Our team employs a highly disciplined investment methodology grounded in objective analysis. Using our proprietary models, we constantly re-evaluate the ongoing performance of our target markets as we manage our portfolio and consider new acquisitions or development opportunities. We focus on markets and submarkets that show high pro-forma risk-adjusted returns, high probability of NOI growth, and a best relative investment value.
Our target markets are selected based on a(n):
- Shortage of quality apartments in an area relative to demand
- Strong and diversified employment base
- Flow of institutional capital
- Capacity to positively impact the surrounding community
- Increasing population and household formation
- High probability of future rent growth
As we identify specific sites or acquisition targets, our criteria becomes more nuanced and our projects are determined by:
- Parcel size
- Unit count and condition of the property
- Support of local community and government
- Ability to implement community enrichment programs
- Proximity to walkable retail, grocery stores, and restaurants
- Commute times to major employers
- Accessibility to major highways, metro, and bus lines
While there is a large overlap in our process for both redevelopment and development communities, our investment and operational strategy is different for our brand new versus acquired communities.
For brand new, development projects we follow a strict development plan to construct high-quality apartment communities. Our focus is on creating surface-parked, infill properties that feature luxury amenities and finishes that are affordable to a broad range of potential residents.
For acquisition and renovation projects we work toward the preservation and improvement of apartments that serve the workforce housing/blue collar professional. Often times solving for a serious market need, our acquisition communities typically receive updated roofs and exteriors, energy efficient appliances, lighting & water systems, upgraded electrical and systems, and new interiors.