Strategy
Operational discipline, underwritten to yield
We invest with operational discipline, market familiarity, and underwriting to yield-on-cost, targeting a specific asset profile in markets where we hold a real advantage.
Asset Profile
What we buy
Discipline shows up as a tight, repeatable buy-box. Our core is workforce and middle-market multifamily, and we are extending the same rigor into adjacent real assets, including small-bay industrial.
- Scale
- Middle-market, below the radar of institutions
- Vintage
- 1980s and newer
- Profile
- Core-plus and value-add
- Leverage
- Conservative, fixed-rate
- Upside
- A clear operational path to higher NOI
- Alignment
- Co-investment in every deal
- Building scale
- Legacy positions
Market Selection
Focused where we build scale
We commit capital where we hold deep relationships and data-driven conviction. We would rather go deep in a few markets than spread thin across many.
Today we are concentrating our energy and our new capital in two markets, Des Moines and Jacksonville, where we are building real scale.
Market Fundamentals
The data behind the thesis
Durable demand starts with people, jobs, and incomes. Both of our focus markets keep adding them.
Jacksonville, FL — the growth
Population growth since 2010
Jacksonville has grown three times faster than the nation, and faster than fast-growing Florida: among the ten fastest-growing metros in the country.
- U.S.
- Florida
- Jacksonville
U.S. Census Bureau, 2010–2024
Des Moines, IA — the strength
Median household income
Des Moines-area households out-earn both the Midwest and the nation. Paired with a low cost of living, that spending power underwrites durable, resilient demand.
- Midwest
- U.S.
- Des Moines
U.S. Census Bureau, Des Moines–West Des Moines MSA
Current Offerings
See how the strategy shows up in a deal
We open a small number of opportunities each year. Request access to review current and upcoming offerings.