Focus 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.
01Workforce housing · Class B value-add
Multifamily & residential
Essential housing for the working population: garden-style and mid-rise communities of 100+ units, built 1985–2015, with room to improve.
We serve the “missing middle”: essential housing for teachers, nurses, technicians and the many households who earn too much for subsidized housing and too little for new luxury product. Demand for this housing is broad and durable, and it is less exposed to the volatility of new Class A supply, which tends to cluster at the top of the market.
What we look for
- Garden-style and mid-rise communities of 100+ units, built 1985–2015
- Submarkets with strong school districts, diverse employment drivers and limited new supply at comparable rents
- Assets that are mismanaged or under-capitalized: deferred maintenance, dated interiors, weak collections or expense ratios out of line with peers
- Situations where a seller values certainty: a maturing loan, a partnership that wants to exit, or an owner who no longer wants to operate
How we add value
Interior repositioning. Comprehensive unit upgrades (countertops, flooring, fixtures, lighting) that earn proven rent premiums, rolled out unit by unit as leases turn so that the community keeps operating throughout.
Operational optimization. Institutional property management software, dynamic pricing and ratio utility billing systems (RUBS) that reduce expense ratios and make revenue more predictable.
Technology and amenities. Smart-home packages, package lockers and modernized common areas that let older communities compete with newer product at lower rents.
Why we hold
A well-located community that has been properly repositioned can compound for decades. We would rather keep improving it than hand the next owner the upside.
02Last-mile infill · Light industrial
Industrial & logistics
Versatile multi-tenant light industrial and shallow-bay warehouses of 20K–200K sq ft, close to the consumers and businesses they serve.
As e-commerce matures, proximity to end consumers commands a rising premium. We avoid big-box bulk distribution in favor of versatile, smaller-bay assets that serve a diverse tenant base: contractors, local distributors, light manufacturers, service businesses and last-mile operators.
What we look for
- Multi-tenant light industrial and shallow-bay warehouses of 20K–200K sq ft
- Land-constrained infill locations where zoning and land cost make new supply difficult and replacement cost is high
- Short-term leases or rents below market, so the income can be brought to market as leases roll
- Low site coverage, where excess land can be put to work
How we add value
Mark-to-market. Rolling below-market leases to market rates as they expire, while keeping good tenants who want to stay.
Industrial outdoor storage (IOS). Putting excess land on low-coverage sites to work for trailer parking and equipment storage, a niche where demand is high and supply is scarce.
Functional capital. Roof replacements, LED lighting retrofits, truck court repairs and dock improvements that attract and retain credit-grade tenants.
Why it suits permanent capital
A diverse roster of smaller tenants means no single lease decides the outcome. Over a long hold, that granularity, combined with the scarcity of infill land, is a steady source of income growth.
03Powered shells · Carrier-neutral facilities
Data centers & digital infrastructure
Powered shells and carrier-neutral facilities in secondary markets with low-cost power and dense fiber.
Demand for computing, from cloud services and, increasingly, from artificial intelligence, has outpaced the supply of power-ready infrastructure. In this sector the scarce input is not land or steel; it is reliable power delivered to a site that can be cooled and connected.
What we look for
- Powered shells and carrier-neutral facilities in secondary markets with low-cost power and dense fiber
- Sites with a credible path to additional power capacity
- Buildings that can be upgraded rather than rebuilt
How we add value
Power and cooling. Upgrading power density and cooling to meet hyperscale and enterprise requirements.
Long-term leases. Securing long-term master leases with investment-grade technology tenants or colocation operators.
Patient capital. Paying for upgrades on a timeline set by tenant demand rather than by an exit date.
What we watch
Technology changes faster than buildings do. We underwrite to the building’s ability to adapt, to the depth of tenant demand in the market, and to the power, not to a single tenant or a single generation of equipment.
04Freezer and cooler distribution · Last-mile food hubs
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.
Much of the US cold storage stock is aging and ill-equipped for the demands of online grocery and pharmaceutical distribution. New construction is costly and technically complex, which limits supply and makes well-located, well-equipped facilities hard to replace.
What we look for
- Freezer and cooler distribution facilities and last-mile food hubs near major metros
- Dry warehouses in the right locations with the structure, power and site to accept modern refrigeration
- Existing cold facilities where expanded or modernized capacity would meet demand the market already has
How we add value
Conversion. Retrofitting dry warehouses with modern refrigeration to capture the premium rents that temperature-controlled space commands.
Expansion. Adding freezer capacity where tenants need it, with capital spending sized to the lease.
Specialist operation. Working with operators who understand the energy, maintenance and food-safety demands that make this asset class difficult to run, and therefore difficult to compete with.
05Outpatient care · Health-system affiliated
Medical office buildings
Off-campus clinical facilities affiliated with major health systems, serving the long shift to outpatient care.
The shift of care from hospitals to outpatient settings, together with an aging population, drives steady demand for clinical space. Tenants who invest in specialized build-outs, from imaging suites to surgery centers, rarely relocate, which makes tenancy unusually sticky.
What we look for
- Off-campus clinical facilities affiliated with major health systems
- Buildings that house high-acuity services such as dialysis, imaging and ambulatory surgery
- Locations convenient for the patient populations they serve: visible, accessible and well parked
How we add value
Lease structure. Converting gross leases to triple-net (NNN) as they roll, so that operating cost risk sits where it belongs.
Referral ecosystems. Shaping the tenant mix so that practices support one another, such as a pharmacy next to a primary care clinic or imaging next to specialists.
Building systems. Investing in the mechanical, electrical and accessibility upgrades that health-system tenants require.
06Recapitalizations · Debt maturities · Partnership exits
Complex situations
Good real estate held back by its capital structure, its ownership or its timeline, across all three of our sectors.
Some of the most attractive opportunities are not distressed buildings but distressed situations: sound assets whose owners face a problem the market is poorly equipped to solve.
Situations we can solve
- Debt maturities. A loan coming due in a market where refinancing on the old terms is not possible
- Assumable debt. Attractive existing financing that a buyer must be able and willing to assume
- Partnership disputes. Co-owners who no longer agree on strategy and need a clean, certain exit
- Tax considerations. Sellers whose tax position requires a particular structure or timeline
- Recapitalizations. Owners who want to keep a stake and stay involved while bringing in a long-term partner
How we approach them
We listen first. A complex situation is usually solved by structure rather than by price alone, and permanent capital gives us the flexibility to structure. These situations must still meet our published criteria for property type, location and size.
07Beyond the focus areas
Something else?
If an asset sits just outside these areas but shares their characteristics, such as essential use, scarce supply and room to improve through operations, send it anyway and tell us why it fits.
Focus areas
Have an asset that fits?
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