Strategy

• Conservative underwriting
• Clear path to value creation
• Favorable loan terms
• Diversification across three verticals
• Boots-on-the-ground operations to steward the assets
• Co-investment in all opportunities for alignment of interests
• Accrued tax benefits like depreciation deductions, credits, opportunity zones, deferrals

Opportunistic Acquisitions

Target: Distressed Class B Sunbelt and Midwest properties with broken capital structures and deferred maintenance.

Strategy: Acquire portfolios at/below note value, transition to the Boardwalk operations platform to address deferred maintenance and revenue/expense optimization.

Hold Period: 1-3 years.

Value-Add Acquisitions

Target: Stabilized Class A-B Sunbelt and Midwest properties with clear operational upside in high growth markets.

Strategy: Acquire at discount to replacement cost, transition to the Boardwalk operations platform to address revenue/expense optimization and capital improvements with the intention refinance/sell.

Hold Period: 3-5 years.

Developments

Target: Class A supply-imbalance Midwest submarkets with above national average population and jobs growth along the path of progress or in submarkets with restrictive zoning.

Strategy: Leverage our local team to acquire land at a below-market valuation with entitlement/zoning addressed in-house via our GC partner. Iterate our systematic apartment design and phased development process, focusing on core amenities to deliver highest quality at low construction costs with stabilized occupancy by months 15-18.

Hold Period: 4-7 years.