Our legacy background is real estate development and traditional businesses. We are currently focused on the following business interests.
Zoned and Entitled Land Acquisitions:
Class A Neighborhoods in Virginia, the Carolinas (Triangle, Charleston, Greenville, Columbia most active), Georgia (suburban Atlanta and Savannah are most active), Central and Gulf Coast of Florida (Orlando, Tampa, Brandon, Sarasota, Fort Myers most active), Alabama (Huntsville, Birmingham), Tennessee (Chattanooga), and Texas (Dallas-Fort Worth Suburbs, Austin most preferred) with average rents PSF in the $1.30 minimum.
Typically, these will be suburban in-fill sites on the perimeter of the current development activity in the respective market, preferably water sites. These locations will be higher end neighborhoods surrounded by quality retail and schools. We are not interested in first into the neighborhood scenarios.
Minimum 20 acres. Zoned and Entitled for garden-style multi-family and townhouses. We are not mid-rise high-rise builders. Secured zoning and entitlement for minimum 250 units.
Would also consider large mixed-use master-planned/planned unit developments (PUD) communities with a multi-family/townhouse component.
Low Income Housing Tax Credit (LIHTC), Workforce Housing:
We review GP and LP interests pursuant to value-add and redaptive development of work-force multi-family real estate assets (minimum acquisition price $10 million in major markets; $20 million secondary markets) with an emphasis on in-fill locations. As an example, this can include opportunistic acquisition of an office asset that is ripe for conversion. We review assets with Low Income Housing Tax Credits that will burn off within 3 – 5 years.
We will also consider helping scale smaller workforce housing operators who display good upside scalability as operators.
Lower Middle Market Businesses:
Our focus includes growth equity, buyout, and roll-up scenarios in manufacturing, logistics, distribution, transportation, waste management, water, wastewater, data centers, and other select esoteric scenarios. Our collective expertise enables us to provide the business development acumen that leverages our extensive banking, and legal relationships in providing guidance to the corporate budget and strategic planning efforts.
These companies are reasonably-valued, profitable, smaller businesses with revenues of between $5 and $50 million and EBITDA from $1 million to $5 million.
Within these parameters, focus on companies with platform potential – unique assets and capabilities that, when combined with capital as well as outside expertise, make accelerated growth possible.
Our selection criteria identifies those companies possessing strong management teams with recurring revenues and strong gross margins. Our preference is to see manageable capital expenditures and operating expenses that are typically highly variable.
Single-Tenant Assets within the Industrial, Office, and Healthcare industries. Other compelling scenarios are considered on a per-situation basis. Seeking a minimum least 10-year lease, mostly NNN.
Credit needs to be investment grade (BBB- and higher) or a shadow rating that is investment grade. $10 million minimum – $100+ million.
Retail Pad Site Development Acquisitions:
Identifying underutilized commercial land that can be developed and turned into future pad sites. A subsequent closing is conditioned upon our development company obtaining the appropriate plan approvals.
These sites should be within strong retail corridors and heavily trafficked locations – ideally hard corners with intersected lights with traffic counts of at least 20,000 – 25,000 vehicles per day.
We acquire these sites and take them through the entitlement and development process in tandem with identified retailers that are in expansion mode in major and secondary MSAs nationwide.
Raw Land Development:
In the Greater Philadelphia Area and other points throughout the Northeastern United States, acquire controlling interest or work in strategic partnership with existing land owners to implement site improvements and work towards securing residential sub-division approvals for future sale to national home builders.
Cell Tower Portfolio Acquisitions and Build-to-Suit:
We are active as both telecom operators, developers, and advisors pursuant to acquisitions, new development, and distressed turnarounds of cell tower portfolios. We acquire existing portfolios where we can apply our operational experience and developed ecosystem. On a select basis, we will develop new projects through a sales leaseback or build-to-suit structure with a minimum 5 – 10 year investment-grade contracts with a historical track record throughout the United States, Europe, Nigeria, South Africa, and Southeast Asia.
Focus on value-add and development opportunities that are within a few blocks of Tier I and Tier II Public and Private Universities where we see evidence of significant enrollment growth and under-served housing demands. Our minimum requirement is 150 beds per asset.