Where'd the Multifamily Deals Go?
There’s an abundance of buyers for multifamily. It’s available product that’s coming up short, says ARA principal Andrew Shih. Why? Some owners are enjoying the cash flow, while others are buyers, too, he says. The cap rates are still low and aggressive.
Andrew, along with ARA principal Pat Jones, repped the seller (a JV of Falcon Southwest and Center Square Investment Management) in the sale of a 300-unit value-add property in San Marcos. The 95% occupied property was sold to a private owner/operator. The new owners plan to improve the interiors and push the rents, he says. (Just no pushing into the pool.) Andrew and the family are hitting the road today and heading for some cabins in West Texas for the remainder of spring break. Are we there yet?