How Odyssey Properties Group finds 'needles in a haystack' in North Texas' multifamily market - Dallas Business Journal

Implementing a capital improvement plan while not pricing people out of their communities? In this economy?

“It feels good to bring a level of amenity to these communities that people want. It’s difficult to do under your current capital structure as an owner.

Multifamily was one of the darlings of the investment community last year, but market conditions are more complicated right now. Why are these still compelling transactions that you can add value to? We underwrite 3,000 deals a year, and we’ll buy four to eight per year. We're looking for needles in the haystack, and these recent acquisitions in Dallas fit the bill.

What makes it difficult for us is not only am I looking for a needle in a haystack, which is our ordinary course of business, I'm looking for the 20% of sellers that are willing to meet the market and acknowledge that interest rates have caused a change in borrowing costs for buyers. I still don't think that the majority of sellers are willing to do that.

I have an old client who is a developer, and he used to say, “The thrill is in the ‘create.’” He was talking about why we do certain kinds of business, and as a developer, he found that thrill was in the creation.

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