Acquisition Criteria

We employ conservative underwriting in our acquisitions and budgeting. We value our long-term relationships in the residential industry that provide us with information to help drive the right investment decisions. Our philosophy is based on investing in assets that have solid operations in-place where we believe we can improve the quality of service and performance.

Target returns: Annual cash return 5-8% on equity invested; Target hold period: 10 years; Debt assets are typically purchased with debt in the 55-75% LTV range

Target Asset Profile

We target Class B & C residential income properties.
We are searching for:

  • Mobile home communities
  • Multifamily value-add or stabilized properties
  • Student housing
  • Affordable and workforce communities
  • Mixed income properties

Target returns: Annual cash return 5-8% on equity invested; Target hold period: 10 years; Debt assets are typically purchased with debt in the 55-75% LTV range

Target Markets

  • Boise, ID
  • Central Coast (i.e. Santa Maria, San Luis Obispo)
  • Denver/Boulder/Colorado Springs, Fort Collins, C
  • Northern California Foothills (i.e. Auburn, Placerville)
  • Portland, OR/Vancouver, WA
  • Reno, NV
  • Sacramento, CA
  • Salinas/Monterey, CA
  • Salt Lake City/Provo/Ogden, UT
  • Spokane, WA

Target Neighborhoods

  • Moderate income neighborhoods
  • Rent to income ratio in line or above the national average of 28%
  • Residential and commercial renovations in process nearby
  • Area Median home prices above average
  • Strong schools
  • Stable demographics
  • Suburban walkability to everyday needs
  • Proximity to grocery store and mass transit
  • Proximity to healthcare facilities
  • Access to recreational amenities
  • Community improvements
  • Rent to income ratio in line with national average of 28%
  • Future-proof cities
  • Median home prices
  • Proximity to healthcare facilities
  • Community stability

We value the importance of walking and the quality of life it brings. Maybe it’s not walking to the hot hip new restaurant, but it’s walking to school or the grocery store. We want families to have the ability to walk or bike to their everyday needs. We look for residential communities that are in suburban or suburban/urban locations that have good walkability.

We buy in middle income neighborhoods. We do not want to be in the most expensive, hot new neighborhoods where we would compete with newly built product. We also do not want to buy in blighted areas where low rents can pull ours down.

Target Resident Demographics and Locations

  • Resident salaries that are close to the median of the area
  • Diverse employment base
  • Economies with a high percentage of employment in these sectors:
    • Technology
    • Government
    • Healthcare
    • Education
    • Logistics
    • Food supply
  • Adjacent easy access and/or short commutes to:
    • Employers
    • Everyday conveniences
    • Grocery stores
    • Schools
    • Universities
    • Freeways
    • Hospitals and other health service businesses
    • Downtown CBD’s
    • Recreational amenities/parks
    • Entertainment venues

AVOID:

  • Economies that are based on tourism
  • Politically-unfriendly business markets
  • Potential COVID “shutdown” communities
  • Markets with history of social unrest