Anybody buying large multifamily using their own cash??

[Serge S.]

I am seeing a lot of syndicators chasing limited deals but no longer seeing the high net worth guys out there closing on 100+ multifamily. This has been quite a change from the early 2010s when the high net worth guys were buying and syndicators where fairly dormant, at least in my Arizona market. I know some of the guys that were buying back then are now today's sellers, you see it all the time in the transaction activity. I'd love to hear what kind of national deals people are working on and closing. Are you buying or selling??? 

My last deal was a 128 unit C/B class, $4.2M PP, secondary market, $$700k gross potential rents at close May 2018 and $1M today. On going value add will push that to over $1.3M gross and $700k NOI. I do not underwrite anything like I would if I was syndicating and the debt I use is recourse local lender. I'm selling all my SFR stock, that was great while it lasted but that return on equity no longer makes sense.