Multi Fam Pipelines
Wanted to start a discussion and gauge the rooms temperature on if anyone out there has interesting pipeline right now? I source deals for an LP, so I'm in the market meeting with new potential GPs, and the deals I'm seeing are terrible. Shit assets withgoing for 4 caps in average locations.
Every bid process I've seen play out has 20+ offers, so it is a race to the bottom in terms of value. Seeing value-add deals trade for what will realistically be a 12%the market makes magic happen on .
I feel like this implies the capital markets do not view the apartment industry as risky anymore - like at all. Or, player in the market have changed from traditional real estate investors into traditional yield seeking allocators looking for alternatives to.
Anyone think similar or disagree?