Markets
We consider stable and growing markets/submarkets based on population and job growth.
Markets should be at least 200k in population and preferably over 1 million.
Markets need lower than average potential climate effects (currently evaluated using Notre Dame Urban Adoption Assessment).
Target markets
Physical Asset
We look for assets that are or can be made to a B+ quality or better, renting to the higher income cohort of renters by need or lower cohort of renters by choice.
Target properties will be 2000 or newer construction or have been rehabbed (including major mechanical systems) since 2000.
We prefer deals that can achieve our goals with repositioning rents or light value add.
Properties should have good unit size and be heated with individual HVAC.
We prefer properties with individual W/D or connections but will consider a central laundry and no ability to add in unit laundry.
Properties should have or have space to develop tenant amenities, particularly exterior space.
Target Returns
7% Pref cash on cash return
9% Avg Cash on Cash Return
14%+ IRR
2.00 + Equity Multiple
We consider stable and growing markets/submarkets based on population and job growth.
Markets should be at least 200k in population and preferably over 1 million.
Markets need lower than average potential climate effects (currently evaluated using Notre Dame Urban Adoption Assessment).
Target markets
- Birmingham Alabama
- Indianapolis Indiana
- Cincinnati Ohio
- Columbus Ohio
- Chicago, IL
- Milwaukee, Wisconsin
- SE corridor from Chattanooga and Knoxville to Raleigh and Fayetteville
- St. Louis Missouri
- Omaha, Nebraska
- Des Moines, Iowa
- Grand Rapids, Michigan
Physical Asset
We look for assets that are or can be made to a B+ quality or better, renting to the higher income cohort of renters by need or lower cohort of renters by choice.
Target properties will be 2000 or newer construction or have been rehabbed (including major mechanical systems) since 2000.
We prefer deals that can achieve our goals with repositioning rents or light value add.
Properties should have good unit size and be heated with individual HVAC.
We prefer properties with individual W/D or connections but will consider a central laundry and no ability to add in unit laundry.
Properties should have or have space to develop tenant amenities, particularly exterior space.
Target Returns
7% Pref cash on cash return
9% Avg Cash on Cash Return
14%+ IRR
2.00 + Equity Multiple