- Location: HQ in Chicago
- Target Equity Size: $5M to $30M
- Investment Structure: JV equity
- Co-invest: Need to be majority of the equity with major decision rights.
- Markets: Nationwide except West Coast and Northeast. Looking for submarkets past peak supply and already experiencing rent growth again.
- Deal Types: Ground-up construction
- Asset Types: 90% is MF and industrial, but also interested in BTR, student housing, data center, and grocery-anchored retail.
- Sponsors: They want to invest with established groups with realized track records.
- Target Returns: 20%+ IRR. Looking for untrended ROCs above 6.5% for MF, 6.75% for student housing, and 7% for everything else.
- Recent Deal: JV equity for the development of 283-unit student housing community adjacent to the University of Illinois.
- Notes: They can also provide GP solutions, e.g anchoring GP funds ($5M to $15M), programmatic GP capital, and co-GP equity.
