Optimized for Agile Execution
Rental Housing Operator
- Tactical execution and oversight of business plans
- Focus on maximizing financial health of assets
- Transactions, asset management, and construction management
Investment Manager
- Capital formation and portfolio construction
- Focus on maximizing investment returns
- Portfolio management, reporting, and investor relations
We Remain "Asset-Light" by Outsourcing
Management
Contracting
Administration
- Focus on higher ROI: investment execution, navigating the market, and business strategy
- Curate third-party specialists as force multipliers tailored to specific needs
- Quickly adjust execution strategy ahead of market
- Better alignment with LPs by eliminating GP reliance on third-party fees
Differentiated
Investment Strategy
Singular Focus and Expertise in Multifamily
- Rental housing provides a fundamental, non discretionary need: shelter
- Tailwinds from extended housing supply constraints
- Downside Protection
- Low Beta
Invest in High-Growth Areas
- Targeting favorable demographic trends through population and job growth
- Growth markets with deep buyer pools create high exit liquidity
- Current data points to Sun Belt and Mid-Atlantic
- Secular Growth
Seek Inefficiencies Across the Market Cycle
- Analyze large amounts of data to identify pricing dislocations
- Leverage our nimbleness, agility, and flexibility to quickly seize
- relative value oppurtunities
- Cyclical Opportunities
- Upside Potential
- High Alpha
Broad Execution Capabilities
Across Rental Housing
- Institutional JVs
- Fund Vehicles
- 1031 Solutions
- Core/Core +
- Value-Add
- Opportunistic
- Equity
- Pref/Mezz
- Debt
to Adjust Ahead
of the Market
- Call A, B, and C
- Renter Demographic
- Asset Life Cycle
- Primary/Secondary/Tertiary Cities
- Urban/Suburban Sub-Markets
- Institutional JVs
- Fund Vehicles
- 1031 Solutions
- Core/Core +
- Value-Add
- Opportunistic
- Equity
- Pref/Mezz
- Debt
- Class A, B, and C
- Renter Demographic
- Asset Life Cycle
- Primary/Secondary/Tertiary Cities
- Urban/Suburban Sub-Markets
Why U.S. Multifamily?
Why Sun Belt and Mid-Atlantic?
Why Now?
Historically Recession Resilient with Stable Long-Term Returns
Rental housing provides a fundamental, non-discretionary need: shelter.
It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
Tailwinds from Extended Housing Supply Constraints
4.3 million apartment units are needed nationally by 2035, over 330 thousand annually, to compensate for demand and the shortfall in construction.2
Home Buying Has Become Less Attainable
Due to rising interest rates and prices, the cost to own and maintain a home has grown higher than renting and sits higher than the prior peak of the mid 2000s housing market boom.3
Historically Recession Resilient with Stable Long-Term Returns
Rental housing provides a fundamental, non-discretionary need: shelter.
It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
Tailwinds from Extended Housing Supply Constraints
4.3 million apartment units are needed nationally by 2035, over 330 thousand annually, to compensate for demand and the shortfall in construction.2
Home Buying Has Become Less Attainable
Due to rising interest rates and prices, the cost to own and maintain a home has grown higher than renting and sits higher than the prior peak of the mid 2000s housing market boom.3
Identify Demographic Patterns
We employ data-driven analytics in an effort to identify demographic patterns that drive demand.
Historically Recession Resilient with Stable Long-Term Returns
Rental housing provides a fundamental, non-discretionary need: shelter.
It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
Historically Recession Resilient with Stable Long-Term Returns
Rental housing provides a fundamental, non-discretionary need: shelter.
It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
Historically Recession Resilient with Stable Long-Term Returns
Rental housing provides a fundamental, non-discretionary need: shelter.
It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
Execution of
a Dynamic Strategy
Opportunistic
Income Recovery and Growth
2004 - 2006
Purchased income-producing properties with depressed rents and occupancy.
- 18.3% Gross IRR
- 2.44x Equity Multiple
- 6 Properties
- 1,362 Units
Dangerous Valuation
2007 - 2008
Sat out irrational and flawed market.
- 0 Properties
Distressed Market
2009 - 2013
Purchased assets from distressed sellers at discounted values.
- 41.9% Gross IRR
- 3.82x Equity Multiple
- 6 Properties
- 2,232 Units
Value-Add
2014 - 2016
Purchased and renovated Class B and C properties with a large rental rate discount to nearby Class A product.
- 37.7% Gross IRR
- 3.61x Equity Multiple
- 8 Properties
- 1,546 Units
Cap Rate Inefficiency
2016 - 2019
Purchased assets in the Norfolk-Virginia Beach MSA trading at a perceived historic pricing discount to other cities.
- 39.3% Gross IRR
- 2.80x Equity Multiple
- 6 Properties
- 1,930 Units
Market Peak
2019 - 2022 Q1
Took advantage of excessive prices, high liquidity, and mispricing in the capital stack.
- 9 Properties
- 2,254 Units
Market Dislocation
2022 Q1 - Present
Distressed opportunities are appearing as the market begins to correct.
- 2 Properties
- 408 Units
Where We See
The Market Today
