How to find good syndicators for a 64 unit

[Frantzy Louis]

GM all. I just locked down a 64 unit in Stockton TX. I find it very hard to find a buyer for it, I’ve been marketing it for a week and I haven’t met any serious buyers. 

And I'm convinced that the deal is good. It's a 64 units, located in Stockton TX, light rehab, asking is 2.460m, Current Monthly Rent: $25,250 Potential Monthly Rent: $79,000, potential cap rate is 25%, ARV is 9m if you sell at 7% cap rate. A great value add on opportunity overall.

This is my first dealing with a deal as big as this, I’ve work with 10+ units but not 60+. I’ve known the owner for quite some time and I don’t want to let him down, he’s old and is motivated to sell. If you know anyway I can go about finding serious syndicators for this deal please share your thoughts. Thank you in advance. 

[Mike Swenson]

What would be the plan to improve the 40% vacancy? What other property management opportunities would be available as I'm assuming a new buyer wouldn't want to stick with the current PM running at 40% vacancy. Does the population growth and local economy support drastically improving the vacancy? Those would be some of the questions I'd be looking to have addressed before showing significant interest before I'd put a lot of stock in the future potential growth opportunity of the property.

Hope that helps!