Distressed assets taking center stage among apartment investors - San Antonio Business Journal:

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Now, buyers are looking for something a bit Of the handful of investment opportunities that exist in the localapartment market, thoss assets moving to the top of list thesde days are the so-called distressed assets, industry brokers say. the cream of that crop are bank-ownes assets, or REO (real estate owned) assetd — foreclosed properties that have gone back to the Also falling into the category are apartment properties put on the market due to the financialdire straits. Phoenix and Miamio have seen a deluge of REO deals over the past 18 according toCasey Fry, an associatr with the San Antonio/Austimn office of Atlanta-based (ARA).
The firsr wave of these properties have now surfaceds in San Antonio as Fry says. The city’s relatively stable economy makes it unlikely that the local market will see as many of thes e REOs and distressed property sales asothefr metros, but as Fry pointsx out: “There will be more to come.” Whilee transaction velocity in San Antonio has slowedd considerably over the past two years, there is the likelihoods that more apartment communities will come to marker — as more ownerss find themselves needing to sell, adds Will Balthrope, a membee of the Balthrope Group of the . Balthrope’as partner is Ryan Epstein, who is basec in San Antonio.
Balthrope’s officd is located in Dallas. Looking back over the past year athis team’d property assignments — including those that have already changed as well as those still for sale — about 90 percenty of these properties were being sold by owners who had foundr themselves in financial trouble. Or as Balthroped puts it, these were owners who had “compellingf reasons to sell.” What’s the attractionh of distressed assets? Sums up Balthrope: “The opportunityt to profit in a time ofvaluw change.” Words like “distressed” and “REO” are like big signx on the asset that say, “Come look at Balthrope says.
And for every owned that has a compelling reasonto sell, therw are myriad buyers anxiously waiting to take advantage of a good observes Patton K. Jones, managing director of ARA’a Austin office. So who are the buyers now? Accordinhg to Jones, it’s all private moneyg these days — or what he calls “country club money.” “The institutional investors are gone,” says Jones, adding that most of thesd players — names like and — have fallejn on tough financial times. “Now it’s the private investorsx who are going to their country to their friends and family andraising equity.
” It’es a lot of new blood coming in, Fry “The buyers out there, they are not on our regularr Rolodex,” he adds.