Our Buy-Box & Process
We maintain strict, transparent criteria for every acquisition. Here is exactly what we look for and how we evaluate each opportunity.
What We Acquire
Unit Count
30–300 units
Asset Class
Class B+ / B / C
Vintage
Built 1985–2015
Strategy
Value-add repositioning
Target IRR
≥ 15%
Cash-on-Cash
≥ 7%
Debt Service Coverage
≥ 1.25×
Loan-to-Value
≤ 80%
Financing
Agency debt preferred
Where We Invest
Houston, TX
A diverse, growing economy anchored by energy, healthcare, and logistics, with strong in-migration and durable rental demand.
Boise, ID
One of the fastest-growing metros in the country, driven by tech relocation, population growth, and a constrained housing supply.
Select Partner Markets
We selectively partner on deals in other high-growth markets where the fundamentals and sponsorship meet our standards.
Conservative by Design
5–7 yrs
Average Hold Period
≥ 15%
Target IRR
≥ 7%
Target Cash-on-Cash
1.25×
Min. Debt Service Coverage
80%
Max Loan-to-Value
Agency
Preferred Debt
Every Box Must Be Checked
- Location quality and submarket fundamentals
- Verified in-place financials and rent roll
- Independent market rent and comp analysis
- Renovation scope and value-add potential
- Stress-tested revenue and expense assumptions
- Conservative, agency-backed capital structure
- Clear business plan and exit strategy
Our Four-Stage Process
Sourcing
We cultivate deep broker relationships and proprietary channels to surface off-market and lightly-marketed opportunities.
Underwriting
Each deal is modeled across multiple scenarios with conservative assumptions and independent rent validation.
Due Diligence
We conduct thorough physical, financial, and legal diligence to confirm every assumption before closing.
Execution
Our asset management team implements the value-add plan and reports transparently against underwriting.
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