Finding the right buyer to target for 31 Student Rental Units?

[Will Gaston]

All:

I am considering selling a portion of my portfolio that consists of 31 total units that consists of 11 SFHs, 7 duplexes, and one 6 Unit property. Here's some background:

• They are located in Columbia, South Carolina and are all college student rentals.
• They are all on separate tax parcels but are all within ~2 miles of each other and to the University of South Carolina.
• I have owned many of them for 5+ years and have had zero vacancies with most of them.
• There are 84 BRs total and bring in 55k/month in gross rent.
• They are fully leased, stabilized, and generally speaking, in good condition.
• I believe the valuation to be ~5MM if I sold them individually.
• I want to sell them together for 1031 purposes.

My questions are these:

What kind of legitimate buyer should I expect to buy these if I wanted to sell them collectively? It seems to me that someone with 5MM to spend would want to buy a MFH all on one parcel. I've also noticed that there appears to be a lot of "funds" and "groups" out there who don't have the experience or ability to close on a large project.

Is this too "big" to sell together based on per unit asking price? ~161k per unit seems to be pretty high for someone that has that much money to spend.

How big of a deal is it to a buyer in that price range to have actual financials (Trailing P&L, actual maintenance expenses, etc)? I run all of these properties through my personal returns as I am the sole owner and I don't have the pretty financials that a lot of institutional buyers would like to see. I do, of course, have hard numbers on leases, insurance, taxes, etc. 

I'm aware that I could probably sell them for more individually, but am unlikely to do so based on my current business structure.

Appreciate any advice you may have.