Someone Poured Drano Down the Multifamily Clog
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Atalanta Advisors’ Rachel Solomon tells us there’s been a huge surge in multifamily deals over the past 10 weeks. Deals stalled because of unrealistic pricing and timing expectations have come undone, and now those properties are selling. Atalanta clients that had been looking all year with no luck now have two or three deals tied up, she says. Over the past several months, one client was having trouble sealing the deal on a 1970s-vintage property in the Southeast, despite an over 23% IRR and over 10% cash-on-cash return expected. Lately, though, it seems, equity investors have broadened their parameters, and now numerous potential JV partners are interested.