It's good to be an apartment developer again. Rental builders across the country breathed a collective sigh of relief last year as the once red-hot condo market began to cool. They took advantage of the long-awaited marketplace shift and broke ground on a large number of rental units in 2006.
Without a doubt, 2005 was the year to be a condo developer. Just look at the Novare Group's year-end performance. The Atlanta-based condo developer set a company record with 1,486 starts, breaking ground on four significant properties. “In 2005, we were in ramp-up mode, working on a lot more projects than we were in 2004,” says Jim Borders, Novare's president.