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 followI got sent a preferred equity offering on a 300-unit 2019-vintage asset and I'm stuck on one thing, which is whose value I'm supposed to be protected against. Structure as present…
This is the allocation I've been circling since summer and I have to decide before year end because one of the funds closes. The fund: value-add multifamily, Sun Belt and lower mi…
I've been asked for a $250k commitment to a closed-end apartment fund, $400m target, value-add and opportunistic multifamily, three year investment period with a one year extensio…
Studying for the license and one of the brokers at the office let me sit in on a 180 unit listing. The offering memorandum leads with $172,000 per unit against a "replacement cost…
I've been building the buy list for six months and the screen finally spits out something I don't trust. What I rank on: forward deliveries as a percent of existing stock over the…
I have a subscription agreement on my desk for an LP position in a single-asset deal and I keep circling the same page. Writing this out partly for myself, and partly because I wa…
312 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…
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'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…