Advanced Due Diligence - Apartments

[John Napier]

I am looking for some of the experience apartment investors and developers out there to regale me with some stories about unlikely/unusual/out-of-the-ordinary things that have been discovered in the inspection/due diligence period of buying or developing apartment properties. Whether they are in Virginia, California, New York, Florida, or anywhere in between, I would love to hear some tales of the nonstandard things you all are aware of in vetting and developing your deals. Thanks for sharing your stories.

[Account Closed]

John,

Lease audits are always fun, Sometimes there are no tenants in "occupied" units and visa versa.

but probably the best one was a 225 unit deal in San Antonio that was only permitted for 150 units. The city almost succeed in getting the excess units torn down. 

On second thought, look up the Dallas Museum Tower building in Dallas, the building was to be 12 stories not 21. Additionally the design reflects the sun directly in to the Nassur Museum literally cooking the paintings and art work, Law suits abound...