Operating expenses for Texas apartment complexes

[Steve Hoghe]

Hi BP, I am looking to benchmark operating expenses for a portfolio of large apartment complexes throughout Texas, specifically in the Houston, Fort Worth and and San Antonio markets. The portfolio in question is a set of 4 properties are B+/A class with 200-400 units. If anyone has experience with these types of properties, I would love to hear what range of op-ex per unit or op-ex ratios you typically see, or any additional resources you could point me to. Thanks in advance.

[Brian Adams]

@Steve Hoghe, my 200+ unit deal in Dallas is running a touch below $5k per unit. I just bought a 240 unit deal in GA and project expenses to be $4,800 pu.

Shameless plug here, but I am actively looking for new product to take down and would look at the Fort Worth or San Antonio deal if you need someone to perform.