Characteristics
Value-add
- Class B/C multifamily asset in B/B+ locations
- 15-20%+ rent upside via value-added strategies
- Return on cost 100+ bps over market cap rates
- 15%+ deal IRR over a 3-5 year hold period
Ground up
- Superior location & amenities in high growth markets
- Return on cost of 150+ bps over market cap
- 60-70% leverage
- 20%+ deal IRR/2.0x multiple over a 3-5 year hold