We just completed two deals in the Eastlake neighborhood that tell us a lot about the local apartment investment market today, I think.
The seller was an old school traditional type apartment owner who had been in the business for many decades yet sold the apartment investments to roll the proceeds into retail property. The thinking was that retail property is a better value for investment today since apartments are currying so much demand and price.
The buyer is a local first time apartment investor who makes his living in the technology business and sees apartment investing as a very secure investment relative to equities or even other types of real estate. In other words, the buyer isn?t trying to make a living off the investment but instead seeking a reasonable long term return that is in addition to what he earns in his profession. While these deals are big money, this is not the buyers primary source of income.
To the new investors a yield of 4-5% in the first year is perfectly acceptable and better than many alternatives when factoring in risk. The old school real estate guys required much higher returns just to live.
Source: http://mcquaidre.blogspot.com/2012/12/who-is-buying-today.html
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