by UNITS
The real estate acumen possessed by Andrew Kadish isn’t something he acquired while seeking a post-college career choice. It’s a family thing. The longtime CAPREIT executive, who recently progressed from President to CEO, vividly recalls learning the business at a young age from his late father, Dick Kadish. Family vacations often included stops at apartment communities to talk business. He has ascended to one of multifamily’s aspiring leaders and recently took the time for this candid Q&A with units Magazine.
As we sit here in the first quarter of 2024, how would you describe the state of the apartment industry?
Kadish: What you are seeing now is there is a tremendous—probably record—level of dry powder that is on the sidelines awaiting the next buying opportunity. On the other end, you have an extremely restricted inventory of communities that are available to be sold. A lot of owners are worried about whether they are selling at the bottom of the market and are hopeful to delay having to transact. They are engaging in some pretend-and-extend discussions and hoping that, over the next three to six months, some rate cuts and improving operations will enable them to sell at a higher price. Ultimately, while a lot of money is waiting for the next buying opportunity, there isn’t much inventory to select from.
Read the article in UNITS.