Investment Mandate Overview
Student Housing
Class A assets proximate to Tier-1 universities
Newer vintage; minimum 400 beds per asset
Target Cap Rate: ~5.65%
Several billion dollars of institutional capital available for acquisitions and debt/equity recapitalizations
Large, multi-asset and portfolio transactions welcomed
Oceanfront Development Sites
Premium, entitled oceanfront sites suitable for 500+ key all-inclusive hotel/resort developments
Global mandate
Target site acquisition budget: $25–$100 million per site
Ability to execute rapid, all-cash closings on fully entitled sites
Master-Planned Communities
Entitled land for single-family residential development
Minimum 1,000 lots per site; preference for 2,000+ lots
Primary focus: Texas and Florida (2025–2026)
Selective expansion into additional U.S. markets beginning 2027
Hotels
Institutional-quality portfolios with minimum aggregate value of $200 million
Target T-12 Cap Rates: ~10%
Multifamily
Class A (5.7% cap) and B (6.5% cap) assets, 1990s vintage or newer; preference for 9-foot ceiling heights
200–600 unit, institutional-quality properties
Equity commitments starting at $15 million; typical checks of $35–$75+ million
Ability to scale materially via sidecar structures
Core markets: Texas, Florida, Georgia, Carolinas, Arizona, Colorado, Tennessee, Northern Virginia, Columbus, Indianapolis, Salt Lake City, Las Vegas
Opportunistic consideration of outlier markets with compelling risk-adjusted returns
Transaction types: acquisitions, JV equity, recapitalizations, and structured solutions
Target returns: low- to mid-teens IRRs with a clear path to positive leverage within 12–18 months
Strategies include value-add, lease-up, and recently stabilized core-plus
Ability to assume existing agency debt (low leverage / short duration) or acquire unencumbered assets
Emphasis on speed, certainty of execution, and clean closes
Operating Philosophy
Does not directly operate assets
Seeks partnerships with vertically integrated sponsors or best-in-class third-party managers
Recapitalization structures designed to allow existing sponsors to remain invested, retain AUM, and maintain operational control
This flexibility has been a key driver of recent deal flow and sponsor alignment across core markets
Seeking equity and structured capital for the following opportunities:
~$1.0 billion of opportunistic, Class A, institutional-quality office real estate with meaningful land components
$40 million of mezzanine capital for a partially constructed, ~$600 million institutional mixed-use development in Florida
Portfolio of approximately 10,000 rent-stabilized multifamily units in New York City
$250 million of notes secured by institutional-quality multifamily assets
~$9.0 billion geothermal infrastructure development
Multiple high-rise luxury development sites in Miami
Development opportunity in Miami for approximately 4,000 workforce housing multifamily units
Fully entitled 450-key luxury condo/hotel ski resort on a premier U.S. mountain destination
~$2.5 billion portfolio of Class B and C multifamily assets
NOTE: The information provided is solely for general informational purposes regarding private real estate investment opportunities in accordance with Rule 506(c) . Interests in any investment vehicle referenced herein, if offered, will be made only through definitive offering materials, including a confidential private placement memorandum, and only to accredited investors and only in jurisdictions where permitted by law. No representations or warranties, express or implied, are made. Any investment opportunity will be conducted in accordance with all applicable federal and state securities laws.