APARTMENT ACQUISITION CRITERIA

Value Added Acquisitions
Assets in need of moderate to extensive capital expenditures: this includes, renovation/repositioning, redevelopment/conversion of historic buildings to rental housing and improvement in management/marketing.

Stabilized Core-Plus Opportunities
Assets requiring limited capital, generally stabilized with some upside potential, although not to the same extent as the “value added” category.

General Guidelines:

• 150 units minimum in urban or suburban-urban location.
• Class A, B or C assets.
• Properties constructed from 1950 to present day.
• Desirable in-fill location with substantial barriers to entry.
• High visibility/drive-by traffic and close proximity to public transportation,  easy access to expressways, close to shopping centers.
• Professional, healthcare or service industry employment base.
• Garden style, mid-rise or high-rise properties.
• Will consider conversion of buildings not currently operating as residential; e.g. hotels, office buildings, to multi-family residential.
• Will consider assembly of non-contiguous properties located in same general vicinity.
• Will consider unit count under 150 units if available, contiguous development parcel exists to increase density.

GEOGRAPHICAL LOCATION

FINANCIAL TERMS

• All cash basis (no financing contingencies)
• May assume debt, if favorable.
• Flexible options to accommodate seller requirements (e.g. ability to provide option to defer tax recapture.)

DUE DILIGENCE AND CLOSING TERMS

• Flexible pursuant to seller requirements.
• General terms:
  • 30 - 45 days due diligence.
  • 30 days to close.

CONTACTS