DALLAS - FORT WORTH MULTIFAMILY TRENDS ......DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS...

DALLAS - FORT WORTH

MULTIFAMILY TRENDS & OBSERVATIONS

MID-YEAR 2018

Photography: Steve Hinds

DALLAS - 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


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

&


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: 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


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


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


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


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


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


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).


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

[email protected]

Thad Wetterau Director - Dallas D: 972.764.8491 M: 972.754.5420

[email protected]

Greg Smith Director - Dallas D: 972.764.8499 M: 817.313.7081

[email protected]

Jeffrey SkipworthDirector - Houston D: 713.425.4942 M: 214.533.3322

[email protected]

Eric Calub Director - Dallas D: 972.764.8492 M: 972.567.3560

[email protected]

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

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