Product Characteristics

• Existing product built since 1980

• 200+ units

• Garden style or in-fill mid-rise

• Development or redevelopment

Return Expectations

• Minimum current 7% unleveraged

• Leveraged IRR in low to mid-teens

• 3 to 7 year hold

• Discount to replacement cost

• 5% minimum equity, max 80% leverage on total cost

Market Interest Differentiators

• Barriers to entry for new development

• Solid employment base/growth history

• Solid demographics, poised for growth

Location Preferences

• Population profiles exceeding 1,000,000

• In-fill or established suburban locations

• Close to employment centers

Ownership Profile

• Fee simple interest preferred

• Value added, promoted structures

• Will assume debt when maturity is within the hold period
   

Low Market Interest Characteristics

• Supply/demand imbalance

• Minimal development constraints

• Low or no growth

Before


After

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