What's everyone seeing for IRR's and equity multiples on value-add & construction deals in gateway markets like NYC, Boston, LA etc..?
I'm looking at heavy value-add and ground-up construction in outer Burroughs of NYC and suburban Boston. The last deal I just made a run at penciled to a 12-15 IRR over 10 years, depending on the rents. Big renovation and a smaller unit count (multi-family). I was right at the bid but missed out due to keeping the environmental clause in, as opposed to fully hard deposit. Live and learn.
Just trying to get an idea of where the competition is at around the country. Keep in mind I'm at the non-institutional level, but feel free to post those returns as well.
I'm sure product types vary slightly. I'm open to hearing about all of them. Would be great to see where people are getting deals done in the biggest markets throughout the country.
Feel free to PM if you'd rather swap info that way.
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