Large multifamily investing covers apartment complexes of twenty units and up, the institutional end of rental housing.
Log in to followI'm building out a services business and apartment operators keep coming up as the customer. Before I go further I want to know what the stack on a 200 unit property already costs…
Two decisions and they interact, which is why I can't separate them. Position one, in since 2022. 320 units, 2016 vintage, big Sun Belt metro. Purchase was $61.4M, $192k a unit, f…
I hold about 30 acres of raw ground at the edge of a metro that got hit hard by the delivery wave. Three projects within two miles of me are either paused or dead, and the pipelin…
I want income and I don't want a second job, so operating a 200 unit asset is never happening for me. That leaves two doors and I've spent three months going back and forth betwee…
Two 200 plus unit decks on my desk, both Sun Belt, both value-add, both claiming the supply pipeline in their submarket contracts hard through 2027. Nearly identical entry cap. Th…
An agent sent me a package for a 60 unit property in a Sun Belt market labeled "value-add, 1988 vintage, classic interiors." I asked what value-add meant and got back a sentence a…
180 units, built 2004, secondary Sun Belt market about 40 minutes from a major metro. Purchase price $28.5M, so $158k a unit. The sponsor's deck says replacement cost in that subm…
I run pipe and I can read a mechanical drawing fine, but the apartment offering a friend forwarded me is a different language. It says 84 units, T-12 NOI of 612,000, going-in cap…
Bought in mid 2022. 264 units, 2015 vintage, Sun Belt metro that everyone including me thought was undersupplied. Basis $51.7M, $196k a unit. Floating bridge, 70% of cost, SOFR pl…
I manage a 208 unit for an owner group and we're going into renewals against three properties within a mile that are all offering six to eight weeks free. Our average in-place is…
I put $60k into a 220 unit apartment deal in 2022. I picked it because a friend I trust was already in it and because apartments felt like the least exciting thing available, and…
I got forwarded a deck for a 90 unit in Greenville from someone in an investing group I lurk in. 50k minimum, 7 percent preferred return, five to seven year hold. When I asked the…
I put $75k into a private fund that made short term bridge loans on apartment complexes, mostly 100 to 300 unit value-add deals. The pitch was that we sit ahead of the equity, fir…
Working a 240 unit in a submarket with two lease-ups within a mile. Asking rents on the rent roll average 1,650. Effective is closer to 1,512 once I back out concessions, which th…
We're a six person crew doing interior renovations. Until last year the biggest thing we'd touched was an 18 unit where we did all of them over eight months. This one was differen…
I've got about 25,000 set aside and I've been looking at 20 to 80 unit apartment properties because the guide says the scale carries professional management, which sounds better t…
I put $50k into this in early 2023, my first passive position of any size, and I picked it mostly because the sponsor answered questions in a way that didn't make me feel stupid.…
I'm still saving toward a first rental, but a friend on the LP side forwarded me two offerings in the same Sun Belt MSA, submarkets about four miles apart, and I've read both twic…
Reading a 240 unit deck where the sponsor is paying about 2.1 points into a rate buydown and an interest rate cap that runs three years. The alternative they say they negotiated w…
I'm still preparing, no apartment deal of my own, and I've been trying to work out what people mean when they say twenty units is a different animal. I own nothing at that scale s…