Terms
Our strategy capitalizes on this tight supply landscape by focusing on the underserved middle-income renter demographic. We strategically acquire older Class B/C apartment buildings and apply thoughtful renovation programs to increase rents to market, often by 20-50%, while maintaining a low cost-basis. Providing high-quality and competitively-priced housing not only delivers value to our residents, but also creates a substantial barrier against new, more expensive supply, which in turn ensures the resilience of our investment portfolio. Our renovation strategy elevates our properties to a Class B standard at below replacement cost, allowing us to adapt to shifting resident demographics and economic conditions. The pandemic illustrated this flexibility, with some residents opting for smaller, more economical units, while others transitioned to larger spaces suitable for at-home work. Maintaining high-quality properties with adaptable pricing structures provides a level of downside protection against interest rates and other market risks.
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