Strategy
Our current focus is existing garden-style apartment communities in Midwest and Southeast secondary markets.
We underwrite the debt before we underwrite the deal
Most sponsors solve for price first and treat financing as something that happens after the letter of intent. We work the other way around. One of our general partners spent his career in commercial lending and loan closing, so questions about assumption approval, guaranty structure, subordinate debt and lender consent get answered early, when they can still change the offer rather than kill the escrow.
We buy where new supply is structurally limited
Secondary markets are not simply smaller versions of primary markets. Fewer large development sites, thinner construction pipelines and slower entitlement paths mean existing communities compete against less new product. We measure that at the submarket level rather than the metro level, because a market with modest headline deliveries can still have heavy competition around a single employment node.
We underwrite current operations, not a recovery
Our base case is the rent roll and the trailing statements as they exist on the day we look at them. Taxes get modelled against local reassessment practice rather than a flat percentage. Insurance gets a property-specific submission rather than a trailing premium. A deal has to work on what the property does now, before anything we intend to do to it.
We hire operators rather than becoming one
We use third-party property management and hold it to a sponsor-level reporting standard. Vertical integration solves real problems at scale and creates new ones below it. At our size, the better answer is choosing a strong regional manager, aligning incentives clearly and staying close to weekly performance, rather than running a management company as a second business.
Current acquisition criteria are listed on the contact page.