Multifamily

Housing is a basic need, and well-located residential and multifamily assets offer durable demand, diversified income across many leases, and the ability to reprice rents to market over short lease terms. We apply the same disciplined, value-focused approach to multifamily that we bring to hospitality.

We pursue value-add and repositioning opportunities where an asset can be acquired at a meaningful discount to replacement cost and improved through targeted unit and amenity renovations, professionalized management, revenue management, and a thorough review of operating expenses to drive bottom-line growth.

We focus on markets with sustained job and population growth, constrained new supply, and strong demand drivers such as employment centers, universities and transit. We underwrite conservatively, favor low-to-moderate leverage and fixed or hedged debt, and stress-test rent growth, occupancy and exit assumptions before we invest.

WHAT WE LOOK FOR

• Value-add and repositioning opportunities with a clear business plan

• Below-replacement-cost basis with in-place cash flow

• Markets with job growth, household formation and limited new supply

• Recapitalizations and special situations, including assets facing debt maturities

• Co-GP partnerships with experienced local operators