Excerpted from CoStar News story.
Dan Phelan, a multifamily investment sales broker who completed more than $1 billion in transactions over the past four years, just moved from Newmark Knight Frank to Franklin Street.
Phelan, who spent the past 15 years at Newmark and its predecessor firm Apartment Realty Advisors, joined Franklin Street’s Atlanta office as a senior director in its multifamily investment sales group. From 2015 to 2019, Phelan was involved in the sale of $1.4 billion worth of multifamily properties. Prior to joining Newmark, he helped secure more than $700 million in financing for the acquisition, development and construction of multifamily properties.
All told, Phelan has more than 20 years of experience in commercial real estate. He is the second Newmark multifamily investment sales broker to join Franklin Street in the past 100 days. In February, Chad DeFoor also joined Franklin Street as a senior director of multifamily investment sales.
Phelan’s recruitment to the firm is important as Franklin Street grows its investment sales group, said Greg Matus, senior vice president of investment sales. “Franklin Street is in a high-stakes war when it comes to attracting and retaining top talent like Dan,” Matus said in a statement to CoStar News.
At Franklin Street, Phelan will specialize in the sale of multifamily properties in Atlanta and across Georgia, working closely with Jake Reid, a senior director on the multifamily brokerage team.
In the past six months alone, Phelan has represented buyers and sellers of several apartment communities across metro Atlanta. In April, Phelan represented Liquid Capital, it its $63.5 million acquisition of Forest Cove Apartments in suburban Doraville, Georgia. Liquid acquired the 646-unit property built in 1985 in partnership with Wilson Investment Properties of Saratoga, California. Phelan, along with DeFoor, also represented Hackensack, New Jersey-based Liquid Capital in its $30.1 million purchase of Abbots Glen Apartments in Norcross, Georgia.
In November, Phelan worked to arrange Elite Street Capital’s $51.2 million sale of The Fields Peachtree Corners, a 46-year-old apartment community, also in Norcross.
The deals Phelan has done recently are part of a continuing trend of investors that are seeking older Class B and C apartments in Atlanta’s suburbs, which offer the opportunity to increase the property’s value by renovating and updating the units they acquire.
“The combination of low rates and abundant equity continue to drive massive demand for value-add product, particularly in Atlanta where our multifamily fundamentals rank near the top nationally and we’re adding 1,200 jobs per week,” Phelan said in an email. “Investor demand has driven pricing up, in some instances approaching replacement cost, so we have seen some equity groups shift their attention to opportunities in ground-up and stabilized new construction, both urban and suburban, in search of value and yield. Still, the overwhelming volume of demand and transaction activity has been in the Class B, value-add space.”
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