515: Newer Assets Often Outperform Older Assets

With so many multifamily syndicators having executed value-add business plans over the past several years, there are fewer of these properties available for acquisition.  Additionally, older properties have more deferred maintenance, and therefore are more difficult to underwrite. Most of the time, even with lower prices, the risk is not worth the reward with older properties, and newer properties appreciate more over time. Over the past year, more Class A properties have traded hands.  Neill Bertrand, Chief Investment Officer at 180 Properties, has operated assets with different vintages, but is currently acquiring newer assets in Dallas and San Antonio.