Extended Buy Box
We’re seeking multifamily properties that focuses on apartment buildings built in the 1980s or later with 20 - 300+ units.
These properties should offer significant value-add potential, such as units renting 15% or more below market rates (excluding renovation premiums) or with vacancy rates exceeding 15%.
Our priority is good neighborhoods where crime rates are at or below the national average and match or beat the closest metropolitan area’s levels, safety is essential. We target landlord- and business-friendly states with steady or growing populations and jobs, and we’re exploring opportunities based on 2025 market trends.
Target Markets
We’re focusing on the following states with growing or stabilizing multifamily markets, including smaller areas within 20-30 miles of major cities:
• Alabama
• Arizona
• Arkansas
• Florida (south of Orlando)
• Georgia
• Idaho
• Indiana
• Iowa (DSM area)
• Kansas
• Kentucky
• Louisiana
• Mississippi
• Missouri
• Montana
• Nebraska
• North Carolina
• North Dakota
• Ohio
• Oklahoma (OKC area)
• South Carolina
• South Dakota
• Tennessee (excluding Memphis)
• Texas
• Utah
• Virginia
• West Virginia
• Wisconsin
• Wyoming
Properties Matching Our Criteria
Based on 2025 market insights, we’re targeting properties in good neighborhoods with low or average crime compared to national and metro standards. These locations show strong renter demand, projected rent growth around 2.6% nationally, and stabilizing vacancies at 4.9%.
We’re also interested in undervalued assets needing upgrades in these safe areas.
Sunbelt Region Properties
These warm states offer properties with population and job growth, ideal for value-add in secure neighborhoods.
• Arizona (Tucson, Phoenix): Tucson, our #1 emerging market, has robust demand and limited new supply, perfect for rent uplift in safe areas. Phoenix’s high-vacancy properties in low-crime zones are ripe for improvement as rents rise.
• Florida (Orlando, Tampa, Jacksonville): Southwest Florida leads in new construction, with south-of-Orlando offering 7-9% vacant units in safe neighborhoods, projecting 2-3% rent growth.
• Texas (Central East Texas, Austin, San Antonio, Dallas): Central East Texas, our #4 emerging market, has affordable options in safe areas. Austin and San Antonio’s 10% vacant properties in low-crime zones are poised for recovery.
• Tennessee (Knoxville, Nashville): Knoxville, ranked #5, features 4.8% vacancy and 1.5-3% rent growth in safe spots. Nashville’s 8.7% vacant properties in secure areas offer upside.
• North Carolina (Charlotte, Raleigh): Charlotte’s 9-10% vacancy is stabilizing with 0.4-2.6% rent growth in safe neighborhoods.
• Georgia (Atlanta): Properties in safe, high-demand Atlanta areas project 2-3% rent growth.
• Oklahoma (Oklahoma City): With 4.7% rent growth and 5.4% vacancy, OKC offers properties in safe zones.
• South Carolina (Charleston, Greenville): Safe coastal and inland areas show 1-3% rent growth with improving vacancies.
• Louisiana (New Orleans): Properties in safe, business-friendly areas feature 4.4% rent growth and 4.7% vacancy.
Midwest and Mountain Region Properties
These cooler states have low vacancies and steady growth, with safe areas for investment.
• Wisconsin (Madison, Milwaukee): Madison, ranked #3, projects over 3% rent growth in safe zones. Milwaukee follows suit.
• Ohio (Columbus, Cleveland): Columbus offers 3% rent growth and 4-5% vacancy in safe, busy areas.
• Indiana (Indianapolis): Properties in safe, growing submarkets show rent growth potential.
• Iowa (Des Moines): Safe DSM areas are a strong rental market with growth.
• Missouri (Kansas City): Safe, demanded areas feature solid rent growth.
• Kansas (Overland Park): Emerging market with safe, strong fundamentals.
• Virginia (Richmond): Safe, metro-adjacent areas project 1-3% rent growth.
• Utah (Salt Lake City): Safe, recovering areas show 1-3% rent growth.
Other states: Alabama, Arkansas, Idaho, Kentucky, Mississippi, Montana, Nebraska, North Dakota, South Dakota, West Virginia, and Wyoming, offer properties in safe, steady-growth towns with landlord-friendly policies.
Our Property Criteria
• Built in the 1980s or later.
• Minimum 20 units, preferred 100 units or more.
• Significant value-add needed: Rents 15%+ below market (excluding renovation costs) or over 15% vacancy.
• No turnkey properties at market price.
• Good neighborhoods only: Crime at or below national and closest metro averages—safety is our top focus.
• Market conditions: Steady or growing population (up to -0.5% loss acceptable in rare cases), steady or growing jobs, and landlord-/business-friendly states.
• Budget: 5M to 50M, more in some situations.
Share any properties that fit these standards with us!