Who is the end buyer of non-value-add apartments?

[Craig Peterson]

It seems like most everything I read or hear promotes a value-add strategy for multi family investments, regardless of the long term holding strategy (buy/hold, buy/sell, buy/refi, etc). Value-add from increasing NOI through various methods of increasing income (below market rents, rehab and increase rents, RUBS, etc) or decreasing expenses. With the same cap rate, and a higher NOI, the value of the building has been increased. My question is.... Once all the practical value-add opportunities have been taken advantage of, and one wants to sell their apartment, who is the end buyer that is interested in a non-value-add apartment complex? Thanks!