In June 2021, we launched a multifamily division to invest in rental housing assets in high-growth, housing-constrained markets across the United States.
In establishing the new division, we intend to capitalize on the strong, cycle-resistant fundamentals supporting the multifamily sector while continuing to advance our strategy of owning and operating high-quality office properties in non-gateway markets across the nation.
Our strategy for the Multifamily effort is twofold:
- Ground-up Developments with experienced development partners
- Stabilize and Sell: Maximize returns over a short/medium-term hold
- Stabilize, Refinance, and Hold: Refinance and return a percentage of the initial capital contribution upon stabilization, and provide an attractive cash-on-cash yield on the remaining equity
- Existing Properties with an emphasis on off-market transactions
- Value-Add: Remodel and reposition an asset, in order to increase operating margins, provide higher cash returns upon stabilization and achieve superior exit values
For more information about our Multifamily efforts please contact Alan Garzon.
- Class A and B
- Garden-style, midrise, single-family rental
- Strong secondary and tertiary markets
- Urban and strong suburban submarkets
- Favorable Supply/Demand Fundamentals
- Attractive Land Basis/Fully Entitled
- Off-Market transactions
We have seeded the multifamily division with two ground-up development projects, including a luxury active adult community in Charlotte, North Carolina, and a garden-style housing property in Greer, South Carolina, which is part of the Greenville Metropolitan Statistical Area (MSA). We are partnering with local and highly respected developers on the construction of both projects.
The Charlotte project aims to capitalize on the lack of luxury communities catering to the active 55-plus demographic to provide a unique and highly attractive offering. The property will comprise 200 high-end units and approximately 18,600 square feet of interior amenity space, including a grand lobby and clubhouse; a library; a demonstration kitchen; a private dining room; a movie theater and event space; a state-of-the-art fitness center and yoga room; a private courtyard and grilling pavilion; an outdoor living room; a fire pit; and an expansive pool deck and resort-style swimming pool.
The 264-unit garden-style property in Greer, South Carolina, is poised to benefit from continued population growth in the Greenville/Spartanburg region combined with a severe lack of high-quality rental housing supply. The area is supported by manufacturing and medical-industry jobs, and is home to numerous campuses for major corporations such as BMW, Michelin and General Electric. Greer’s nearby inland port connects directly to the Port of Charleston, which saw a significant expansion in 2020, contributing to the area’s recent growth.