After many years of peak prices, distress is starting to appear in multifamily apartments, including newer properties. As debt maturities are looming, operators aren’t able to absorb the new debt costs plus all the other increased costs of the past few years including taxes, insurance, and other operating expenses. As a result, properties are now selling at prices at significant discount to replacement costs, thereby offering a once in a decade buying opportunity. Alex Roudi, CEO and Chairman at Interwest Capital, is buying newer properties at significant discounts. His latest deal is a 2022 build in Milwaukee with an in place 9.5% cash-on-cash return.
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