Midwest Real Estate News February 2012 : Page 1

midwest R E A L E S T A T E WWW.REJOURNALS.COM FEBRUARY 2012 N E W S ® VOLUME 28, ISSUE 1 THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN | MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN M U LT I -FA M I LY, D E V E LO P E R S , R E A L E S TAT E S C H O O L S A N D B U S I N E S S & I N D U S T R I A L PA R K S D I R E C T O R I E S O N PA G E 3 2 Strongest survive Multi-family remains Midwest’s strongest market. There are plenty of reasons why. CBRE’s Peyton: Find your passion, and you’ll succeed By Dan Rafter, Editor W By Dan Rafter, Editor hitney Peyton knows commercial real estate in Minnesota. He's worked with CBRE in the state for 34 years, and for the last 15 he's been re-sponsible for office and retail leasing and sales in the Twin Cities metro-politan area. During these last 15 years, he's sold or leased more than 5 million square feet of space in the region. Today, Peyton serves as managing di-rector of brokerage services with the Min-neapolis office of CBRE. He recently spoke with Midwest Real Estate News about his long career, the passion for real estate that still fuels him and the way he survives down real estate cycles. Midwest Real Estate News : Can you think back to what led you to a career in the commercial real estate business? Whitney Peyton : When I was in high school and college, I did house painting. I eventually got involved in owning and rent-ing out a five-plex. I ended up doing a whole bunch of these near Lakewood Cemetery, and that sort of gave me a taste of what real estate could be all about. I had always ad-mired the lifestyle of a real estate owner, and that experience cemented that feeling. I did-n’t really know what I was doing, but things went well with that five-plex. Eventually, I traded into a 15-unit deal. I had very good experiences with the five-plex. I had a little bit of a nightmare, though, on the 15-unit property. I figured that it was time to learn more about the business. PEYTON (continued on page 25) illiam Walker doesn't offer an overly complex reason when explaining the strength of the multi-family housing market today. As chairman, president and chief executive officer of Walker & Dunlop --a company responsible for funding countless multi-fam-ily projects during the last several years --he's seen multi-family explode as the single-family market has imploded. "Renters today are renters for a reason," Walker said. "Where we are in the economic cycle has pushed multi-family occupancy rates up significantly. It has left us with a lot of vacant single-family homes. People have to live somewhere. And if they've lost a home to foreclosure or if they can't qualify for a mortgage loan, they are choos-ing multi-family housing." W The continuing struggles of the single-family housing market have resulted in a multi-family market that is the envy of all other commercial real estate classes. While the office, retail and industrial segments continue their sluggish recoveries throughout the Midwest, the multi-family market continues to boom. And this means that those companies that provide fi-nancing for multi-family projects are doing big business. Just consider the recent news from Walker & Dunlop: The company celebrated an improved year in 2011, thanks largely to its multi-family work. According to a press release, Walker & Dunlop recorded a loan origi-MULTI-FAMILY (continued on page 24)

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