A closed-end, value-add multifamily strategy seeking to acquire and reposition rental properties that have either been undercapitalized or mismanaged. Targeted assets will primarily consist of class B, garden-style communities that appeal to a wide range of household incomes and can achieve post renovation rents at a significant discount to class A and newer product rents in the market.
- Differentiated, value-driven strategy: The fund will identify relative value and target assets below replacement cost that are less impacted by new supply and are well positioned for a recovering economy. It will target well-located assets that are either under managed, undercapitalized or over leveraged in stable and growing markets.
- Experienced multifamily, sector focused team: Led by a team with a proven, 28-year track record over the life of the CASA fund series. The series includes 11 funds to date with a total portfolio of 48 assets representing a gross asset value of $3.0 billion.
- Property repositioning strategy: The fund will execute value-enhancing property improvements through specialist asset management team with proven capabilities.
- Low cost financing: Specialty below market tax-exempt bond financing to provide low-cost leverage for the fund and enhanced cash flow distributions to investors.
As the pandemic halted most 2020 construction, further contributing to the existing shortage of housing units, an ideal opportunity has been created for class B assets to be repositioned."