Resources to buy an apartment complex in Dallas?

[Neil Aggarwal]

Hello:

My Dad is looking to buy an apartment complex in Dallas, but it looks like there is no MLS system for finding apartments for sale.

His is looking for a complex with a brick exterior valued between 2 and 4 million. He would like 100 or more units in good or better condition, preferably built in 2000 or later.

What resources are available to find such a complex for sale?

Thanks,
 Neil

[Joel Owens]

I think some buyers are just late to the party. I get calls from investors across the country and they want 2010 pricing but buy in today's economy.

Buyers got the best pricing then because the markets were frozen.

Buyers have to be realistic to the markets or frankly they are just  a waste of time for the broker. I do not even get started with a new client unless they are realistic. This doesn't mean I do not try to get them the best property and value possible. It does mean they have to in the same Universe to be able to close a transaction.

For example someone says " I want a strip center with fully stabilized all national tenants in a 100k plus median income area at a 10 cap." Ok well good luck to your endeavors and after a year of searching you will probably say you still haven't bought anything.

If instead you say that you are looking at around an 8 cap and then with negotiation we can push to an 8.5 cap then that is in the realm of possibility of happening. Now if they want to build new and get a high cap or buy value add 50% leased up or totally vacant and work for value then we could possibility get there and then some. 

Buyers get defensive when brokers tell them what the market is doing. There are some brokers who say that the low cap at a high price is a great deal just to sell something. You have to take what they say with a grain of salt as they are pushing their sellers listings. On the flip side a commercial buyers broker can look at the market objectively and say these are the best deals in the marketplace TODAY.