I am looking for apartment buildings in Texas and Arizona. Below is the criteria:
Texas, Arizona - no border or coastal cities - needs to be populated area - Not currently looking in Houston
50-200 units (100-150 ideal)
Prefer 1980's+ product, but will look at others
Price $5m and less
Cap rate 9+
First year c on c return at least 8.5% (10% is better)
Prefer individually metered
Prefer pitched roof
85%+ occupancy - but will look at deals with occupancy below this - if under 85% need all cash
Prefer deals that are not assumption - but will still look at it
The expenses should run about half of the income
Need photos
In addition, I would be glad to entertain deals in other locations if they made sense and there was a huge upside.
Thank you,
Weston Decker
