Acquisition criteria for brokers & owners
What we buy, where we buy it, and what to send. We screen every submission the same business day and give feedback within 24 hours.
The buy box
Listed or off-market. In or within about 75 minutes of one of our 19 target metros.
Covered land
- Types
- MHC and RV communities, infill and underutilized sites
- Size
- 25–150+ sites
- Typical price
- $1.5MM–$10MM
- Must
- Current use covers carrying costs
Workforce multifamily
- Units
- 6–50 (no duplexes)
- Typical price
- About $1.5M–$5M
- Markets
- Kansas City, Columbus, Cincinnati, Salt Lake City (Wasatch Front)
- Location
- Established workforce neighborhoods
Select opportunistic
- Industrial
- Small-bay, shallow-bay, flex, light industrial
- Self-storage
- Selective
- Special situations
- Fee simple only; no ground leases
- Basis
- Below replacement cost
Debt & notes
- Loans
- Performing to non-performing
- Collateral
- Any of the asset types above
Not a fit: office, hospitality, strip retail, operating businesses, ground leases and duplexes.
Situations we like
A good building held back by its circumstances.
- Distress. Maturing or defaulted debt, receiverships, lender-driven sales.
- Tired owners. Long-time owners ready to retire, estates, partnerships that need to unwind.
- Deferred maintenance. Capital needs the current owner does not want to take on.
- Under-management. Below-market rents, unbilled utilities, vacant units offline.
- Note sales. Banks or private lenders selling performing or non-performing loans.
- Seller financing or assumable debt. Both get priority.
Priority goes to a compelling basis, motivated or complex ownership, operating or land upside, and seller financing or assumable debt.
What to send
- Offering memorandum or a short summary
- Rent roll
- Trailing 12-month operating statement (T-12)
- Pricing or price expectations
- Existing debt: balance, rate, maturity, assumability
- CapEx history and needs, or land and site details
Partial information is fine to start. If you only have an address and a story, send that.
What happens next
If a deal fits, we move to a call, a site visit and a letter of intent. If it does not, we say so plainly and tell you why, so you know what to send next time. We keep submissions confidential and respect broker relationships.
Ready to send something?
Send it over. Every submission gets a same-business-day screen and feedback within 24 hours.