Tampa MSA - Multifamily Value Add - Property Management Firms - 50-120 Units.
Hi everyone,

My firm has been looking to expand out of Toronto and into FL, specifically the Tampa/St Pete's./Clearwater/Manatee County areas. 

We're well experienced on the acquisition and asset management side of things, however we've hit a snag on finding an effective property management firms to partner with prior to our acquisition.  

We've identified several quality opportunities in the value add space from 50-120 units, however we're having trouble finding experienced PM firms that will bring on a property of this size. From my conversations thus far, most firms will either deal with considerably smaller or considerably larger portfolios. 

Ideally we'd be comfortable with the PM firm we're going to be bringing on prior to firing off our LOI's and going to contract as we'd need some aid navigating the local legal structure, lease audits etc. during DD.

If anyone would have any suggestions regarding firms which may handle multifamily assets of this scale on the property management side and construction management side, it would be much appreciated!
[{"id": "gikbl5a", "text": "I can\u2019t help suggest anything, but am curious at what you found in the  market $ projection wise, if you care to share. \n\nAlso u/gringogrande may have some helpful contacts.", "replies": [{"id": "gikdr5m", "text": "We're looking at high teen IRR's typically. Mostly 3-5 year investment horizons making the most money on the back end on recapitalization/sale. Less concerned about market movement on rental rate - underwriting at \\~1.5%-2.5% growth per annum depending on specific market and asset.\n\n We're facing significantly less competition due to the price point we're working with being outside that of small shops and individual investors and being able to come in all equity on $10M+ deals and refi post close. \n\nAlso expecting some cap rate expansion in the coming years due to likely increases in overnight and therefore retail lending rates.", "replies": [{"id": "gilqe6p", "text": "Howdy. /u/rentittome pinged me to the thread. I ,at be able to make a recommendation or two for you to interview. At least one of them will be honest enough to point you elsewhere if they are unable to handle the scope of your request. Please PM me.", "replies": [], "depth": 3}], "depth": 2}, {"id": "gilq729", "text": "Thank you for the ping. I may be able to recommend someone.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gikok4n", "text": "We funded some FL MF properties recently. I can check to see if there was any PM information and let you know some names/contacts", "replies": [{"id": "gil0qzg", "text": "Would appreciate, feel free to PM me!", "replies": [], "depth": 2}], "depth": 1}, {"id": "giz435w", "text": "Unfortunately, I can't comment with a PM recommendation. However, I was wondering if you could comment on how you got into multifamily acquisitions?\n\nI am currently looking to make a shift from working with a commercial lender in an asset management/servicing capacity to hopefully an analyst role with a multifamily sponsor. Any advice for someone looking to get into a role similar to yours?", "replies": [], "depth": 1}]