Survey the market
We pick submarkets before we pick buildings — job growth, permit volume, school quality and drive-time to employment. If new supply can undercut us in three years, we pass on the whole market rather than argue with the data.
Underwrite to today
Rents, expenses and insurance as they are, not as a broker projects them. Every assumption we cannot verify in a lease file or a utility bill is removed from the model rather than discounted.
Close with certainty
Equity committed before the letter of intent, debt quoted before diligence, reserves funded at close. Sellers remember who performed; that memory is how the second deal gets found off-market.
Operate and report
In-house management from day one, a written capital plan per unit, and quarterly reporting that leads with the number we least want to send.
Rules we do not break
Written before our first deal so that they cannot be rewritten during one.
Fixed-rate, long-amortization debt only. We will lose deals to buyers who accept rate risk, and we intend to.
Twelve months of debt service and the full first-year capital plan sit in the account on day one.
If the deal needs a rent number the submarket has never printed, it is not a deal.
Each community is its own single-purpose entity. No cross-collateralization, ever.
We answer the phone.
Third-party managers are paid on collections; we are paid on the asset. So we do it ourselves — leasing, maintenance, renewals, and the small courtesies that decide whether a resident signs again.
For residents →