Still Hunter, Managing Director, Walker & Dunlop

In an interview with Invest:, Still Hunter, managing director at Walker & Dunlop, discussed South Florida’s multifamily investment milestones, the firm’s approach to adding value, shifts in investor preferences, housing affordability, and the region’s  maturation into a top tier a global gateway city.

What have been the significant milestones or achievements in your multifamily investment sales practice?

The past year was turbulent and challenging for investment sales, due to fluctuating interest rates. Despite that, we’re proud to have closed South Florida’s largest multifamily transaction of the year, The Hamilton, which was sold for AIMCO to Kushner.

This unique asset, directly fronting Biscayne Bay in Edgewater, closed at the end of the year for $190 million. It was the largest multifamily sale of the year in South Florida and represents a significant milestone for our local team.

What sets the firm apart in delivering value to multifamily property owners in South Florida?

We’re one of the largest commercial real estate finance and advisory services firms in the United States, leading in multifamily finance and investment sales, particularly in disposition and acquisition services. We have also been recognized as the largest Fannie Mae DUS® lender by volume in 2024, making us Fannie Mae’s #1 partner for the sixth year in a row. As a capital source, we provide tremendous value to multifamily owners in South Florida

Capital is essential for financing, developing assets, supporting growth, and attainable housing in South Florida, which is a big part of our value proposition.

Additionally, our local investment sales team is exceptional. I’ve been in multifamily investment sales for 25+ years, and our team is a dedicated group of market experts. We treat every assignment like it’s our most important one, working diligently to deliver value for our clients.

Between the capital we provide as a platform and our investment sales services, we add significant value for multifamily property owners in the region.

How has South Florida evolved into a global gateway city, and what role does education play in this transformation?

Over the past four years, South Florida has seen explosive growth,  maturing into a top-tier global gateway city. This transformation is supported by three pillars: education, industry, and infrastructure.

Historically, South Florida was known for its lifestyle, tax advantages, and business-friendly environment, but its local talent pool wasn’t as robust. Significant investments in education have changed that.

Florida International University (FIU)  has grown enrollment by 75% since 2000, now serving 55,000 students, and aims to become a top 30 public university by 2030. Similarly, Florida Atlantic University (FAU) has seen 40% enrollment growth, while Nova Southeastern University (Nova), a leader in healthcare education, is one of the largest educators of physicians in the United States.

These institutions are developing a highly educated workforce that attracts top employers. Vanderbilt University’s expansion into downtown West Palm Beach with a business- and tech-focused campus reflects South Florida’s shift from a tourism-centric economy to being recognized as the “Wall Street of the South.”

What impact have corporate relocations and investments had on South Florida’s economy?

Corporate relocations have been pivotal in South Florida’s transformation. High-profile firms like Citadel, NVIDIA, Elliott Management, and Thoma Bravo have moved headquarters or expanded operations here, bringing thousands of high-wage, white-collar jobs to the region.

These moves are driven by South Florida’s business-friendly environment and tax advantages, supported by the emergence of a highly educated workforce. Local universities like FIU, FAU, Nova, and Vanderbilt’s new campus have created a talent pool that attracts employers.

Since 2020, more than $1 trillion in assets under management and $22 billion in personal wealth have relocated to South Florida. This transformation positions the region as a world-class global gateway city with a focus on finance, technology, and a dynamic economy. 

How does South Florida’s infrastructure support its rapid growth, and what are the key investment areas?

All this growth is good for real estate — more people, more demand, better employment opportunities, and an affluent population that has the ability to absorb the higher cost of housing that comes with growth. However, the bottleneck to sustained growth is infrastructure. Without the right systems in place, growth can’t continue.

South Florida has excelled in this area. We have three major airports and three major ports, all with aggressive investment and comprehensive growth plans. Miami International is the busiest cargo airport in the United States and leads in international traveler arrivals. Port Miami is the largest passenger port in the world and a major U.S. cargo port, while Port Everglades is Florida’s top seaport by revenue.

Until recently, the missing piece was local transit infrastructure. The Brightline, which opened in 2018, has been transformative, connecting Miami-Dade, Broward, and Palm Beach counties and now extending to Orlando. It offers a viable alternative to driving and helps alleviate congestion.

Highway projects, such as the double-decking of SR 836, widening of I-95, and upgrades to key interchanges, are also crucial. Utilities are being addressed, including Miami-Dade’s $8.8 billion plan to expand water and wastewater capacity. These efforts ensure sustainable growth while tackling challenges like congestion and resource demands.

With investments in education, infrastructure, and industry, South Florida is evolving from its identity as a tourism hotspot into a top-tier global gateway city, creating tremendous opportunities in real estate.

How is Walker & Dunlop addressing housing affordability?

Walker & Dunlop is addressing housing affordability through several approaches. Whether you need debt or equity financing, investment sales services, or are looking for CRA or impact investment opportunities, we have teams that can help. We are committed to creating and preserving quality affordable and workforce housing that strengthens communities. 

As a major agency lender, we also offer attractive financing rates for properties that set aside units for affordable rents, typically tied to a percentage of the area median income. This ensures workforce housing remains possible.

By providing capital for both workforce and low-income housing, we enable the development of properties that cater to the diverse needs of South Florida’s residents.

How has Walker & Dunlop contributed to South Florida’s success over the past decade?

Walker & Dunlop has supported South Florida’s transformation by delivering the best investment sales services in the industry, leading to better outcomes for our clients.

We leverage the Walker & Dunlop debt platform to provide clients with optimal financing options, complementing our investment sales services. On a broader scale, we’ve facilitated growth by providing the capital needed to support development and expansion.

Our expertise and resources have helped clients navigate South Florida’s evolving market, contributing to the region’s success as it becomes a true global gateway city.

How does Walker & Dunlop’s emphasis on technology and data-driven insights enhance decision-making in multifamily sales?

Walker & Dunlop does an excellent job of leveraging technology to enhance our investment sales practice. One area where we excel is aggregating data from across the country.

As one of the largest loan servicers, we have access to vast amounts of operating data. This allows us to identify anomalies in clients’ operating information, such as atypical expenses, and highlight optimization opportunities.

This insight, backed by extensive data, helps us deliver accurate valuations for clients and identify upside potential for future investors, making our strategies more effective.

Are you seeing any shifts in investor preferences or asset allocations in the multifamily sector?

Historically, the tagline has been that “everyone needs a place to live,” making multifamily a safe and reliable investment. That’s even more true today, especially with changes in the office sector. We’re seeing capital shift out of office and retail and into multifamily, driven by increased uncertainty in those asset classes. This shift drives value in multifamily and supports the development of more housing, which helps address affordability challenges.

What are your top priorities and outlook for the near term?

The future for South Florida is incredibly bright, and we’re excited about the opportunities ahead. The region’s growth and demand will continue to create opportunities for us as investment sales brokers to work on new properties. Walker & Dunlop will play a key role as a capital provider, offering both debt and equity to support development.

For our local team, the priority remains delivering the best outcomes for our clients. We focus on standing out with the quality of service we provide, ensuring excellent results to grow our market share.

On a broader scale, Walker & Dunlop’s mission goes beyond profitability. We are deeply committed to making a positive impact by providing capital to support workforce and affordable housing, helping make housing more attainable, and addressing affordability challenges.