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Avison Young welcomes senior associate to expand multifamily investment sales in the Inland Empire market
September 5, 2023
Michael Albanese appointed Senior Associate; brings more than 14 years of multifamily operations and brokerage expertise
Las Vegas, NV/Ontario, Calif. – Avison Young announces the addition of Michael Albanese as Senior Associate based in the firm’s Las Vegas and Ontario, Calif. offices. He will be responsible for leading the Sauter Multifamily Group’s expansion into the Inland Empire multifamily market (Riverside and San Bernardino Counties of Southern California). The Avison Young Sauter Multifamily Group is comprised of Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, based in the firm’s Las Vegas office. The group has executed more than $5 billion in multifamily investment sales with projects ranging in size from 100 to 1,000 units with more than $600 million in multifamily sales last year alone.
Albanese is an experienced commercial real estate professional with a strong track record in operations and brokerage spanning more than 14 years. His previous role was with NAI as a leader of the multifamily group. Throughout his career, he has successfully managed an impressive portfolio of 3,500 units and supported some of the largest apartment owners in the country with their disposition strategies exceeding $300 million. Albanese provides insights into multifamily value-add opportunities for both clients and investors.
“We are very excited to have Michael join our team,” said Nosrat. “He brings 14 years of experience in the multifamily sector and the kind of tenacity that we’ve been searching for as we expand into new markets. With 170,000 units, close to 8,000 units under construction, proximity to our Las Vegas office, and the majority of our clients owning assets in both Vegas and the Inland Empire, the IE was a clear choice for our expansion.”
The team has seen a very healthy and sustainable growth in Inland Empire rents with a lower vacancy rate as compared to other nearby markets. This is largely a result of a steady migration trend as renters relocate to the Inland Empire from both Los Angeles and Orange Counties. Overall, the market provides more affordable options, higher quality units, a sizable and growing retail amenity base, and a strong local job market.
“Avison Young’s brand recognition and resources combined with Sauter Multifamily Group’s experience, industry knowledge and network provide an ideal platform for taking on an expansionary role into the Inland Empire. The goal is to replicate the team’s Las Vegas success and prestige into this new market by following a proven model set forth by Pat, Art, and Steve while infusing my business development strategies and energy,” added Albanese.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.