We buy properties in multiple markets and have specific acquisition criteria. If your property meets the criteria below and you’d like to sell your property to us or would like for us to review your opportunity for potential partnering, please contact us.
General Investment Aquisition Criteria
Our Focus: Workforce Housing
- Multi family only built 1970 – 2005
- 85% or more occupancy
- Pitched roofs
- Unit size 70-300 max, the majority of units 2 bedroom
- Nationwide stabilized markets with upward growth
- Tenant Base – Workforce Professionals
- Minimum population size 100,000
- Median Household Income for tenant base $40k – $70k
- Market rent only. No section 8 or subsidized.
- Deal size $8M to $30M
- Must have value add play
- Class B, C
- Must exit 5 – 7 years or less
- Must hit at least 18-20% IRR in 5 years or less
If you are looking for us to invest or partner in your deal, it must meet our general criteria above, as well as the following conditions:
- Must have occupancy above 85%
- Annual cash on cash needs to be 7-10%+ after year 1
- No exit fees charged by syndicator
- Max. asset management fee 1-2%
- You must send us the full editable, unprotected Pro Forma and supporting documents.
- If you are looking for us to handle financing, and bring all the equity, we generally will propose a 80/20 or 75/25 split of GP ownership. If you bring in half of the equity and financing, we will generally be ok with 50/50 or 51/49 split.
- We do not place equity for a fee, and currently do not participate as limited partners only. We are looking to be co GP’s, with your group as the operational partner.
- We currently are not accepting offers to sponsor deals unless we are involved as GP’s
- We will also look at deals in which groups will assign or sell us the property outright for a fee.
- Do not send any opportunities you have not fully underwritten
- Do not send any opportunities that are less than 30 days away from closing preferably 45 days +
Property Examples
