I was reading Apartment Finance online issue of 4/9/09 and found this very interesting article.  If this is true than if you are a seller you want to attract more cash-on-cash buyers and if you are an investor it is time to learn how to syndicate as this article also stresses that the multi-family market, even with CMBS worries may not dump as many distressed properties as once thought?

Private Investors Drive Equity Market

By Jerry Ascierto

Small private equity groups are flooding the marketplace and investors are targeting cash-on-cash returns over internal rates of return, according to panelists on the equity investment session at the recent Apartment Finance Today Conference.

The most active equity investors today are smaller private syndicators or funds raised more at the grass-roots level in country clubs and other groups of wealthy individuals. Many of these individuals are pulling their money out of the stock market and putting it into private investments, attracted by the relatively hefty returns.

CB Richard Ellis (CBRE) recently completed three multifamily deals in Phoenix, Ariz., and of the 45 offers received for those deals, only one group was not a private investor. "The capital we're dealing with now truly is individuals and private," said Tyler Anderson, vice chairman of CBRE's institutional group.

Many in the industry believe there is a great deal of pent-up institutional equity waiting on the sidelines, but that may not be the case, according to Michael Lowinger, a senior regional director with equity investor Wrightwood Capital......  Read More http://www.housingfinance.com/news/aft/040709-aft-conference-Private-Investors-Drive-Equity-Market.htm

JW Najarian
Commercial Real Estate Professional Investors Group
www.CREPIG.com