Investments
MultiFamily
- Source assets that have been mismanaged or undermanaged, and for which there is proven mark-to-market and/or value-add revenue upside
- Purchase properties at or below replacement cost and above prevailing cap rates to protect intrinsic value and preserve long-term competitiveness
- Target newly-leased properties in undersupplied high-growth markets that can safely generate above-market stabilized return on cost
Properties
132
States
23
Apartment Units
47K+
Vacation and Single-Family Rentals
- Build and operate best-in-class, purpose-built vacation home communities in leading tourist destinations that are primed to generate high cash yields and outsized capital appreciation
- Leverage industry-best design, furnishing, marketing and customer engagement skills to offer the consistent brand quality coveted by vacationers and renters
- Build attractive single-family rental communities catering to tenants unable or unwilling to purchase private homes given spiraling mortgage rates and carry costs
Vacation Residences Completed or In Process
2K
Destinations
8
Ground-up Development
- Target assets that conservatively can be underwritten to a yield on cost significantly higher than prevailing cap rates, accommodating presumed expanded cap rates on a downstream basis
- Focus on mitigating build costs and associated risks by negotiating bonded maximum price contracts with well-capitalized general contractors with careful attention to value engineering and robust contingency reserves
- Opportunistically target ground-up projects reasonably cushioned against risks posed by supply, interest rates and other macroeconomic factors, including by building workforce multifamily communities, vacation rental communities, high-end retail, and production studios
Projects
14
Apartments/Homes Built or Under Construction
4.3K+
Commercial Square Feet
947K+
Industrial
- Strategy includes aggregating “last mile” industrial assets at pricing well below replacement cost, and leveraging operator relationships to reposition undermanaged properties
- Acquire newly-built, typically mission-critical assets with long-term credit tenants, utilizing capital market relationships to generate favorable, low-risk cash flow with upside appreciation potential
- Prioritize properties proximate to key roadways and transportation nodes that offer access to population centers in supply-constrained markets
Properties
14
States
8
Square Feet
6.9MM+
Retail
- Target the acquisition and development of iconic retail assets in high-street locations that offer enhanced prospects for robust commercial performance
- Prioritize high-end retailers with merchandizing strategies that can generate sales growth across all market cycles due to more elastic consumer demand
- Secondarily, acquire neighborhood centers in supply-constrained markets with grocery anchors and other tenants less susceptible to online competition
Properties
6
States
4
Square Feet
938K+
Hospitality
- Acquisition, development and management of hospitality properties characterized by differentiated build quality and consistent service levels
- Target assets where revenue and asset value can be enhanced through technology and marketing
- Focus on assets in year-round markets that are supply-constrained in respect of high-end and extended stay accommodations.
Properties
9
States
7
Keys
875
Agricultural
- Target premium farmland growing fresh produce with a history of consistent yield generation coupled with the ability to generate capital appreciation through value-add, institutional farming techniques
- Focus on food commodities in leading production regions for which there is growing consumer demand, proven growth trajectories and quality-based protection against low-priced imports
- Achieve superior risk-adjusted returns uncorrelated to other asset classes by prioritizing farms with enhanced upside from access to redundant sources of water, and the speedy implementation of professional farm management and operational prowess
Investments
4
Acreage
2.4K+
Crops
12
Office
- Primarily target defensive investments in long-term NNN-leased, mission-critical office assets that benefit from tenant longevity and predictable revenue streams
- Focus on assets that offer strong current cash flow, downstream mark-to-market rental upside and relatively secure long-term competitive positions
- Prioritize assets with long-term leases, credit tenants, and stable occupancy
Properties
12
Square Feet
5MM+
States