Active operations
Hands-on property management that drives growth in net operating income: pricing, collections, expense control and the resident or tenant experience, run to an institutional standard.
Caldrion Real EstatePart of Caldrion
The bedrock ofdurable capital.
We acquire value-add multifamily, light industrial and specialty real estate in primary and secondary US markets, improve it through hands-on operations, and hold it on permanent family capital.
Part of Caldrion Permanent capital, active ownership Scroll
01Our approach
Value hidden in complexity.
Real estate anchors Caldrion’s portfolio against inflation. Free of fixed fund lives, we look for assets where physical, operational or capital-structure complexity obscures true value, then we do the work to reveal it, and we hold for as long as the value keeps compounding.
02Principles
How we create value.
Three levers, applied asset by asset. None of them depends on a rising market; all of them depend on the work we do after closing.
Capital agility
We can close all-cash or work through complex capital stacks, including assumable debt and mezzanine structures, so the seller’s problem becomes part of the solution.
Targeted renovation
Capital spending chosen for return, not for show: unit interiors that earn proven premiums, and roofs, power and cooling that keep credit-grade tenants in place.
03Focus areas
Chosen for resilience.
Three sectors in primary and secondary US markets, with particular depth in the Sun Belt, Mountain West and Southeast: multifamily, light industrial and high-barrier specialty assets, plus the complex situations that cut across all three.
- 01
Multifamily & residential
Essential housing for the working population: garden-style and mid-rise communities of 100+ units, built 1985–2015, with room to improve.
- 02
Industrial & logistics
Versatile multi-tenant light industrial and shallow-bay warehouses of 20K–200K sq ft, close to the consumers and businesses they serve.
- 03
Data centers & digital infrastructure
Powered shells and carrier-neutral facilities in secondary markets with low-cost power and dense fiber.
- 04
Cold storage & food logistics
Freezer and cooler distribution facilities and last-mile food hubs near major metros, where much of the existing stock is aging.
- 05
Medical office buildings
Off-campus clinical facilities affiliated with major health systems, serving the long shift to outpatient care.
- 06
Complex situations
Good real estate held back by its capital structure, its ownership or its timeline, across all three of our sectors.
Criteria
Criteria at a glance
Brokers are protected on off-market transactions.
- Transaction size
- $20M–$150MGross asset value
- Equity check
- $10M–$75MPer transaction
- Geography
- Primary and secondary US marketsFocus on the Sun Belt, Mountain West, and Southeast
- Multifamily
- 100+ unitsGarden-style and mid-rise communities built 1985–2015
- Industrial
- 20K–200K sq ftMulti-tenant light industrial and shallow-bay warehouses
- Specialty
- High-barrier niche assetsData centers, cold storage, and medical office buildings
- Business plan
- Value-add or core-plusRenovation or lease-up, or stable assets with upside
- Target returns
- 15%+ net IRR1.8x+ equity multiple
- Structure
- All-cash or joint ventureJoint ventures typically 90/10 with an operating partner
04Process
From first look to closing.
One short form, a decision-maker on the other side, and a clear answer, whether the answer is yes or no.
- 01
Submit
Send the opportunity through our form. Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest.
- 02
Initial review
Our real estate team reviews the asset against our published criteria and the submarket, and asks any questions that would change the answer.
- 03
Feedback
We aim to give initial feedback within 72 hours of receiving a complete package.
- 04
NDA and underwriting
If there is mutual interest, we sign an NDA promptly, tour the asset, meet the property team and underwrite the business plan in detail.
05People
The people who decide.
Every acquisition is decided by Caldrion’s small internal investment committee, which meets weekly. You deal directly with the people who decide.
Michael Harrington
Chief Executive Officer and Head of Family Office, Caldrion
Jennifer Williams
Chief Investment Officer, Caldrion
Sarah Mitchell
Chief Financial Officer, Caldrion
Thomas Bennett
Chief Operating Officer, Caldrion
06Insights
Notes on real estate.
Our investment thesis, market perspectives and practical guides for owners, brokers and operating partners.
Investment perspective
Never on a clock: how permanent family capital owns real estate differently
The source of a buyer’s capital shapes how it behaves. We explain how permanent family capital differs from capital with fixed fund lives in real estate, and what that means for sellers and partners.
Caldrion Real Estate
Guide
Bringing Caldrion a real estate opportunity: what to send and what to expect
A practical guide for owners, brokers and operating partners: our criteria, what makes a complete package, how we review a submission, what diligence involves and how we work after closing.
Caldrion Real Estate
Market note
Small bays, scarce land: the case for infill light industrial
Multi-tenant light industrial and shallow-bay buildings in infill locations serve some of the most durable demand in the economy. Why we favor them over big-box distribution, and how we add value.
Caldrion Real Estate
Real Estate
Have an asset that fits?
Share links to the offering memorandum, T-12 and rent roll through one short form. A decision-maker reads every complete submission.