We seek investment opportunities in areas where our experience and expertise will drive the most meaningful impact and returns, such as:
Affordable Housing
Experienced Pure-Play Investor
As a well-capitalized operator in the affordable housing space, we deploy resources where they are needed most and collaborate with federal, state and local housing authorities to execute on creative structures that allow us to preserve, revitalize and create affordable housing.
Core Focus
Fund Management
Our fund management business invests in affordable and workforce housing communities on behalf of private and institutional investors. We both acquire properties directly and in joint venture with local partners who share our mission and commitment to making an impact. Our team has a proven track record of executing a variety of complex investments refined through decades of experience in this nuanced segment of the real estate market. To date, we’ve successfully raised seven funds totaling more than $1.2 billion in equity.
Core Focus
Development
Through our investment in Conifer Realty, a full-service real estate company with development, construction, management and ownership capabilities, we currently support 25 affordable projects in active stages of construction. We actively look for opportunities to capitalize legacy firms in the affordable housing space, catalyze new construction projects and meet the demand for safe, high-quality affordable homes.
Our Approach
Multifamily Assets
LP & GP Interests
Project-Based Section 8
Project-Based Section 8
- Assets with a housing assistance contract with the government for rental subsidies to low- and very low- income families
- Tenant pays 30% of monthly gross income for rent; US Department of Housing and Urban Development provides a subsidy for remainder
- Rents are adjusted annually with inflation with ability to mark up rents to market
Operating Platforms
LIHTC Properties
LIHTC Properties
- Federal government’s primary vehicle for incentivizing Affordable Housing development
- Assets that are developed and / or renovated using Low Income Housing Tax Credit in place of traditional equity; assets must remain in compliance for ~30 years
- Rents are typically at a discount to market and are increased annually by an inflation adjustment factor
Affordable Portfolios
SPECIAL OPPORTUNITY AFFORDABLE
SPECIAL OPPORTUNITY AFFORDABLE
- Assets governed by local affordable programs that vary by city and / or state
- Partnerships with local housing authorities with goal of creating and / or preserving affordable units in strategic markets
- Frequently incentivized by partial or full tax abatements and / or rental subsidies
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