Local Knowledge
Hands-On Ownership
Investment Focus
We focus on middle-market multifamily, office and special situations. Our team stays involved from underwriting and acquisition through operations, capital improvements, financing and the eventual sale.
Due Diligence
We test underwriting against local leasing activity, operating costs and property conditions. Conversations with people working in the market help us assess demand, capital needs and the practical risks of execution.
Local Relationships
Our network includes operators, investors, property managers, brokers, lenders, workout teams, general contractors and subcontractors. We build these relationships carefully and draw on them throughout an investment, from sourcing through ownership.
Our Investment Focus.
Property Types
Multifamily. We target Class B+ and A apartment communities in markets with:
Relative strength and constrained supply (low starts and deliveries)
2010 + vintage,
30%+ discounted basis.
15%+ IRR.
Office. We target very asymmetric risk-return in well-located, multi-tenant Class B+ and A suburban office buildings in sub markets with relative strength, at a significantly discounted entry price.
Special Situations
We also evaluate opportunities shaped by financing constraints, ownership transitions or operating challenges. We examine acquisition basis, cash flow, capital requirements and execution risk, and test the business plan against local conditions before committing capital.
Target Markets
Houston, Dallas and San Antonio, Texas; Minneapolis–St. Paul, Minnesota.
Middle-Market Focus
$10M to $50M in total capitalization.
Hands-On Value Creation.
We look for properties where a functional operating plan can improve cash flow and long-term value. Local market knowledge helps us test the work, cost and timing involved. We evaluate opportunities with:
Operations that would benefit from closer oversight
Rents below supported local comparables
Vacancy above comparable properties in the submarket
Ownership or management transitions
Deferred maintenance or outdated spaces
Our team works with local operators and contractors to carry out the property’s business plan:
Review utilities and cost recovery
Oversee targeted interior improvements
Address building and exterior needs
Manage budgets and operating costs
Improve the resident and tenant experience
Evaluate additional income opportunities
Coordinate leasing and renewals
