This entry treats large multifamily from the institutional capital-deployment seat: pension funds, insurance companies, private equity, and large operators placing significant capital into apartment acquisition, development, and value-add at institutional scale to earn returns from the rental...
Log in to follow312 units, 2016 vintage garden, bought late 2021 at $228k a door. Floating rate bridge, cap bought at the time, cap expires in five months. My LP position is small, call it 4 perc…
Working through a deal a mentor sent me so I can see how the bigger end underwrites. 300 units, 2016 vintage, secondary Sun Belt market. Ask is $72m, so $240k a door. The sponsor'…
Two things on my list this week and they're the same equity check. Deal A. 176 units, 1985 vintage, garden style, in an inner-ring suburb of a midwest metro. $118k a door. Rents a…
I came from the build side, so replacement cost is the number I trust most and I think that's exactly the bias I need beaten out of me. Deal shape: 312 units, 2004 vintage, garden…
First full program I've been responsible for placing, and the thing that worked was refusing to fund it all at the first close. Mandate was $22M into multifamily, patient money, n…
I've got capital to place and no operating experience, so the whole pitch I keep getting handed is timing. National apartment vacancy around 8.5 percent, described as peaked, fore…
I've read four institutional apartment decks this quarter as a prospective LP, and the return bridge is identical in all of them. Buy 20 to 30 percent under the 2022 peak. Renovat…
I've been trying to learn the lending side rather than the owning side, and this was my first real position. Writing down how it went while it's fresh. What it was: a participatio…
I've been handed a co-invest slot alongside a sponsor a former coworker vouches for, $75k minimum, and I have until the 30th to fund or pass. This is the first institutional-size…
Twelve year hold, $2M, and I've narrowed it to two ways in. Option one is an open-end core-plus multifamily fund. 0.85 percent on NAV, no promote below a threshold I'll probably n…