he's an apartment sale that just happened in an amenity rich part of town...pic.twitter.com/RlhQ3w9oey
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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he's an apartment sale that just happened in an amenity rich part of town...pic.twitter.com/RlhQ3w9oey
and here's another one. $7.8 Million for 31 units (~252K/unit). a whole fuck of a lot cheaper than new construction.pic.twitter.com/0wIVoABWsb
looking through the financials, this place looks perfect for a solidarity housing model with market rents subsidizing lower income tenants (and there are quite a few apartments with low rents).
i'd love to hear from @pcohensf or @eparillon or @sammymoss425 about the feasibility of a non-profit ownership structure to own and operate the building...
lookee here to see what the good folks at @TNDC bought for $220K/unit ($18.5M) back in March. 270-272 Turkpic.twitter.com/PPMoKrJUOy
despite the the rents for this building being pretty low the building was returning an NOI of over $800K/yr, more than $9500/unit even with vacancies. fully occupied (w. new tenants at market rents) the NOI is >$1.5M/yr.
i swear just looking at these two transactions leads me ask if we can just start a non-profit REIT to buy up buildings and functionally decommodify them.
let's go into business buddy
who knows how to set this shit up?!
It was my job for about a year to work on trying to set up something along these lines. Won't surprise you to learn the sticking point is finding investors who are willing to park a lot of money without seeing much return. (Not being snarky - even impact funds expect 10+%)
Not even the SF employees’ retirement fund wants low returns. https://mysfers.org/about-sfers/investments/ …
this can't be done with the expectation of investment quality returns. putting some of the affordable housing cash into it would however allow you to at least get your money back...
about a year back i recall Eric Tao talking about the need for a riskless instrument that would basically provide muni bond like returns thereby being able to take a slice of the non-equity portfolio held by pension funds and insurance companies.
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