Sara Havlena
(2024 projected investment volume and preferences)
FCP
Volume: $200M
Invested ~$250M-$350M in 2023; $5M-$50M+ JV and pref equity pieces for value-add multifamily and commercial, affordable multifamily, build-to-rent and SFRs; 15%-18% gross returns for value-add, ground-up development and redevelopment deals, 8%-12% gross for core-plus deals; DC, MD, VA, NC, SC, TN, GA, FL, NJ, NY, PA, MA, AZ, CO, TX, NV, UT, CA, WA
Pensam Capital
Volume: $200M
Invested just over $160M in 2023; $4M-$100M pref equity pieces for multifamily; opportunistic across all deal types; 12%-14% returns of which 7.5%-9% is typically current pay; nationwide
FCA Partners
Volume: $200M
Invested $51M in 2023; $10M-$100M JV and pref equity pieces for apartments, retail, medical office, industrial; core-plus, value-add and ground-up deals; 12%+ returns; the Southeast, TX, CO, AZ
LEM Capital
Volume: $150M
Invested $52.1M in 2023; JV equity of $15M-$30M where LEM represents 50%-85% of the total equity; Class B multifamily value-add deals; 16%-18% deal level IRR and 1.8x-2.0x deal level multiple; infill suburban locations in high-growth markets
Hudson Real Estate Finance
Volume: $100M
Invested $75M in 2023; $2M-$10M pref equity pieces for construction and stabilized HUD-financed deals; 10%-14% returns
Time Equities
Volume: $50M-$100M
Invested $91M in 2023; $1M-$150M JV equity pieces for Class A and B properties for all assets except hotels; value-add, ground-up and core deals; 20% returns; secondary and tertiary markets
Dekel Capital
Volume: $50M-$100M
$3M-$10M primarily pref equity pieces for core, core-plus and value-add multifamily deals; 14%-16% all-in yield; primary and secondary markets nationwide
Tryperion Holdings
Volume: $75M
Invested $40M in 2023; $7M-$30M JV and pref equity pieces for all property types; all deals except ground-up; mid- to high teens returns; nationwide
ABR Capital Partners
Volume: $50M-$75M
Invested ~$30M in 2023; $5M-$15M JV equity pieces for multifamily and industrial value-add deals; 16%+ returns; 1.7x+ multiples; the top 50 MSAs
Red Starr Investments
Volume: $25M-$50M
$3.5M-$15M JV and pref equity pieces for all property types; core-plus, value-add and ground-up deals; 15%+ returns on pref and 18%+ on JV equity; nationwide
Newport Capital Advisors
Volume: $40M+
Invested ~$20M in 2023; $2M-$20M JV and pref equity with a preference for multifamily, will consider other cash-flowing commerical assets; Class B- to C properties where value-add and/or rehab required is acceptable, a focus on affordable and workforce housing; preference for secondary and tertiary markets
Torchlight Investors
Volume: TBD
$20M-$100M JV and pref equity pieces for multifamily, industrial, hotels, retail, select office; value-add and core-plus deals; 16%+ IRRs; primary and secondary markets
CrossHarbor Capital Partners
Volume: TBD
$25M-$50M JV and pref equity pieces for multifamily, build-to-rent, industrial, open-air/lifestyle retail, hotels, student housing, senior housing; value-add and opportunistic deals, active in ground-up development; total IRRs of 15%+; nationwide with a focus on markets with strong underlying fundamentals
Canyon Partners Real Estate
Volume: TBD
$10M-$100M JV and pref equity pieces for multifamily, condos, office, hotels, mixed-use, retail, industrial, senior housing and student housing; value-add repositioning, ground-up development, distressed/special situations; annual gross returns of 13%-20%+; the top 25-40 markets, focused on areas that have strong job growth
ASB Real Estate Investments
Volume: TBD
$20M-$200M JV equity pieces for multifamily, industrial, self storage, MHC, build-for-rent; all deal types; returns depend on risk; major markets
