Multifamily Developer Layoffs
Hi just wanted to hear if anyone knows of which MF developers are laying off their staff on the development team in their respective areas.
Already seen some major MF developers in Dallas lay-off some of their staff.
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Buddy in Dallas had to lay off his analyst last week. Aspen Heights in Austin axed like 15 people last week. It's picking up for sure.
your seeing a pinch in groups poorly capitalized.
So you haven’t seen any layoffs from any of the national players?
Starting to see more pay cuts than layoffs, personally. Rumor is Mill Creek took a 10% haircut - not sure if that's specific offices or what.
Just FYI, LIHTC developers are still hiring (at least in SoCal). Only issue is that without any experience in tax credit deals, you'd wouldn't be able to snag anything higher than an assistant Project Manager role which is the equivalent (in my opinion) of an analyst position on the market rate side.
You might get lucky to get hired as a PM with enough experience, but higher end shops probably wouldn't do it since they don't want APMs reporting to people with less affordable experience than them.
Just wanted to throw that out there for the folks just coming out of school that think there aren't going to be any opportunities when they graduate. Might be much more competitive if market rate folks start to go after those jobs though..
I know two developers and one investment firm focused on MF that are laying off with no plans to hire back right away either. AUM is less than $1B for all. They are regional players so as the person above mentioned, I think big boys will be able to weather the storm a bit better.
I TOOK A 50% PAY CUT!!! with my team letting go of a handful of team members, definitely blood on the streets. It hurts like hell but i am going to keep chopping and hoping for the best.
Going to be interesting for groups that used 4 or 5% rent growth for value add deals they bought last year with bridge debt or hard money lender.
People are about to get FOOOOKED!
I've heard through multiple folks that JPI has laid off 10%-20% of their staff on certain west coast projects. I would imagine it's the merchant builders like this, and Mill Creek, maybe Wood, Holland, Alliance and the like will see the most pain as construction slows.
It's funny, our group went out to GC bids a few months ago for a 200+ unit deal and pricing was nuts. We we're happy to shore up a well regarded contractor who worked with us on pricing in order to build a more long term relationship. As of last week two of the GC's that bid that deal have come back to us saying they are happy to look at the deal with a new lens.
Suddenly lots of contractors seem to have available bodies and are willing to work with groups just to keep their teams moving. Pipelines are in jeopardy and they want to lock in labor. I remember someone on here recently joking about all contractors having new boats and had a good laugh.
Was that their development guys or construction team
Both from what was relayed to me.
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