Multifamily Desk
Multifamily Acquisition Case Studies
Acquisition profiles covering two- to fifty-unit buildings and multi-door rental packages sourced directly from ownership. Each profile sets out the sourcing route, the underwriting method, and how the transaction is structured.
Selected acquisition profiles examining asset strategy, underwriting, transaction structure, and value-creation considerations across AceStone’s target markets.
Small Multifamily Acquisition: Owner-Held Three-Decker, Providence
How AceStone underwrote and closed a legacy three-unit building in Providence directly with ownership — no listing, no financing contingency, tenants in place.
Residential Portfolio Acquisition: Eleven-Door Rental Package, Phoenix
A single coordinated closing for an eleven-property rental portfolio held across two Phoenix submarkets — underwritten as one package, closed on one timeline.
Small Multifamily Acquisition: Partially Occupied Fourplex, Cleveland
A underwriting review of a Cleveland fourplex with two occupied units, one vacant unit and one unfinished unit — and why the rent roll alone could not price it.
Multifamily Acquisition: Long-Held Six-Unit Property, Columbus
An acquisition profile examining a long-held Columbus six-unit building where the owner wanted out of active management, several rents sat below market, and maintenance had been handled informally.
Multifamily Acquisition: Eight-Unit Apartment Property, Tampa
A analysis of an older Tampa eight-unit property where insurance, roof age and near-term capital expenditure — not headline rent — governed the acquisition basis.
Occupied Multifamily Acquisition: Five-Unit Property, Charlotte
A underwriting review of a fully occupied Charlotte five-unit property with legacy leases — and why full occupancy is not the same as strong performance.
Estate Multifamily Acquisition: Six-Unit Building, Jacksonville
An acquisition profile examining a Jacksonville six-unit building held through an estate, where fragmented records and deferred maintenance had to be reconstructed into a credible basis.
Multifamily Acquisition: Mixed-Occupancy Eightplex, Phoenix
A unit-by-unit underwriting of a Phoenix eight-unit property combining performing units, vacant units and units mid-renovation.
Multifamily Acquisition: Twelve-Unit Apartment Property, Dallas–Fort Worth
An acquisition profile examining a privately owned twelve-unit DFW property with strong occupancy but incomplete financial reporting, and the methodology used to reconstruct a credible operating picture.
Value-Add Multifamily Acquisition: Eight-Unit Building, Cincinnati
A analysis of a Cincinnati eight-unit building that looked more distressed than it operated, and how cosmetic deterioration was separated from economically significant capital needs.
Multifamily Acquisition: Owner-Managed Seven-Unit Property, Raleigh
An acquisition profile examining a Raleigh seven-unit property operated directly by its owner for years, with fragmented records and several month-to-month tenancies.
Multifamily Acquisition: Nine-Unit Property with Strategic Vacancy, San Antonio
A analysis of a San Antonio nine-unit property carrying several vacant units, and how the reason for vacancy — not the vacancy rate — determined the acquisition basis.
Questions
Multifamily acquisition questions
What size multifamily assets does AceStone acquire directly?
The desk reviews buildings from five to roughly sixty doors, plus scattered-site packages of smaller rentals held under common ownership. Two- to four-unit buildings are handled by the duplex and small-residential desk.
Are occupied buildings with below-market leases still eligible?
Yes. In-place leases are honored to expiry and priced into the offer. Loss-to-lease is modeled rather than assumed away, so an owner is not asked to raise rents or turn units before a sale.
Does the building need repairs or a rent roll audit before an offer?
No. Assets are purchased as-is. A rent roll, trailing collections, and access for a single walk-through are sufficient for written terms; deferred maintenance and open work orders are carried by the buyer.
How quickly can a multifamily closing be completed?
Most files close within fourteen to thirty days on cash, with no financing or appraisal contingency. Sellers who need a longer runway for tenants, tax planning, or an estate can set a later date.
How are these case studies selected?
Each profile is selected where the sourcing route, underwriting approach, and transaction structure show how the multifamily desk evaluates assets in an active market.
Where this desk is active
Relevant markets
Markets most closely matched to the multifamily files above, with the underwriting posture currently applied to each.
Phoenix, AZ
Phoenix pricing is driven by unit mix and mechanical age; cooling systems and roof condition carry the largest underwriting weight.
2 documented cases: Residential Portfolio Acquisition: Eleven-Door Rental Package, Phoenix · Multifamily Acquisition: Mixed-Occupancy Eightplex, Phoenix
Charlotte, NC
Charlotte remains a basis-first market for us: we underwrite to replacement-cost discipline rather than rent-growth optimism.
1 documented case: Occupied Multifamily Acquisition: Five-Unit Property, Charlotte
Columbus, OH
Columbus files are underwritten around tax reassessment on transfer and the cost of bringing older stock to a lettable standard.
1 documented case: Multifamily Acquisition: Long-Held Six-Unit Property, Columbus
Providence, RI
Providence underwriting centers on triple-decker configuration, lead compliance, and heating separation — the three items that decide terms.
1 documented case: Small Multifamily Acquisition: Owner-Held Three-Decker, Providence
Atlanta, GA
Atlanta files are underwritten on in-place collections rather than pro-forma lease-up, with intown submarkets carrying the tightest basis discipline.
Houston, TX
Houston underwriting leads with insurance and flood exposure before rent — the two variables that move terms most in this market.
Multifamily desks by market
Local acquisition parameters, submarket coverage, and direct terms for owners in each active market.