Small Multifamily Deal with Condo-Style Exit Strategy (Seeking Partners)

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Small Multifamily Deal with Condo-Style Exit Strategy (Seeking Partners)

Timothy Chiapel
Member since 2026 · 4 posts · 1 vote

Looking to connect with a few serious investors on a unique value-add opportunity I’m currently working on.

We’re evaluating a 6-unit multifamily asset in a highly supply-constrained coastal market with strong in-place cash flow and a clear path to value creation. The business plan is centered around a strategic unit-by-unit sale, allowing us to capitalize on the premium between bulk multifamily pricing and retail-level exits.

The deal is stabilized with strong rents (~$5.8K/unit avg) and sits just steps from the water in one of the most desirable submarkets in the country.

We’ve underwritten this conservatively with exit pricing below current comps, while still targeting:
• ~1.5–1.7x equity multiple
• High IRR on a short-term hold
• Strong spread between acquisition basis and retail exit

We are targeting approximately $2M in equity to execute the business plan and are currently building relationships with investors interested in this type of strategy.

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  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 122 votes
    5mo
    Quote from @Timothy Chiapel:

    Looking to connect with a few serious investors on a unique value-add opportunity I’m currently working on.

    We’re evaluating a 6-unit multifamily asset in a highly supply-constrained coastal market with strong in-place cash flow and a clear path to value creation. The business plan is centered around a strategic unit-by-unit sale, allowing us to capitalize on the premium between bulk multifamily pricing and retail-level exits.

    The deal is stabilized with strong rents (~$5.8K/unit avg) and sits just steps from the water in one of the most desirable submarkets in the country.

    We’ve underwritten this conservatively with exit pricing below current comps, while still targeting:
    • ~1.5–1.7x equity multiple
    • High IRR on a short-term hold
    • Strong spread between acquisition basis and retail exit

    We are targeting approximately $2M in equity to execute the business plan and are currently building relationships with investors interested in this type of strategy.

    @Timothy Chiapel

    Interesting strategy, especially if the asset is already stabilized and the spread between bulk multifamily pricing and retail unit exit pricing is strong.

    For partners, I'd expect the main diligence items to be current rent roll, T12/P&L, unit-level comps, legal feasibility of the condo/unit-by-unit exit, HOA/condo docs, entitlement timeline, financing terms, and sensitivity around sales velocity and exit pricing.

    The concept can be compelling, but the execution risk is mostly in the legal structure, timeline, and whether the retail exit assumptions hold up in the submarket. 

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