Investment strategy
We target essential real estate in the American Midwest — assets whose value comes from the rent check, not the exit multiple. Here's exactly how we source, underwrite, and operate.
Investment criteria
Asset type
Workforce multifamily (30–150 units) and grocery-anchored or necessity-based neighborhood retail centers.
Geography
Secondary and tertiary Midwest metros. Primary markets of interest include Cedar Rapids, Sioux Falls, Rochester, and Des Moines.
Check size
$1M–$5M of equity per transaction. Total deal size typically $5M–$20M.
Hold period
5 to 10 years. We have no artificial fund life forcing us to sell.
Return profile
Target net IRRs in the mid-teens with meaningful current cash yield from year one. Appreciation is a bonus, never a requirement.
What we avoid
Class-A urban high-rises. Hotels. Office. Anything that requires a trend to continue for the deal to work.
Our process
Off-market relationships with regional brokers, operators, and owners. Most of our best deals never hit a listing service.
One-page underwrite in 48 hours. Honest go/no-go based on in-place yield and submarket fundamentals — not a spreadsheet gymnastics exercise.
On-site walk within a week. Physical inspection, lease audit, market comps, CapEx modeling, and a conservative debt-sizing analysis.
Partners co-invest personal capital in every deal. LP capital is called only after hard money is at risk. No blind pool commitments.
Hands-on asset management. Monthly financials from property managers reviewed line by line. CapEx deployed deliberately, not on a schedule.
Sell when the market pays us for patience — or refinance and keep compounding. We are never forced to transact.