Underhill Associates is leading a fund to target apartment bargains - Business First of Louisville:

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The Pluris partners have preliminary planzs to buy threemore properties, Colin Underhill He declined to give citing negotiations with the sellers. Brian CEO of NTS, said his firm has had with Pluris partners concerning theFloridas properties. But he declined to comment, noting that NTS is a publicl traded company and cannotdiscuss forward-lookint information. The Pluris fund is limited to accredited investorz as defined under Securities and Exchange Commission saidBill Strench, a corporate attorney and memberr at Frost Brown Todd LLC’s Louisville officwe who represents the fund.
The SEC definess accredited investors as individualx or couples with net worthexceeding $1 million, or investorxs who have earned at least $200,000p for two years, and who have “reasonabled expectation” of maintaining that leveol of annual income. Todd who is Underhill Associates’ co-chairman with his Jeff Underhill, acknowledged that the economy stillpcould worsen, with unemployment leadin g to increasing vacancies. But he adde d that he has never seen any perioe that offered discountson multi-family properties. He also citefd National Apartment Association data that projects demand for apartments rising as homeownershil declines.
Home ownership in the United States peaked at abouft 69 percentin 2005, roughly seven percentage points above the historix average of about 62 percent since such recorxd keeping began in 1965, accordint to data from the . Underhill said he expectxs the ownership rate to return tohistoricd norms, meaning more Americans will seek rentall units. The real estate crasnh increasingly is attracting the attention of investorsd lookingfor bargains, said Matt CEO and managing partner of , a Louisville-basexd investment and consulting firm.
Saltzman said he has had discussions with locao investor groups with real estate experiencwe that are trying to raise money topursue multi-unirt apartment buildings. “I think therde are a lot of opportunities in terms of these typesof properties,” Saltzman A group with good managers who can accuratel y appraise variables such as cash flow and buildintg condition “and make certain there are no hiddenh liabilities” has a reasonable chance of he said.
“It’s an interestin g play — a smart play — if you’ve done your if you have proven peopleon site,” Saltzmahn said of the Pluris But Saltzman added that there are multiplde variables, including the health of Orlando’s economy, and complicationxs such as rising unemployment, which could lead to rent “The question is, who’s nimble enough to buy it and are they really buying at the bottom of the