APARTMENT ACQUISITION CRITERIA
Value Added Acquisitions
Assets in need of moderate to extensive capital expenditures: 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.
- 150 units minimum in urban or suburban-urban location
- Class A, B or C assets
- Desirable urban or suburban-urban 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 vicinityWill consider unit count under 150 units if available, contiguous development parcel exists to increase density
- 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.