Given the uncertainty in markets today, I am wondering if anyone here was in negotiations at the brink of the '08 recession or any other tough economic time and how that impacted the process/price.
I work for a family office. We build, manage and acquire mostly on the MF side. We can self fund deals and when we do lever it is usually from a regional relationship. We are currently negotiating price on two deals - one as a purchaser and the other as a seller. On the purchase side we are looking to purchase a small multi-family workforce housing project that was developed 50 years ago and has been self managed by the owner. It is an off-market deal so we are not really conerned about competing offers. On the seller side, we are selling a large multi-family workforce housing property that we took over from a bankrupt developer and have owned and managed for the last 40 years. We have maybe 20 LOIs and will hopefully have the opportunity to be selective about who we ask to the best and final.
If I had to guess, I'd assume we will sell our asset at the price we want but will see some buyers not reaching as high in the best and final as they might have if not for the market uncertainty. And on the purchase side, I'd assume the seller will cave on price and we will scoop this thing up well below asking. I am curious however what you guys have experienced in negotiations amidst past times of economic uncertainty.
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