
Key Learnings Trying Buy a Housing Authority Property
Key Learnings Trying to Buy a Housing Authority Property Property While trying to acquire a multifamily Housing Authority owned property, I became quickly aware the approach is different when dealing with a government entity versus experienced private or institutional sellers. These are my key findings: Hard Money isn't necessarily needed The motivation behind the Housing Authority is to get top dollar Amenities are very light and must be added to be competitive with surrounding properties While maintained well, interior renovations are a decade or more behind the times Little deferred maintenance because they have a mandate to keep a clean and safe property Any acquisition will take longer to stabilize and re-position to attract the right market rate paying tenants While tougher than a normal multifamily acquisition and re-positioning,…