What We Look For
Our acquisition criteria are focused while maintaining flexibility for exceptional opportunities.
Multifamily residential.
Stabilized, near-stabilized and assets requiring operational stabilization. We do not pursue ground-up development.
Generally 50+ units, with flexibility for smaller assets where the economics or transaction circumstances are particularly compelling.
With flexibility for smaller assets where the economics or the transaction circumstances are particularly compelling.
Select U.S. markets demonstrating favorable long-term multifamily fundamentals and attractive investment conditions.
We evaluate markets based on factors including:
Primary areas of interest include:
Value-add multifamily | Operational turnarounds | Under-managed properties | Long-term ownership | Motivated sellers | Physical repositioning | Attractive-basis acquisitions | Special situations | Tax-incentive opportunities | Advantageous financing or transaction structures
Flexible.
We evaluate opportunities based on the quality of the investment thesis rather than imposing an artificial maximum transaction size.
We are actively seeking multifamily properties with identifiable operational, physical or structural upside.
We have particular interest in assets involving: Under-management, Long-term ownership, Deferred capital needs, Motivated sellers, Attractive acquisition basis, Pre-market or off-market availability, Tax or structural opportunities.
We are most active on properties in reasonable physical condition that are not being operated well, and on long-held assets where ownership circumstances rather than the market are driving a decision. Pre-market and off-market situations are of particular interest.
Our preferred acquisitions frequently combine several value-creation opportunities: Attractive Basis + Identifiable Upside + Defensible Downside + Executable Business Plan
A price that reflects existing performance, required capital investment and execution risk — not a price that requires everything to go right.
A specific, nameable reason the property can perform better under different ownership, supported by evidence rather than optimism.
An outcome we can live with if the assumptions that matter most do not develop as expected.
Work we can carry out with the capital, the timeline and the professional resources actually available to the transaction.
