What will be some of the long-term impacts and changes to multifamily development?

The pandemic has led to a nationwide housing shortage as families flee city living for more space and the ability to work remotely. South Florida has further attracted an influx of new residents and businesses. As home prices continue to climb, and inventory remains low, demand for multifamily housing remains high.

What are some of the ways you’re accommodating or working around supply challenges?

When it comes to shortage of materials, our company is always ready to weather the situation by working closely as a team with our trade partners to make sure projects are estimated correctly, maintaining a strict schedule, procuring the materials we will need on the jobsite ahead of schedule to avoid escalation cost overruns. We go a step further and speak to the manufacturers and material suppliers and negotiate prices over several projects thus allowing our developers to benefit from our buying power.

How did the pandemic impact your multifamily pipeline?

Interestingly enough, the pandemic has had a significant positive impact on AN F’s multifamily pipeline for 2021 and beyond. Although the pandemic of 2020 delayed approximately 1,000 units from commencing construction, much of that pipeline has moved into 2021 and has created a record year for ANF.

What is the outlook for multifamily housing?

Home prices continue to climb, and inventory remains low, which makes the demand for multifamily housing remain high. Many of the projects ANF Group is building are located in the suburban core of Dade and Broward Counties. We see it as a facet of the younger workforce now looking to leave the core markets to raise families in larger units but still maintaining the amenities that they have grown accustomed to.

You may also be interested in...