Investment Criteria

Garden-style, mid-rise and high-rise rental apartment communities

Prefer 150 units minimum and post-1990 construction, but will consider older and smaller communities based upon geographic location and specific opportunity

Comprehensive amenity package, strong unit mix and attractive grounds

Primary and secondary markets across the United States; current strong focus in markets from the Rocky Mountains to the Atlantic Ocean and South and Southeast United States

Strong locations within the local submarkets with high barriers to entry, good visibility, and strong local employment and access to transportation

Minimum investment: $5,000,000; no maximum size

Preferred size: $10 to $100 million

Typically use long-term, fixed rate debt at 65%-80% LTV

Typical hold period of 5-10 years

Positive cash flow in-place, with year one cash yields in the mid-single digits at a minimum

Project level IRR of 14%+

Fee or leasehold positions

Acquisition of performing, non-performing or mezzanine notes

Origination of mezzanine financing

All-cash or subject to attractive assumable in-place financing

Properties with value-add component will be given strong consideration

Tax credit or bond financed properties

Partnership buyout or restructurings