How do I find sellers of apartment complexes of 150+ units?

7 Replies

Hello. I need to identify those with apartments of 150+ units for investors/buyers. Where do I start building a list to call? Are apartment management companies the best resource? The acquisition parameters are:

Grade A

All Cash

Anywhere in US

Close in 30 days

Thanks in advance.

Robyn

Many of these types of properties will be large corporate owned or syndication owned so cold calling may be a bit difficult, but I would say you might look at the management companies, as well as getting in touch with the large commercial brokerages.  Another option might be to see if a particular county has a list of the taxpayers who pay the highest property tax.

The best and most likely way to get these size of properties is through broker relationships. 

@Robyn Calvin I agree with @Todd Dexheimer . You have to narrow your search parameters. For instance, a Grade A building on the East Coast would be a different proposition that one in Texas (value, operations, lending, etc). 

You can work/buy lists or you can save yourself the hassle and work with professional commercial brokers who this thing for a living. Either way, you will still have to narrow your search parameters. 

Yes Robyn - we have access to this category in Florida - and they are typically 'off-market' deals... we can narrow parameters once we get to know each other better (matching goals to available properties, and creating a strategy.)

@Robyn Calvin agreed with what most others are saying - you're criteria is too big. Maybe narrow down to your top 10 or so MSAs and begin to find out who the major brokers are in that area. Once you've done that, build a relationship with them and tell them "I want to see __ grade properties of __ units or more between built between __ and __," or whatever your criteria is!

If you want to be analyzing that many deals (even when narrowed down to 10 MSAs you'll be looking at a lot of deals), I would stress that broker relationships will play a major role in your success level, in terms of finding good deals.

@Robyn Calvin I use a combination of data coming from reonomy (I'm not affiliated with them in any way) and county data coming from the county website. You can perform very in-depth searches based on number of units, tax valuation, mortgage data, owner data, ... etc. There is a 3 day free trial. You might not get exactly all you need, but you get a lot of data as a starting point or another comparison set.

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