We use the following criteria to identify potential multifamily investment opportunities, although it is possible an individual property we acquire might not meet all of these:
200 units or greater of “garden-style” and “mid-rise.” Fewer units will be considered if we or our affiliates already have or are acquiring other assets in the market.
1982 or newer construction. Older properties will be considered if we or our affiliates believe they are in a B+ or better location with a significant value-add story.
Private pay tenants (no more than 10% of government assistance or tax credit in the portfolio).
Location based on demographics, local growth plan, and in-person visits to review the market. We attempt to be in the five- to 10-year growth path for optimal exit.
Purchase price at or below replacement cost.