Off Market Multifamily- Seller Only Talking to One Buyer
I've been in contact with the owner of an off market (not listed and no broker relationship) medium sized multifamily apartment complex. Property is owned by 3 partners, partner #1 I've been in contact with for a week or so, and have developed a strong relationship with.
Partner #1 suggested I reach out to Partner #2 who has a better understanding of the financials of the property. Partner #2 informed me that there was another interested buyer, and he promised the other buyer he would not talk to additional buyers. Basically told me he would reach out if the other buyer fell through. Partner #3 seems to be out of the picture. Seems like a pretty odd approach for a seller to only talk with one buyer, is this the norm for off market 10+ multifamily deals?
I told partner #2 to inform the other buyer my name, and that I would be open to a partnerships on this deal. Investing in a small market, so we likely know each other.
Looking for any recommendations on if there is anything else I can try. I'm not one to "sit around" and hope the other buyer falls through!