Opportunistic
Objective
Exceptional value appreciation
Strategy
Exploit emerging opportunities in transforming markets by developing new properties and acquiring existing rental housing that is too difficult or complex for other institutional investors to manage.
Focus
- Location with severe supply/demand imbalance
- Market and/or price dislocation
- Distressed seller in need of liquidity
- Complex repositioning or redevelopment
- Ground-up development at an attractive basis
Value-Add
Objective
Strong value appreciation and cash flow
Strategy
Acquire capital-deprived apartment communities in rapidly expanding primary and secondary markets where significant rental rate increases are achievable by renovating unit interiors and common amenities.
Focus
- Low cost basis relative to new construction
- Discounted rents compared to luxury housing
- Highly visible and proximate to retail amenities and employers
- Well-built low-density garden style or mid-rise
Core-Plus
Objective
Durable cash flow and capital preservation
Strategy
Acquire existing apartments in primary and diverse secondary markets where access to transportation, stable jobs, and institutions offers professional workers a compelling value proposition vs. home ownership.
Focus
- Irreplaceable location
- Stable renter demographic
- Proven recession-resistant
- High barriers to home ownership
- High quality construction