That sure happened quickly. Seemingly within the blink of an eye, summer has arrived, and we're more than halfway through the year.
I'm happy to report that 2018 has been a strong year for JVM and the Midwest apartment market in general.
Throughout our markets in the region, we continue to see strong job growth – the historically low unemployment rates are a case in point – and a nice balance between supply and demand. Yes, new development has risen in some areas, but healthy local economies have resulted in that new supply being absorbed.
At JVM, we've been busy aggressively pursuing acquisition opportunities in the region. In fact, we are aiming for the acquisition of $200 million in Class A properties in our existing Midwestern markets this year. We moved closer to achieving that goal in the second quarter of this year, when we acquired The Landing at Briarcliff near downtown Kansas City, Mo.
However, as I've said before, we won’t meet that goal just for the sake of meeting that goal. We’ll remain true to our conservative underwriting, and we'll never pursue a community that sits outside of our investment comfort zone just because we're concerned we won't meet the $200 million mark.
Read on in this newsletter to learn more about The Landing at Briarcliff. You'll also get a good sampling of all the great thought leadership our team has been providing through media interviews, company blogs and guest columns in respected media outlets.
I hope you enjoy this summer edition of our quarterly newsletter, and I look forward to speaking with you again in the fall.
Thank you for your continued trust in JVM!
President & CEO