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Has Anyone Sold a Property to a REIT?
Does anyone have any experience selling real estate to a REIT?
I had a REIT buy a single family house from an investor I work with (I was the listing agent) a couple weeks ago. Just like any other cash transaction where the buyer was out of state.
Yes. Q's?
@ Craig
What was your experience? Quick close? all cash? how did you find the buyer? Property type. Also do you have any suggestions how to reach a REIT to propose property? Thanks for any feedback
All cash. Liquid by nature. Very quick (if you have "a deal"). Even then expect every PCA and DD issue to land in the seller's lap (in retrade). REIT's purchase in clusters. Research REIT portfolios. They will have multi properties in specific markets <10 ish mi's away from each other (easier to manage). If you have an under performing property within their cluster (or a portfolio cluster in a new market), they will entertain a deal, but it must be a fire sale (again, expect all physical issues to land in the seller's lap for retrade). REIT's are not just property owners, but fiduciaries in equity. They must play hard (by law) Over paying for a property, repairs/improvements or management is actionable. Take your deal to the regional PM (managing a local portfolio). He/she is also a scout (and they always do drive by's). They will know if your deal fits the field and product model. If it does, they will connect you with their acquisition team, internal or 3rd party broker. REIT's are easy to canvas because of their size, but the deal must more than pencil.
Craig E. What is the name of the REIT you describe in your post?
Generalization re large (global), multi fund (flex class) portfolio holders/ managers, funded and buying (always building pipeline). The take away being that they are easy to find/ present to, but tough to crack (for good reason). Thoughts / experiences?
Thoughts? You solicit questions but don't answer them. So I discount most of what you say.
My response was relevant and material to Jason's query (re "any feedback"). Nuff said.
Craig E. I have just started looking for the REIT's to sell inventory to. I started looking up the obvious, Blackstone, Colony, Waypoint, etc. but don't really know how to contact the right person. Can you help? I am in San Diego.