How to look for an apartment complex

Question

Does anyone have advice how to find an apartment complex for sale? I have been growing the size of the rental properties I have. I started out with two duplexes. Recently I bought seven condos. I feel ready to move up to something larger. I would like to find an apartment complex between 25-100 units. Anywhere in the country. What is the best way to find motivated apartment complex sellers? I've used wholesalers for all my previous purchases. Is that the best route?

Tom O. · Answer

Crexi. Loopnet.

Form relationships with commercial multi-unit RE brokers in your area like Marcus and Millchap.

Just from asking for the financials of listings on Crexi, I now have several realtors who send me stuff, listings for multi-unit buildings.

Steve Morris · Answer

"What is the best way to find motivated apartment complex sellers? I've used wholesalers for all my previous purchases. Is that the best route? "

I don't think most apartment owners are dumb enough to not realize what their property is worth and fall for a wholesaler offer.

Put your resume together with your lender and get your proof of funds together.  Pick an area you want to be in and start calling brokers in that area and ask what you can get for your money.

You can use CreXi/LoopNet, but those are listed by brokers, if they're priced that well the broker can sell them without advertising.

Angelo Forzano · Answer

@Abraham Kaplan. Besides Crexi try Loopnet

Tom O. · Answer

I forgot to add the most obvious: MLS.  I know everyone thinks that doesn't work but I've gotten all of mine except for one building (FSBO) that way.

Abraham Kaplan · Answer

@Angelo Thanks. I'll check out loopnet.

Abraham Kaplan · Answer

@Tom O. I've never heard of Crexi or Marcus and Millchap. Thanks! Crexi looks like a useful resource.

Arn Cenedella · Answer

@Abraham Kaplan

It’s all about networking with everyone in the MF space.

Greg Dickerson · Answer

If you are looking for motivated sellers you need to market to them directly using letters and calling them on the phone. You can also reach out to wholesalers in the markets your interested as they will run across a multifamily seller occasionally.

How to look for an apartment complex

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