This guide is for owners, brokers, operating partners, lenders and advisors who are considering bringing Caldrion a real estate opportunity. It explains what we buy, what to send, how we review a submission and what to expect from first contact to closing and beyond. Our aim is simple: to give you a clear answer quickly, and to make the path from submission to closing as predictable as we can.
Start with fit
The fastest way to a useful answer is to check fit before you submit. Our published criteria are the same here as on caldrion.com:
- Transaction size: $20M–$150M in gross asset value.
- Equity check: $10M–$75M per transaction.
- Geography: primary and secondary US markets, with a focus on the Sun Belt, Mountain West and Southeast.
- Multifamily: 100+ units; garden-style and mid-rise communities built 1985–2015.
- Industrial: 20K–200K sq ft; multi-tenant light industrial and shallow-bay warehouses.
- Specialty: high-barrier niche assets, namely data centers, cold storage and medical office buildings.
- Business plan: value-add or core-plus; renovation or lease-up, or stable assets with upside.
- Target returns: 15%+ net IRR; 1.8x+ equity multiple.
- Structure: all-cash or joint venture; joint ventures typically 90/10 with an operating partner.
These ranges guide where we spend our time. They are not a promise to invest, and every acquisition is decided by Caldrion’s investment committee. If an asset is close—slightly outside a range, or in a property type adjacent to ours that shares the same characteristics—send it anyway and tell us why it fits.
A short note explaining why an asset fits is worth more than a long memorandum that leaves us to guess.
What we do not pursue
Saving you time matters as much as saving ours. We do not pursue assets outside the United States, big-box bulk distribution, conventional office, retail or hospitality, or business plans that depend on rising markets rather than operating improvements we can control. We invest directly in assets, on our own balance sheet or in a joint venture; we do not commit to blind pools or to someone else’s investment vehicle.
Use the form, and share links
All initial submissions should come through the form on our contact page. It takes a few minutes and routes your opportunity directly to the real estate team. The form asks for your role, the property type, the transaction size, the location and a short description of the opportunity.
The form takes links, not uploads. Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest.
What makes a complete package
We aim to give initial feedback within 72 hours of receiving a complete package. A complete package for real estate includes:
- A link to the offering memorandum (OM) or executive summary. The asset, its location, its history and why it is available now.
- A link to the trailing 12-month financials (T-12) and the current rent roll. We read both closely. Monthly detail is more useful than annual summaries.
- A link to a high-level capex budget or renovation scope, if applicable. What has been spent, what is needed and what the plan is.
Beyond those essentials, several details help us move faster:
- Existing debt. The lender, balance, rate, maturity, prepayment terms and any assumption requirements.
- The seller’s priorities. Is certainty of close most important? Timing? A tax consideration? A partner’s exit? Telling us up front lets us structure around it.
- Pricing guidance and process. Whether there is an asking price, a call-for-offers date or an off-market window.
- Known issues. Deferred maintenance, environmental history, litigation or anything else we will find in diligence. We would much rather hear it early.
What happens next
Initial review. Our real estate team reviews the asset against our published criteria and the submarket: location, competing supply, rents, the condition of the building and the plausibility of the business plan. If a question would change the answer, we ask it.
Feedback. We aim to give initial feedback within 72 hours of receiving a complete package. That feedback is a clear signal of whether we want to keep going and, if not, why not.
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. We build our own model from the rent roll and the T-12 rather than relying on the seller’s projections.
Letter of intent. Our investment committee, which meets weekly, approves the terms we offer. Decisions are made by a small internal investment committee that meets weekly. We need no outside approvals and no fundraising to close. Our letter of intent states the price, the structure and the timeline we commit to. When we issue one, we have the capital and the intent to close.
Diligence and closing. We complete physical, environmental, legal and financial due diligence and close on our own capital: all-cash if needed, with no financing contingency.
When we issue a letter of intent, we have the capital and the intent to close.
What to expect in diligence
Real estate diligence is thorough by nature. Knowing what is coming lets you prepare and keeps the timeline intact.
Physical. Property condition assessments covering roofs, structure, mechanical, electrical and plumbing systems, parking and paving, building envelope and life safety. For specialty assets: power capacity, cooling and refrigeration systems, and clinical build-outs. We walk every property ourselves.
Environmental. Environmental site assessments as standard, with further testing where the history of the site warrants it. Industrial sites in particular receive careful attention.
Leases and income. A full lease audit in commercial assets; in multifamily, a review of leases, collections, concessions, delinquencies and resident files. Tenant estoppels where appropriate. We reconcile the rent roll to bank deposits.
Financial. Operating statements, tax bills, insurance policies and claims history, service contracts and utility costs. Insurance and property taxes receive particular attention, because both have risen sharply in many markets.
Legal and title. Title and survey, zoning compliance, permits, any litigation and the organizational documents of the selling entity. Where we are assuming debt, the loan documents and the lender’s assumption process.
Market. Our own view of rents, supply, demand and comparable sales in the submarket.
Common reasons we pass
We would rather be candid than encouraging. The most common reasons we decline an opportunity are:
- It sits outside our criteria on size, geography or property type, without a clear reason to make an exception.
- The basis does not work. The asking price leaves no margin for the capital the building needs.
- The plan depends on the market. The returns rely on rent growth or a sale price that our underwriting cannot support.
- The submarket faces heavy new supply at comparable rents, or the building has functional problems capital cannot reasonably fix.
- The information is incomplete, and the seller cannot or will not provide what we need to underwrite.
A pass is not a judgment on you or on the asset. It is a judgment on fit. We tell you which of these applied so your next submission is a better one.
How to make the process faster
- Send a complete package the first time.
- Tell us about the constraint—the debt maturity, the partner who wants out, the tax timeline—before we discover it.
- Give us access to the people who know the asset: the property manager, the leasing team and the maintenance lead.
- Organize the data room by category, and keep it current.
- Ask us directly if anything about our process is unclear.
For brokers
We value the brokerage community as an extension of our team, and we behave accordingly. We respect buy-side mandates and protect brokers on off-market transactions. We will not go around you to the seller. If an asset does not fit, we tell you quickly and explain why, so your next submission is a better one. Over time, we hope you will know exactly what we are looking for and bring it to us first.
For operating partners
We partner with operators who have deep local knowledge and a demonstrable history of executing value-add business plans in their submarket. Joint ventures are typically 90/10 with the operating partner, who invests directly alongside Caldrion in the asset, never into a Caldrion vehicle. If you are an operator with an opportunity and a plan, tell us about the asset, your role in it and your history of executing similar plans. We look for partners who want a capital partner that is still there when the plan takes longer than expected.
For owners with complex situations
If you own a good asset held back by its capital structure, its ownership or its timeline—a maturing loan, a partnership dispute, a tax consideration or a wish to recapitalize while staying involved—we encourage you to reach out. 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.
After closing
Our relationship with an asset begins at closing. We oversee financing, renovations, leasing and property management with our operating partners and property managers, and we expect institutional-quality reporting. For sellers who stay involved, operating partners and lenders, that means a long-term owner who keeps investing in the building, responds when something needs attention and does not disappear when the plan takes longer than expected.
We look forward to hearing from you.
This article reflects Caldrion’s views as of November 2026. It is not an offer of securities or investment advice.