Here’s where the deals are this week.
For months we’ve covered the distress from the outside: foreclosures stacking up, banks dumping REO faster than forecast, owners staring at a refinance they can’t make work.
Every week the same reply lands in my inbox: “Great, but where are the actual deals?”
Starting today, we answer that with the Deal Sheet.
Why now
The pressure has moved from headlines to individual buildings.
A lot of multifamily debt was written when money was cheap, and it’s coming due at today’s rates.
Owners who can’t refinance have three options: put in more equity, hand back the keys, or sell.
More of them are picking the third one, and many don’t want to do it on a public listing. Banks are in a similar spot.
They don’t want to own apartment buildings, and they’re pricing REO to move.
On the listed side, sellers who priced for 2021 are cutting, sometimes twice, without much noise.
Investor Takeaway: In this part of the cycle, the edge isn’t capital. It’s seeing the deal before everyone else and underwriting it faster.
What’s in this week’s sheet
10 buildings, all under $10M. A few are off-market or pre-market and haven’t been shown publicly yet.
The rest are bank-owned auctions and repriced listings that most buyers have scrolled past.
Each deal comes with a one-line thesis, the main risks we’d want answered before writing an offer, and a direct contact for the broker or owner.
No gatekeeping and no sign-up wall.
Call them yourself.
These are starting points, not recommendations.
Underwrite every one yourself.
Who we’re building this with
We’ve partnered with Aximon on the Deal Sheet, and I want to be clear about why.
Aximon works only with commercial real estate firms, and it turns them into AI-native companies.
When I talk to sponsors, even very good ones, most of them still run acquisitions and asset management on spreadsheets and email.
Analysts retype numbers from an OM into a model, and somebody chases rent rolls for a week.
Aximon rebuilds that around AI.
It’s turnkey and built around how each firm already works, so nobody has to learn a new tool or babysit it.
Putting together a list like this one every week is exactly the kind of work that normally eats an analyst’s week.
That’s the work Aximon takes off a firm’s plate.
If you run a firm and want to see what an AI-native version of it would look like, the team is at aximon.ai/r/altreports.
Tell them AltReports sent you.
Investor Takeaway: The firms that come out of this cycle on top will run leaner and move faster than their competitors.
Start building that now, not after the next deal slips past you.
See you next week with a fresh sheet.