Class-C Apartments Rule
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Class-C multifamily assets can equal money in the bank, according to Marcus & Millichap senior investment advisor Boyan Radic (hanging a faux 10 in Hawaii). Boyan recently sold a pair of apartment complexes in Irving and Fort Worth and tells us there are more properties around--while theyre higher risk, theyre also bringing larger returns. One of the challenges Boyan is seeing on the Class-C apartment complexes is the dwindling inventory as more investors are looking for multifamily to achieve passive income.
Boyan and his team of Doug Banerjee and Mason Green are seeing an influx of out-of-state buyers following the strong job growth and population boom in Texas. Hes seeing prices rise, too, because of the demand coupled with the low interest rates. Recent sales: the 51-unit Briarcrest Apartments(pictured) at 506 N Rogers Rd in Irving and the 200-unit Beacon Hill near I-30 and the NAS Joint Reserve Base. Mason worked with Boyan on the Beacon Hill property, which closed 45 days after the contract execution.