Market selection
Study demand, employment, supply, and the local operating environment.
Investment approach
A process built on questions, evidence, and execution.
Each opportunity moves through a series of reviews. A business plan must make sense on its own terms, including its costs and risks.
Deal sourcing
Identify opportunities through relationships and market research.
Initial screening
Review price, occupancy, income, expenses, and obvious constraints.
Detailed underwriting
Model current operations and separate verified facts from assumptions and possible upside.
Due diligence
Inspect the property and verify financial, legal, physical, and operating information.
Financing and capital structure
Assess debt terms, reserves, capital needs, and the effect on the business plan.
Business plan
Define improvements, budgets, timing, and operational responsibilities.
Asset management
Monitor performance, address issues, and adjust execution as conditions change.
Exit evaluation
Evaluate hold, refinance, or sale decisions in light of asset performance and market conditions.