JLL Broker Joins South Florida Multifamily Team From LA
Nick Lavin has joined JLL (JLL)’s South Florida multifamily investment sales team, after spending almost six years in Los Angeles with the brokerage.
Lavin, who will be based out of the Miami office, will retain his title of director. Throughout his career, he has executed more than $4.1 billion in commercial real estate transactions, per JLL.
Lavin will be working alongside Matthew Lawton, Maurice Habif and Simon Banke. Over the past three years, the team has executed approximately $1 billion in land sales and $1.4 billion in multi-housing sales and joint venture equity, according to JLL.
It’s the latest shakeup for South Florida multifamily brokers. In June, the powerhouse team, led by Robert Given and Troy Ballard, jumped ship from Cushman and Wakefield to CBRE.
Lavin’s move comes as South Florida multifamily sales have plummeted from the pandemic-fueled high as interest rates have risen. In the first half of 2023, the total dollar volume dropped by $2.8 billion, and the average price of a unit had fallen by $78,069 to $341,196 from the same time last year, according to data by Berkadia.
L.A.’s commercial real estate market has also suffered after county voters passed the so-called mansion tax for property sale over $5 million, which went into effect this April. So far, it has only raised $55 million, a far cry from the $900 million yearly estimates, according to The Los Angeles Times.
Julia Echikson can be reached at firstname.lastname@example.org.