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Portfolio Implications of Apartment Investing

Listed author(s):
  • Randy I. Anderson


    (Baruch College, New York, NY 10010)

  • Richard McLemore


    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

  • Philip Conner


    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

  • Youguo Liang


    (Prudential Real Estate Investors, Parsippany, NJ 07054-4409)

Registered author(s):

    In this article, we examine the portfolio implications of apartment investing. In particular, we explore the sector’s relative stability, liquidity, and current market outlook. In general, we find support for many of the advantages attributed to apartments relative to other property types. The apartment sector has historically offered high risk-adjusted returns and a relatively low correlation with other property sectors. These features, combined with the attractive demographics and stable space market fundamentals, suggest that the current environment should be favorable for apartment investing. However, the popularity of the sector, aggressive rent growth assumptions, and potential limitations on future immigration provide sources of performance risk.

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    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 25 (2003)
    Issue (Month): 2 ()
    Pages: 113-132

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    Handle: RePEc:jre:issued:v:25:n:2:2003:p:113-132
    Contact details of provider: Postal:
    American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323

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    Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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