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Secondary Cities Attract Multifamily Buyers

ST. PAUL—In this UPDATE, Oak Grove Capital officials say that to find good deals many investors are going into new markets.

By Brian J. Rogal | Updated on February 25, 2015

ST. PAUL—As reported last week in GlobeSt.com, the competition among investors for properties in the hot multifamily market has intensified, and an increasing number of investors are going outside of their own markets when they want to make an acquisition. And getting loans to finance those acquisitions frequently means finding a provider that has a broad reach but can also tap into local knowledge.

“The mid-sized owners of real estate have had to go to secondary markets,” Jeff Patton, managing director at St. Paul-based Oak Grove Capital, tells GlobeSt.com. And many of their clients take a regional approach and choose to concentrate acquisitions in the Midwest or perhaps the East.

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