In the Western Chicago Suburbs (Westmont, Villa Park, Wheaton, Lombard, Addison, etc...) there are many apartment buildings located right next to a clustering of all the same exact built buildings, typically each with a different landlord/owner.  Often 3-6 units like this: https://www.redfin.com/IL/Villa-Park/731-N-Lincoln...

How do you think about these as an investment? 

Because the units/buildings/amenities are essentially commoditized by the surrounding buildings...  If you upgrade the exterior dramatically, the building may end up standing out and looking odd / not fitting in... If you remodel the interiors, you're still a bit captive to the rent of all the next-door neighboring units... Doesn't appear to be much of a value-add play here... Of course if you could acquire ALL of the neighboring buildings, you could have much greater control and rental price influence.

My guess is that the owners of these buildings are essentially just parking money and not pursuing a value-add strategy.

How do you all approach this sub-sector of Multifamily?