OUR APPROACH
Disciplined construction. Conservative underwriting. Long-cycle ownership.
INVESTMENT FOCUS
ASSET TYPES
- Cottage-style rental and for-sale communities (10–100 units, 800–1,500 SF) — the flagship product
- Value-add multifamily
- Value-add mixed-use, residential primary
- Land for SFR development
- SFR for-sale subdivisions
- Failed-subdivision redevelopment
- Adaptive reuse
STRATEGIES
- Build-to-Rent / Build-for-Sale
- Renovate-to-Rent / Renovate-for-Sale
- Entitle and Sell / Entitle and Build
- Land Bank
- Adaptive Reuse
UNDERWRITING STANDARDS
Every project is underwritten three ways. Per-unit and per-SF costs are validated against (1) national $/SF benchmarks, (2) RSMeans City Cost Index location-adjusted, and (3) a bottom-up CSI division roll-up. Base cases sit below comp ceilings. Upside is upside, not headline. Every claim in our investor materials traces to a primary source.
CAPITAL STRUCTURE PHILOSOPHY
We use the right structure for the strategy, not a one-size template. Build-for-sale projects favor equity-first structures with lot-release debt retirement, removing refinance risk on closeout. Ground-up multifamily uses GP/LP waterfalls with meaningful preferred returns to LPs. Fund vehicles use multi-class structures with capped preferreds.