Property Acquisition Standards
Riedman plans to invest $200 million in the purchase of multi-family communities. We are looking to partner with brokers and sellers as we actively seek new acquisitions.
Geographic Area
Riedman prefer properties located in tertiary markets across the upper Midwest, Northeast and Mid-Atlantic.
Size & Type
Riedman prefers garden-style apartments with 200 units or more, spanning 2-4 stories and ideally constructed with brick. Class B, or C communities. We specialize in Class B or C communities, with a focus on value-added opportunities or redevelopment/rehab potential. Properties built by original builders or family-owned are advantageous, as are locations with barriers to entry and nearby older housing stock with potential for rehabilitation.
Brokers
Riedman respects brokers’ efforts and involvement. We are always mindful of rightful agency and a commission due a broker. Provided the broker has an authorized agency from the owner, we will honor that agency and endeavor to protect it. In the event an owner has not previously agreed to pay a commission, we may enter into an arrangement to pay a buyer broker to act on its behalf.
Terms
Riedman will pay cash or cash over an existing mortgage. We pride ourselves on conducting straightforward due diligence within 30-45 days and fulfilling our commitments as promised.
Submittal Information
Upon receiving the following information—property name, address, and location map; comprehensive property description including unit breakdown and asking rent per unit; existing rent roll; financing details, if applicable; color photographs; and site plan or survey—we will promptly respond. We are eager to arrange a confidential meeting with you and the owner to discuss potential transactions.
Submit information to:
John E. Smith, CCIM, CCS
Chief Investment Officer
Direct 585-329-6111
Jsmith@riedman.com
Brian Walsh
Director of Acquisitions
Direct 585-232-2600 x 103
Cell 585-750-8273
Bwalsh@riedman.com
