Serial Multifamily Rehabbers Facing Withdrawals
Opportunistic buys are getting harder to find (as are just about any kind of apartments) says Greysteel managing director Boyan Radic and senior associate Doug Banerjee. Those serial rehabbers (folks who buy distressed, rehab, and stabilize over two to five years) are still shopping, but inventory is tight. (They need their fix!) More buyers than sellers means any property listed gets eight to 10 offers and 20 tours, Doug says.
The duo has a 128-unit deal on the market in DeSoto with offers on the table; a 120-unit deal in Euless that listed last week; and two other properties coming to market in Dallas in the next month. In the next eight weeks, Doug is traveling to three weddings in DC, Chicago, and Austin. Boyan has a preschooler keeping him busy with trips to the zoo and a trip planned to see family in Southern California at the end of next month.
