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've now read three apartment fund PPMs and all three describe themselves as value-add. One is buying 2019-vintage lease-ups at a discount and doing essentially nothing to the uni…
We're bidding interior renovations on a three-property, 1,100-unit portfolio an institutional buyer just took down as value-add. The scope sheet is standard: LVP, quartz caps over…
I'm starting from nothing here and I want to understand the cost structure of an acquisitions operation before I understand anything else. Everything I read talks about markets an…
We manage smaller stuff, mostly 40 to 120 unit properties for local owners. A group that just bought a 320-unit asset in our market wants third-party management and their agreemen…
Trying to read a submarket and the published numbers and the property-level numbers don't agree at all. The market report says asking rents in this submarket are down 1.4% year ov…
One of my commercial cleaning accounts is a regional apartment sponsor, and their acquisitions guy handed me a fund deck last time I was on site. It's a $180m vehicle buying garde…
Every institutional apartment piece I read says the same thing, which is that vacancy has peaked around 8.5% and values sit 20 to 30% under the 2022 high, so this is the moment fo…
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'…