150+ Units in Charlotte?

6 Replies | Charlotte, North Carolina

Hi All -- 

I'm new to the Charlotte forums -- nice to meet you all.  

I work at a family office based in Pittsburgh, but it's been an initiative of ours to better understand Charlotte and hopefully find some investment opportunities.  Generally, we're looking for apartment buildings that are 150+ units,  Class C/B, or distressed.  

I typically go through the traditional brokered channels, but its been incredibly challenging to "win" deals in this cycle so I've been spending more time trying to generate off-market leads/find deals that are messy or broken in some capacity.  

Would really appreciate any insight you guys have in the market and any referrals/suggestions for good people to meet with in the area.   I'll be travelling to Charlotte a bunch in the next few months (including next week) in an effort to find some deals!

Also, let me know if I can help out in any capacity.  My background is primarily in financial modeling/underwriting in both acquisitions and development, so I'm probably best suited to help in that area. 

Thanks all!

Best,

Keenan

@Keenan K.

Hey Keenan,

Here is a thread you might find interesting.  https://www.biggerpockets.com/forums/432/topics/57...

Looks like Dan Handford may be a fairly connected local who could help. @Don Harris is also pretty deeply involved in the CLT market, not sure if he does multifamily.

Maybe also connect with folks who attended this meet up recently? https://www.biggerpockets.com/forums/521/topics/58...

Here is a meet up from last year, no idea if it is still going https://www.biggerpockets.com/forums/521/topics/51...

If you like beer, Charlotte is a good city for local brews, enjoy while you are there.

Good luck!

@Ian Kurela

Ian, thanks -- appreciate it! 

Nope, not a new asset class - we're exclusively focused on multi.  I would say 85% of the deals we currently UW are typical brokered market-rate deals.  Like many other groups in the space,  it's been tough recently to find deals that we can get to pencil.  We have competitive capital, but typically aren't aggressive enough in our UW to win deals in this environment.  Currently better suited as a group to be in the competitive mix and step up and close if necessary.  But it really does seem like high bidders are actually closing -- don't see too many kick backs.  

And then the remaining 15% are deals that come in through unique sources (off-market brokers, lawyers,  lenders, friends, etc.)