More than $6 billion went into South Florida's multifamily market this year due to interest from institutional, local and foreign investors.
"There are people who this year decided, 'I really need to focus on this. This is the next wave. This is the best way to get a deal done,' said Miami real estate attorney Vivian de las Cuevas-Diaz. "And a little bit of it was being driven by financial institutions. Financial institutions got very excited by multifamily. Therefore, more people were looking into it."
READ: Multifamily Drew Notable Buyers, Prices Even With Widespread Construction (subscription required)
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