Investing With Us

Our Investment Philosophy

1. Don’t Blow Up.

We structure investments to minimize existential risk. When we acquire assets to reposition or develop new ones, we structure pre-lease and other risk coverage deals to minimize the chances of not covering carrying costs including debt service.

2. Don’t bet on appreciation.

We don’t underwrite investments to depend on market appreciation to hit investment targets. We generally assume market values will persist and instead focus on increasing cash flows and net operating income…things we control.

3. Use leverage intelligently.

We use low-to-moderate leverage with fixed rates and no balloons to minimize economic volatility risk. We underwrite to ensure that in-place cash flows are sufficient to cover debt service through a variety of economic conditions.

4. Deal by Deal Investments.

We raise capital primarily on a deal-by-deal basis to avoid the pitfalls of “the imperative to deploy capital” that large funds face. We pounce when the opportunity is right and don’t when it is not.

5. Long-Term Oriented.

We believe the growth trajectory of our focus markets will continue over time, enabling us to continue to grow income performance over a long period of time, so we aim to hold assets for 5+ years.

6. Tax-Advantaged.

We operate assets to maximize tax efficiencies to our LPs, delivering accelerated tax losses, tax-efficient return-of-capital events, and 1031 exchanges whenever possible.

7. Cash Flow First.

We focus on cash flows and avoid assets that are dependent on a buy-out or repositioning to meet our return targets.