A lot of funds are lining up to make a play for distressed assets. If they don't have the patience to wait for things to cycle through banks and servicers, Mark Foster, attorney at Snell & Wilmer, says there is one group that may soon be ready to make a deal.

"I think the most opportunity [for purchases] is going to be with owners who are older, over 65, and who have done a good job of building a pretty good portfolio," Foster says. "There is a crazy amount of uncertainty, and they may want out. So they're willing to sell it [their asset] at a discount to get out."

When they sell, Foster thinks they'll prefer a buyer that can move quickly. "They want to sell to somebody who is able to close a deal quickly," Foster says. "They're willing to sell it if dips in value because they've owned it forever." 

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.