Strategy
A plain-English walk-through of what we buy, how we underwrite, and how we structure deals — so you can decide whether the way we work fits the way you want to invest.
Three convictions guide every deal.
Operationally-intensive, capital-light
We focus on asset classes where the spread between a well-run property and a poorly-run one is enormous. RV resorts, MHCs, and small-bay industrial all reward operators who pay attention.
Sun-Belt growth corridors
We invest where population and employment are still expanding — secondary and tertiary markets in TX, AZ, NM, NC, GA, and the Gulf Coast. Demand tailwinds matter more than zip codes.
Conservative capital stacks
55–65% LTV, fixed-rate financing where we can get it, and meaningful sponsor co-investment in every deal. We’d rather miss a deal than over-lever one.
From sourcing to stewardship — what actually happens.
1. Sourcing
Off-market relationships with brokers, owners, and family offices. We screen ~300 deals a year and acquire 2–4.
2. Underwriting
Bottom-up income models stress-tested for occupancy, rate, and cap-rate shocks. We walk every property before signing.
3. Repositioning
A clear 12–24 month capital plan. Infrastructure first, amenities second, brand and rate strategy last.
4. Operations
In-house management. Weekly KPI reviews. Resident satisfaction tracked alongside NOI.
5. Cash distribution
Quarterly distributions starting in year one wherever feasible. Plain-English letters every quarter.
6. Long hold
7–10 year base case. We refinance opportunistically but never force a sale into a soft market.
Target outcomes — and what we won’t promise.
We target a mid-teens IRR and 7–9% cash-on-cash from year two onward, but we don’t sell certainty. We sell discipline, transparent reporting, and a sponsor who has more skin in the deal than you do.
- Quarterly distributions with mid-year and year-end K-1s
- Plain-English investor letters with full P&L visibility
- Sponsor co-investment alongside every limited partner
- Direct access to principals for portfolio questions