 1980 1990 2000 2010 2020 2030 2040 2050
Popu
latio
n
Axis Title
Source: U.S. Census Bureau/Real Estate Center at Texas A & M University
Source: U.S. Census Bureau
&
PAGE 7DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
16.4%
15.1%
11.3%10.7% 10.3%
6.2%
4.1% 3.9%
2.2%
0.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Houston Dallas‐FortWorth
Atlanta Miami Washington DC Boston Los Angeles New York Philadelphia Chicago
Population Growth Ten Largest Metros2010 ‐ 2017
Source: U. S. Census Bureau
2010-2017 POPULATION GROWTH OF TEN LARGEST U.S. METROS
Population increase DFW 2010-2017 = 973,448Population increase DFW 2016-2017 = 146,238*
* The largest numerical increase of all U.S. metros in 2017
27%
22% 22%
21%
16% 16%15%
13%12%
10%
0%
5%
10%
15%
20%
25%
30%
Dallas‐FortWorth
(786,700)
Atlanta(504,300)
Houston(567,300)
Miami(452,600)
Boston(393,700)
Los Angeles(842,800)
New York(1,323,200)
Chicago(561,900)
Washington DC(370,400)
Philadelphia(274,100)
2010-June 2018 YTD JOB GROWTH OF TEN LARGEST U.S. METROS
2010 - June 2018 Job Growth Rate 27%
DFW JOBS CREATED2010 - JUNE 2018
786,700+
Source: U.S. Census Bureau
Source: Bureau of Labor Statistics
& PAGE 8
Trade, Transportation, and Utilities21%
Professional and Business Services17%
Education and Health Services12%
Government11%
Leisure and Hospitality11%
Financial Activties8%
Manufacturing8%
Mining, Logging, and Construction
6%
Other Services4%
Information2%
Total Non‐Farm Employment Highly DiversifiedJune 2018 Employment By Industry Supersector
DFW EMPLOYMENT BY SECTOR – 3,716,200 JOBS – June 2018
Source: Bureau of Labor Statistics
PUBLIC & PRIVATE CAPITAL INVESTMENT
AT&T STADIUM KLYDE WARREN PARK
DART RAIL LINE I-35 CORRIDOR PARKLAND HOSPITAL
73.679.2
89.8112.2116
102.793.7
113.6
0 50 100 150
2011201220132014201520162017
Jun‐18
Year‐Over‐YearEmployment Growth (1,000's)
2011 ‐ June 2018
PAGE 9DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
COMPANIES HEADQUARTERED IN DFW
2018 Fortune 500 / 1000COMPANY RANK REVENUE (M’s)
DallasAT&T 9 $160,546Energy Transfer Equity 64 $47,487Southwest Airlines 142 $21,171Tenet Healthcare 147 $20,613Texas Instruments 192 $14,961HollyFrontier 206 $142,51.3Jacobs Engineering Group 297 $100,22.8Dean Foods 362 $7,795Builders FirstSource 400 $7,034.2Neiman Marcus Group 548 $4,706Trinity Industries 633 $3,662.8Comerica 702 $3,289Brinker International 714 $3,150.8Atmos Energy 724 $3,063.2Primoris Services 853 $2,380Valhi 959 $1,980
PlanoJ.C. Penney 235 $12,506Alliance Data Systems 365 $7,719.4Yum China Holdings 397 $7,144Dr Pepper Snapple Group 418 $6,690Cinemark Holdings 736 $2,991.5Rent-A-Center 793 $2,702.5
RichardsonLennox International 620 $3,839.6Fossil Group 775 $2,788.2
IrvingExxon Mobil 2 $244,363Fluor 153 $19,521Kimberly-Clark 163 $18,259Celanese 455 $6,140Pioneer Natural Resources 497 $5,455Vistra Energy 499 $5,430Michaels Cos. 505 $5,362Commercial Metals 525 $4,999.1Darling Ingredients 634 $3,662.3Flowserve 635 $3,660.8Nexstar Media Group 848 $2,432
DentonSally Beauty Holdings 611 $3.938
Fort WorthAmerican Airlines Group 71 $42,207Range Resources 806 $2,611
CoppellNationstar Mortgage Holdings 897 $2,247
ArlingtonD.R. Horton 211 $14,091
GrapevineGameStop 322 $9,224
McKinneyTorchmark 591 $4,155Source: Fortune 500
&
& PAGE 10
CALIFORNIAAcacia Research GroupAccentCareACTIVE NetworkAmeriflight LLCC&S PropellerCaliber Collision CentersChannell Commercial Corp.Ciao TelecomCinepolisConsolidated Electrical DistributorsCopartDaegis Inc.Farmers Brothers CoffeeFlour*FonalityGlenmount Global SolutionsIronclad Performance Wear Corp.Jacobs Engineering GroupJamba Inc.Kubota Tractor Corp.loanDepotMimi’s CafeMonkey Sports Inc.
Motorsport AftermarketGroup and MAG RetailMV TransportationOmnitracsPacific Union FinancialPrimorisRaytheon Space and Airborne-Systems (SAS)Rixi Recovery ServicesSolera Holdings SOLID Inc.Titan Laboratories
Toyota North AmericaToyota Industries Commercial FinanceTrend MicroUnited Scientific GroupVendor Resource ManagementW3global
WASHINGTONAllied BioScienceBlucora
NEVADACoreSpace
COLORADOCagney Global LogisticsHarris Broadcast
OKLAHOMAGlobal Power EquipmentGroup, Inc.HiltiLinkAmerica
AUSTINGreenstreamSeven Hills Commercial
NEBRASKAHeartlandAutomotive Services
MINNESOTAMoneyGramSpeed Commerce (Navarre)
SAMPLE OF HEADQUARTER RELOCATIONS TO DALLAS FORT WORTH 2010-2018
ARIZONAPei Wei
PAGE 11DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
HOUSTONInx Inc.Magnum Hunter ResourcesU.S. Concrete
SAN ANTONIOAT&T*Christus Health
GEORGIANYLO Hotels
ALABAMATorchmark*Zoes Kitchen
FLORIDACCS MedicalFiesta Restaurant Group
CONNECTICUTAccudyne IndustriesiCall Inc.Revere Capital LLC
Note: Companies with an * moved to Dallas-Fort Worth prior to 2010
ILLINOISBar Louie Restaurant GroupFerris ManufacturingNevoia Logistics ServicesTopGolf
MICHIGANComerica*
MASSACHUSETTSNTT Data Inc.VCE
NEW YORKGreatbatchHMS HoldingsSignature Systems GroupSix Flags Entertainment
MISSOURIGKNAerostructures*
NEBRASKAHeartlandAutomotive Services
NEW JERSEYComparexCVE Technology Group Digility, Inc.
SAMPLE OF HEADQUARTER RELOCATIONS TO DALLAS FORT WORTH 2010-2018
TENNESSEEDynamic Energy Alliance
ARKANSASGolden Living
NEW HAMPSHSIREOculus Health
PENNSYLVANIASonoco L.P.
OTHER NEW HQ ESTABLISHMENTSBlackberry North America HQ (Canada)* Commemorative Air Force (Midland, TX) GuestLogix U.S. HQ (Canada) Hisun Motors North AmericanHQ (China) Howard Hughes Corp. KidZania (Mexico)Leclanche (Switzerland) Lone Wolf Real Estate Technologies (Canada)NGC Renewables North America HQ (China) Nutribiotech (South Korea) Triathlon Battery Solutions (Germany) Taleris Zinwave (UK)
& PAGE 12
DFW APARTMENT MARKET FUNDAMENTALS TODAY - Q2 2018
DFW EFFECTIVE RENT GROWTH AND OCCUPANCY
DFW Metro Dallas Fort Worth
Existing Apartment Units 788,816 589,943 198,873
Units added since 2010 127,008 107,457 19,551
Units absorbed since 2010 166,273 139,299 26,974
Average Gross Occupancy Q2 2018 94.6% 94.5% 95.1%
Annual % Change ‐0.6% ‐0.6% ‐0.5%
Current Period Effective Rent Q2 2018 $1,116 $1,149 $1,017
Annual % Change 1.3% 0.8% 2.8%
$815
$1,136
$1,180
94.6% 95.3%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
2010 2011 2012 2013 2014 2015 2016 2017 2018 (P) 2019 (P)
Occupa
ncy
Effective Re
nt
Rent Occupancy
2010 – 2019 Projected Effective Rent Growth - 45%
Source: Axiometrics
Source: Axiometrics
PAGE 13DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
9,8224,990
27,393
49,644
15,581
34,604
59,466
20,571
61,997
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Housing Pe
rmits
Multifamily (5+) Single Family Total
DFW TOTAL HOUSING PRODUCTION
Single family housing well below peak; multifamily meeting the gapDFW added 973,000(+/-) people since 2009
Source: U.S. Census Bureau
DFW HOME OWNERSHIP
0
2
4
6
8
10
12
14
16
160,000
180,000
200,000
220,000
240,000
260,000
Avg Price Months Inventory
Dearth of affordable single-family homes as prices rise and inventory declinesCurrent 1.9 month inventory = 25-year low
Building fewer homes and at higher price point
Source: Real Estate Center at Texas A & M University
& PAGE 14
WHERE IS THE PIPELINE CONCENTRATED? THINK JOBS!!!
DFW – THE DEMAND DRIVEN MARKET
Current lease-ups and projects under construction
92.2%
95.3%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 (F) 2019 (F)
Occupa
ncy
Units
Supply Demand Occupancy
Demand 2010 - 2015 Exceeded Supply Demand Projected To Exceed Supply in 2019 = 4,500+ Units
Source: Axiometrics
Source: Axiometrics
PAGE 15DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
DFW APARTMENT SALES
MF INVESTMENT ACTIVITY BY BUYER TYPE
0
50
100
150
200
250
300
350
$0
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
$6,000,000,000
$7,000,000,000
$8,000,000,000
$9,000,000,000
$10,000,000,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Volume # of Properties
0% 0% 0% 1% 1% 1%
57%51% 49%
63%67%
60%
5%
3% 5%
12% 2%
5%11%
6%
17%
4%7%
9%
27%
41%
29%21% 23% 25%
2013 2014 2015 2016 2017 2017
InstitutionalCross‐BorderPublic Listed/REITsPrivateUser/Other
Property or portfolio sales $10 million or greater
Source: Real Capital Analytics
Source: Real Capital Analytics
288 Properties $9 Billion Total Volume
$31.3 Million Average Deal Size
58 Properties $1.15 Billion Total Volume
$19.9 Million Average Deal Size
DFW US
& PAGE 16
Aura Memorial | Houston, TX Villa Toscana | Houston, TX Indigo Pointe | Dallas, TXON THE MARKET ON THE MARKET ON THE MARKET
288 Units For Trinsic Residential 504 Units For Passco 300 Units For Fairfield ResidentialJeffrey Skipworth Jeffrey Skipworth Thad Wetterau
Alexan Riveredge | Dallas, TX Monticello Apartments | Fort Worth, TX Lakeview & Lakeview Estates | Houston, TXON THE MARKET ON THE MARKET PENDING
309 Units For Trammel Crow/Goldman Sachs 116 Units For Cypress R.E. Advisors 566 Units For The Ergas GroupThad Wetterau Greg Smith Jeffrey Skipworth
Aldeia West | Houston, TX Spring Parc | Dallas, TX Vista Grand Crossing | Houston, TXPENDING CLOSED CLOSED
305 Units For Bohannan Development 304 Units For Parc Realty Partners 351 Units For Price Dev. GroupJeffrey Skipworth Greg Smith Jeffrey Skipworth
Hollow Tree Parc | Houston, TX Haven Lake Highlands | Dallas, TX Palazzo at Cypresswood | Houston, TXCLOSED CLOSED CLOSED
280 Units For Parc Realty Partners 200 Units For Cypress R.E. Advisors 363 Units For L & B Realty AdvisorsJeffrey Skipworth Greg Smith Jeffrey Skipworth
WE AREMORAN & COMPANY
––––––––– With over 22 years in business, we are the team you want on your side. –––––––––
We are... Nationally recognized leader in providing disposition, capitalization and advisory services
... Exclusively serving the multifamily industry
... Passionate client advocates with seasoned, dedicated professionals
... Capable, offering national coverage provided by 12 highly experienced partners operating from 8 regional offices
... Regarded as a dominant intermediary for transactions in excess of $100 Million and for ex-ecutions requiring higher levels of senior expe-rience and focused attention
THOMAS F. MORAN
FOUNDER & CO-CHAIRMAN
MARY ANN KING
CO-CHAIRMAN
PETER EVANS
PRESIDENT | EASTERN REGION
Moran & Company––––––––– National Leadership –––––––––
Moran & Company Southwest––––––––– Regional Team –––––––––
Paul Harris Managing Partner Southwest Thad Wetterau
Director - DallasGreg Smith
Director - Dallas
Jeffrey SkipworthDirector - Houston
Eric Calub Director - Dallas
PAGE 17DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
Aura Memorial | Houston, TX Villa Toscana | Houston, TX Indigo Pointe | Dallas, TXON THE MARKET ON THE MARKET ON THE MARKET
288 Units For Trinsic Residential 504 Units For Passco 300 Units For Fairfield ResidentialJeffrey Skipworth Jeffrey Skipworth Thad Wetterau
Alexan Riveredge | Dallas, TX Monticello Apartments | Fort Worth, TX Lakeview & Lakeview Estates | Houston, TXON THE MARKET ON THE MARKET PENDING
309 Units For Trammel Crow/Goldman Sachs 116 Units For Cypress R.E. Advisors 566 Units For The Ergas GroupThad Wetterau Greg Smith Jeffrey Skipworth
Aldeia West | Houston, TX Spring Parc | Dallas, TX Vista Grand Crossing | Houston, TXPENDING CLOSED CLOSED
305 Units For Bohannan Development 304 Units For Parc Realty Partners 351 Units For Price Dev. GroupJeffrey Skipworth Greg Smith Jeffrey Skipworth
Hollow Tree Parc | Houston, TX Haven Lake Highlands | Dallas, TX Palazzo at Cypresswood | Houston, TXCLOSED CLOSED CLOSED
280 Units For Parc Realty Partners 200 Units For Cypress R.E. Advisors 363 Units For L & B Realty AdvisorsJeffrey Skipworth Greg Smith Jeffrey Skipworth
ACTIVE | PENDING | CLOSED
ON THE MARKET ON THE MARKET ON THE MARKET
PENDING CLOSED CLOSED
CLOSEDCLOSEDCLOSED
ON THE MARKETON THE MARKET PENDING
& PAGE 18
SOUTHWEST LEADERSHIP
Jeffrey Skipworth | DIRECTOR
Jeffrey Skipworth is the Director for Moran & Company in Houston, an office he opened with Paul Harris in 2011. Jeffrey started his career with Moran & Company in 2006, and has worked on $1 billion of real estate during his tenure at the firm. Jeffrey has extensive experience at all levels of the marketing process including underwriting, marketing presentation, research and investor solicitation. Prior to joining Moran & Company, Jeffrey was a senior analyst and relationship manager for Fidelity Investments, where he represented a num-ber of billion dollar companies in large investment transactions in addition to conducting tax analysis for large multinational firms. He is a licensed real estate broker for the state of Texas.
Education: SOUTHERN METHODIST UNIVERSITY, M.B.A. (2005)AUSTIN COLLEGE, B.A. (1999)
Work Experience • MORAN & COMPANY - BROKERAGE (2006-PRESENT)
• FIDELITY INVESTMENTS - FINANCIAL & TAX ANALYSIS (2005-2006)
• FIDELITY INVESTMENTS - INSTITUTIONAL MANAGEMENT (1999-2005)
Education: BAYLOR UNIVERSITY, M.B.A. (1988)BAYLOR UNIVERSITY, B.A. (1986)
Work Experience • MORAN & COMPANY (1999-PRESENT)• LEND LEASE (1998-1999)
• L&B GROUP (1997-1998)• AMRESCO (1996-1997)• M/PF RESEARCH (1994-1996)• COMMERCIAL REAL ESTATE APPRAISAL (1989-1994)
Greg Smith | DIRECTOR
Greg’s responsibilities include business development, economic underwriting, marketing, and due diligence for assignments in the Southwest region. Prior to Moran & Company, he managed investment sale transactions for Goldman Sachs of all property types. Gregory is a licensed CPA and real estate broker and also has experience in commercial banking and public accounting, along with positions at two Fortune 500 companies. Greg graduated as a Neeley Scholar from the Masters of Business Administration program at Texas Christian University and cum laude with a BBA from Texas A&M University.
Education: TEXAS CHRISTIAN UNIVERSITY, M. B.A. (1997)TEXAS A&M UNIVERSITY, B.B.A. (1989)
Work Experience • MORAN & COMPANY (2005-PRESENT)• GOLDMAN SACHS / ARCHON GROUP (1997-2005)• TEXAS COMMERCE BANK (1995-1997)
• THE WALT DISNEY COMPANY (1992-1995)• COOPERS & LYBRAND CPA’S (1989-1992)
Professional Affiliations• NATIONAL MULTIFAMILY HOUSING COUNCIL• URBAN LAND INSTITUTE• DALLAS REAL ESTATE MINISTRIES (DREM)
Thad Wetterau | DIRECTOR
Since joining Moran & Company in 1999, he has completed over $3 billion in multifamily transactions, primarily in Texas, but also in major markets across the southeastern U.S. He brings to bear his background in institutional real estate research, development consulting, appraisal, and transactions on every investment assignment. His current responsibilities cover the entire multifamily investment sales process, including client service, relationship management, deal management, property valuation, economic analysis, marketing and due diligence.
Education: TEXAS TECH UNIVERSITY, B.A. (1977)Work Experience • MORAN & COMPANY (2003-PRESENT)• ARCHON GROUP (1994-2003)• NORTHCORP REALTY ADVISORS (1989-1994)
Professional Affiliations• NATIONAL MULTIFAMILY HOUSING COUNCIL• DALLAS REAL ESTATE COUNCIL
Paul Harris | MANAGING PARTNER SOUTHWEST
Since opening the Dallas office in 2003, Paul has been responsible for all marketing assignments and client relationships in the Southwest Region with particular emphasis on the major Texas markets. Paul and his team have closed over $4.4 billion in multifamily dispositions and recapitalization since joining Moran. Prior to joining Moran, Paul was Director of Multifamily Investments for Archon Residential, a Goldman Sachs subsidiary, with responsibility for Archon’s national multifamily acquisition and disposition efforts. During his eight years with Archon, Paul completed the sale of 255 multifamily properties comprising over 56,000 units in 32 states with $3 billion in value. Paul has focused exclusively on multifamily transactions since 1995 and he is active in the National Multi Housing Council (NMHC).
PAGE 19DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | MID-YEAR 2018 &
SOUTHWEST LEADERSHIP
Education: UNIVERSITY OF MICHIGAN-ANN ARBOR, B.B.A.Work Experience • MORAN & COMPANY• PASSCO COMPANIES, INC• THE KISLAK ORGANIZATION
• BERKSHIRE REALTY• WALDEN RESIDENTIAL• THE PRIME GROUPProfessional Affiliations• NATIONAL MULTI HOUSING COUNCIL• THE REAL ESTATE COUNCIL - DALLAS
Eric Calub | DIRECTOR
Eric has spent most of his career in the multi-family sector on the principal side as both an Acquisitions and Dispositions officer in addition to asset managing a portfolio of properties. Eric has worked for both large public entities (Berkshire Realty and Walden Residential - REITS) and smaller private companies (The Kislak Organization and Passco Companies – TIC/DST sponsor). Eric has over two decades of experience include executing transactions involving single asset entities and portfolios of core, core-plus, and value-add properties, as well as performing and non-performing loans. Throughout his career Eric has successfully closed acquisitions and dispositions in excess of $2 billion.
Jose Blanc | ASSOCIATE
Jose Blanc joined Moran & Company in 2016 as a Financial Analyst. Jose is responsible for property valuations, economic underwriting, financial analysis, and writing offering memorandums for the Southwest region. He also assists with daily market research and economic analysis data.
Janet Valladares | OFFICE MANAGER
Janet is responsible for all aspects of operation including accounts payable/receivables, and state licensing. She supports event coordination activities and administrative duties. Prior to joining Moran & Company, Janet was the Project Administrator for Goldman Sachs and was responsible for all aspects of construction project administration from the bidding process to project close-outs, and all job cost tracking and accounting reporting.
Education: MTSU, B.B.A. (1999)Work Experience • MORAN & COMPANY - (2007-PRESENT)• PROFESSIONAL MORTGAGE CORP. - LOAN MARKETING (1992-1993)
• NORTHCORP REALTY ADVISERS - LOAN MARKETING (1992)• AMWEST SAVINGS ASSOCIATION - ACCOUNTING (1990-1992)• FEDERAL ASSET DISPOSITION ASSO. - ASSET MGMT. (1986-1989)
Sherry Shults | SENIOR ASSOCIATE
Sherry Shults is a Senior Associate for the Southwest region. She is responsible for writing and editing offering memoranda; the design and creation of all electronic marketing materials; market research; due diligence coordination; client events; and public relations initiatives.
Joe Milo | ASSOCIATE
Joe Milo has valued over $18 billion in multifamily/mixed-use property with Moran. His responsibilities include economic underwriting, financial analysis, property valuations, and due diligence for assignments in the Southwest region. He assists with the overall production of writing materials as well as with other aspects of the marketing process. Prior to joining Moran & Company, Joe was a Senior Analyst for the Pricing & Cash Management Services group at Fidelity Investments, where he delivered daily valuations of Fidelity’s retail mutual funds.
Education: ELON UNIVERSITY, B.S. FINANCE (2009)Work Experience • MORAN & COMPANY - BROKERAGE (2012-PRESENT)
• FIDELITY INVESTMENTS - PRICING & CASH MGMT. SERVICES (2010-2012)
Education: UNIVERSITY OF CALIFORNIA, SANTA BARBARA, B.A. (2012) Work Experience • MORAN & COMPANY - BROKERAGE (2016-PRESENT)• FIDELITY INVESTMENTS - PRICING & VALUATION 2013-2016)
• FIDELITY INVESTMENTS - FINANCIAL & TAX ANALYSIS (2005-2006)
• FIDELITY INVESTMENTS - INSTITUTIONAL MANAGEMENT (1999-2005)
SOUTHWESTDALLAS, TX
HOUSTON, TX
MOUNTAIN STATESDENVER, COPHOENIX, AZ
PACIFIC NORTHWESTSEATTLE, WA
WESTSAN FRANCISCO, CAIRVINE, CA
MIDWESTCHICAGO, IL
SOUTHEASTATLANTA, GA
Moran & Company Offices
Paul Harris Managing Partner Southwest
D: 972.764.8490 M: 214.232.8689
Thad Wetterau Director - Dallas D: 972.764.8491 M: 972.754.5420
Greg Smith Director - Dallas D: 972.764.8499 M: 817.313.7081
Jeffrey SkipworthDirector - Houston D: 713.425.4942 M: 214.533.3322
Eric Calub Director - Dallas D: 972.764.8492 M: 972.567.3560
DALLAS OFFICE 5440 Harvest Hill, Ste. 146
Dallas, TX 75230 972.387.2500
HOUSTON OFFICE 12 Greenway Plaza, Ste. 1100
Houston, TX 77046 712.425.4942
NORTHEAST & MID-ATLANTIC
BOSTON, MAWASHINGTON, DC