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As loan maturities come to fruition over the next couple years, great deals will emerge for experienced operators who can raise capital and secure financing. One asset class where there will be an inordinate amount of distress will be Class C Multifamily where inexperienced operators took on too much debt and overpaid for properties. Steven Gesis, COO at Smartland in Cleveland, specializes in Class C, and is poised to capitalize on this opportunity. Smartland has innovated the approach to adding value in this class of properties including the installation of wireless packages, EV charging stations, and creating a Smartland app where tenants can schedule maintenance requests. Smartland has even opened on-property convenience stores, Subway sandwich shops, and more.
