Multifamily Monday: Dealing with Distress
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|Welcome to a new, once-a-month series: Multifamily Monday. When it appears, it'll be on a Monday. (This is the kind of innovative thinking that's helped us dodge the hardships of others in the publishing biz.) Feel free to let us know what you think.|
|Distress is the name of the game in Atlanta multifamily investment these days, according to Marcus & Millichap?s Paul Vetter.|
|There are about 7,000 apartment units on the market in the Big Peach, with most in distress, says Paul, left, here with partner Andrew Mays. Ninety percent of sales are REO properties. The dynamic duo is making the most of it, brokering four deals totaling 731 units and $10.6M in May and June. They have another 500 units under contract.|
|One of their closed deals was this 130-unit apartment complex on Buford Highway, purchased by Harvest Investment Group out of Connecticut for $4.9M or $38K/SF. The Gardens of Briarwood community had gone into receivership. Paul and Andrew, who spoke to us at a distressed assets seminar last week, repped Harvest and the seller, servicer CW Capital.|