Reputable Property Mgmt for 16 Building Portfolio of Small MFs

[Christopher Cruz]

Hi All - I don't normally look at small multifamily properties but an off-market portfolio of 51 apartments split between 16 buildings crossed my desk recently. Predominantly S8 vouchered tenants in an urban market near NYC. Unlevered yield looks solid even after stressing this thing up and down with on-going cap-ex, replacement reserves and r&m. I realize there are a lot of investors on this forum that focus solely on these types of properties so I've come to hear some first hand accounts on managing a larger portfolio of tiny buildings.

With that being said, have any of you worked with third-party property mgmt firms that focus on these types of properties/portfolios? What has your experience been like? Is it wishful thinking to believe that my partner and I can get this portfolio to be near-passive from a PM/administrative perspective? Obviously AM work will be on us. Just the thought of legal structure and accounting makes me want to pass on this, i.e 16 SPEs, 16 K-1s.

Appreciate the discussion. Thank you.