Multi-Family Investment
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The Fund will provide equity funding for the purchase, renovation and re-capitalization of properties. In pursuing its strategy, the Manager has established direct relationships with
numerous referral sources within the real estate industry and among our neighbors in the local target communities where we intend to invest, which should provide a wide variety of investment
opportunities.
In addition, we have begun to receive frequent referrals from legal and financial contacts with whom we work closely. While not all leads will culminate in an acquisition, we believe we
have a healthy pipeline of deal flow, including many situations that are not actively marketed. In the latter instances, we have an opportunity to achieve market value discounts, which
can enhance the overall return of the Fund' investments.
The real estate markets we target tend to be inefficient for the following reasons:
· High transaction costs
· Poor property management
· The unique nature of each property
· Significant government regulation
· Wide discrepancies in the sale prices of comparable buildings
· Large variance in rents for similar units
· Large differences in the condition of buildings
· Limited space for lateral growth
Multi-family residential properties in LMI geographies may be subject to certain additional risks beyond those found with more conventional real estate investments. The Manager,
based on the experience of its affiliates, believes that such properties may present a compelling opportunity that offers the potential for significant risk-adjusted returns.