With the stores decorated for Christmas and shoppers rushing to get last-minute stocking stuffers, it is time to take a moment and reflect on the year that was.
2022 saw the end of a pandemic and the start of a war – England said goodbye to their queen, and NASA returned to the moon. It is safe to say that this will be a year we remember.
So, as we wind down the year, it’s time for our annual wrap-up and a peak at 2023.
Sweetwater’s Mortgage Brokerage Team closed $74.8M in loans in 2022, with the largest single loan being a $42.79M cash-out refinance of the 324-unit Heritage at Arlington. The loan allowed the owners to take out $11.7M through the refinance process – a healthy amount of capital to deploy on future investments.
For the Sweetwater Investment Sales Team, it was a banner year with 15 closings and just over $183M in volume. In total, the team facilitated trading 1,442 doors with an average price of $127K per door. The largest single property was 282-unit Brookstone Apartments in Fayetteville, NC, which closed for $138K per door.
The investment sales team has been growing since its start in 2020 – and 2022 was the best year. With a total of just over $183M, sales were up 110% over 2021’s volume of $86.8M and 235% over 2020’s total of $54.5M. We brought on a new Vice President of Sales – Rob Ferguson – and four new associate brokers this year.
With $3.42B in total transaction volume since 2007, 170 clients and 309 transactions, Sweetwater Capital is on the move – figuratively and literally. We look forward to opening a new office in the Raleigh area in Q1 of 2023 and continuing to grow our operations.
With multiple deals under contract and expected to close in Q1 of 2023, we are already setting the stage for another great year. There are several properties in the pipeline that we will bring to the market in Q1 and Q2, so keep your eye out for those announcements.
We would love to hear how your year went and see what we can do to help make 2023 a great investment year for you – reach out to any of our skilled brokers to set up a call.