When will the multifamily deals hit the market?

[Sara Simpson]

I'm in the market for a 15-30 unit multifamily. I'm looking in Washington State and am particularly interested in Spokane. Currently all the deals I'm seeing are at 2019 prices or even a premium to 2019 prices. Aren't there some multifamily owners that are hurting due to unpaid rent? What about being out of covenant on DSCR? Will banks force them to bring cash to the table or foreclose?

I keep telling myself that it was several years into the Great Recession that real estate prices hit bottom so I don't want to overpay if we are on a downward trajectory.  But I haven't seen any signs of distressed owners or distressed sales.  I'm only seeing deals from brokers which I'm sure have been heavily shopped but I'm wondering if this will just take time to play out.  Of course, I'll pull the trigger if I see a great cashflow opportunity but so far I haven't seen anything close.