About Cardinal Capital Management » Sellers Info
Information for Property Sellers
Cardinal Capital Management Acquisition Criteria
Cardinal seeks to purchase multifamily properties. The properties we are interested in take two forms:
* Market rate housing currently marketed to middle income renters. This type of property is often described as "B" or "C".
We also are interested in purchasing affordable housing with subsidy:
* HUD projects (Section 8, 236, insured, uninsured, etc) for acquisition / rehabilitation.
* Rural Development (RHS 515). We prefer 515's with Section 8.
* Tax credit projects that are approaching their 15 year mark.
* Housing projects with a large proportion of tenants that have Section 8 vouchers.
* Portfolios of affordable multifamily properties.
Size: In general, we are looking for properties with 30 or more units. In markets where we already have a presence, we may wish to acquire smaller assets. We have the capacity to acquire portfolios of up to 1,000 units.
Location: We seek to purchase assets in and near Wisconsin. Within a days driving distance of our Milwaukee office. In general our purview includes southeastern Minnesota, eastern Iowa, and northwestern Illinois. We are willing to consider exceptional opportunities further a field.
Timing: We are able to ascertain whether we are interested in pursuing an acquisition and to formulate an offer in very short order, customarily within 72 hours.
Management: We are willing to consider and discuss leaving current management in place.
Structure: We are willing to accommodate sellers by implementing transaction structures that meet their needs. In particular, we are willing to participate in 1031 exchange transactions.
Please contact Dan Kroetz or Joe Thomae
