ACQUISITION CRITERIA
Our Buy Box
Our buy box defines the multifamily opportunities we actively pursue across our target markets. We focus on properties where a sound acquisition basis, durable demand, prudent financing, and identifiable value-creation opportunities align with our investment strategy.
HOUSTON, TEXAS
Our Houston Buy Box
Houston's scale, population growth, employment diversity, and extensive multifamily market provide a compelling foundation for long-term rental demand.
We seek properties in established and growing submarkets where strong underlying fundamentals intersect with opportunities created by changing capital markets, operational inefficiencies, or motivated ownership.
PROPERTY PROFILE
Asset Type
Multifamily
Property Class
Primarily Class B / B-
Unit Count
Approximately 50–250 units
Property Style
Garden-style and low-rise multifamily
Vintage
Primarily 1980–2005, with flexibility for compelling opportunities
Occupancy
Stabilized or operationally improvable
Strategy
Light to moderate value-add
Deal Type
On-market and off-market opportunities
VALUE CREATION FOCUS
OPERATIONAL IMPROVEMENT
Properties where stronger management, revenue optimization, expense controls, or improved occupancy can strengthen NOI.
PHYSICAL VALUE-ADD
Properties where targeted unit renovations, common-area improvements, amenities, or deferred capital projects can improve competitive positioning.
CAPITAL-MARKET OPPORTUNITY
Situations involving maturing debt, refinancing challenges, partnership changes, ownership transitions, or other circumstances where certainty of execution may be valuable to the seller.
TARGET SUBMARKETS
We evaluate opportunities throughout Greater Houston, with particular interest in established and growing suburban employment and residential corridors.
Katy
Energy Corridor
Cypress
Spring
The Woodlands
Select surrounding Greater Houston submarkets
INVESTMENT OBJECTIVES
9%+ TARGET STABILIZED
CASH-ON-CASH
15–18% TARGET INVESTOR IRR
5–7 Years TYPICAL TARGET HOLD
Target returns represent underwriting objectives and are not guarantees of investment performance. Actual results may vary materially based on property performance, financing, market conditions, execution, and other factors.
INVESTMENT OBJECTIVES
9%+ TARGET STABILIZED
CASH-ON-CASH
15–18% TARGET INVESTOR IRR
5–7 Years TYPICAL TARGET HOLD
Target returns represent underwriting objectives and are not guarantees of investment performance. Actual results may vary materially based on property performance, financing, market conditions, execution, and other factors.
PROPERTY PROFILE
Asset Type
Multifamily
Property Class
Primarily Class B / B-
Unit Count
Approximately 50–200 units
Property Style
Garden-style and low-rise multifamily
Vintage
Primarily 1980–2005, with flexibility for compelling opportunities
Occupancy
Stabilized or operationally improvable
Strategy
Light to moderate value-add
Deal Type
On-market and off-market opportunities
VALUE CREATION FOCUS
DURABLE CASH FLOW
Properties with existing operations capable of providing a solid financial foundation for the investment strategy.
OPERATIONAL IMPROVEMENT
Opportunities to strengthen occupancy, revenue management, expense efficiency, property management, and overall NOI.
TARGETED CAPITAL IMPROVEMENTS
Properties where strategic renovations and property improvements can enhance resident experience and competitive positioning without requiring an extensive redevelopment strategy.
TARGET SUBMARKETS
We evaluate ooportunities through out the Indianapolis metropolitan area, focusing on locations with durable renter demand, employment accessibility, and attractive acquisition fundamentals.
Current areas of focus:
Indianapolis
Castleton
Carmel
Fishers
Select surrounding Indianapolis submarkets
INDIANAPOLIS, INDIANA
Our Indianapolis Buy Box
Indianapolis offers a complementary investment profile characterized by relative affordability, diversified employment, established rental demand, and attractive acquisition economics.
We seek properties where existing cash flow provides a sound foundation while disciplined asset management, targeted improvements, and operational efficiencies provide opportunities to create additional long-term value.
What Gets Our Attention
Assumable or Attractive Debt
Existing financing that may provide a meaningful economic advantage relative to prevailing market terms.
Loan Maturity / Refinancing Pressure
Ownership situations where upcoming maturities or changing financing conditions may create a need for a timely transaction.
Operational Upside
Properties with identifiable opportunities to improve occupancy, revenue, expenses, management, or ancillary income.
Light–Moderate Value-Add
Properties where targeted improvements can enhance operations and resident experience without requiring ground-up development or extensive redevelopment.
What We Generally Avoid
Ground-up Development
Heavy Redevelopment
Major Structural Rehabilitation
Highly Speculative Lease-up
Luxury Class A Requiring Aggressive Rent Growth
Properties Dependent Primarily on Cap-Rate Compression
Have something slightly outside our criteria? Send it anyway.
We recognize that exceptional opportunities do not always fit neatly within a predefined box.
Have a Property That Fits?
We welcome opportunities from multifamily owners, brokers, lenders, and other industry professionals. Our goal is to provide straightforward feedback and build relationships that extend beyond a single transaction.
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