Investment Strategy
Acquire at the dislocation. Reconfigure for families. Hold under agency debt.
A programmatic approach to producing and preserving family-sized rental housing in Washington, D.C. — stewarded under long-duration agency debt and priced to clear durable demand from the District’s family-sized renter base.
Thesis
The District’s housing market has under-produced the unit sizes families actually need — three- to five-bedroom homes.
I.
Acquire
Acquire at the dislocation.
We target multifamily inside the District that is structurally mispriced — distressed ownership, under-managed operations, capital structures the current owner cannot rehabilitate. Twenty-five to fifty unit assets in neighborhoods where families already live and want to stay.
The acquisition discipline is specific rather than opportunistic. We look for buildings where the physical plan accommodates unit reconfiguration and the resulting stabilized rent band can clear durable long-term demand under agency debt.
- Check size
- 25–50 units
- Geography
- D.C. only
- Condition
- Value-add
II.
Reconfigure
Reconfigure for the families the market skipped.
Our value-add program is oriented toward the unit types the District’s supply chain has failed to produce: three- to five-bedroom apartments. We rework plans, consolidate smaller units, and reintroduce family-sized homes into buildings that earlier cycles chopped toward studio and one-bedroom density.
Those reconfigured homes are priced and operated to clear durable long-term demand from the District’s family-sized renter base. Matching supply to that structural gap is the clearest line we can draw between private capital and a public-purpose outcome.
III.
Hold
Hold under long-duration agency debt.
The exit is not a sale. It is a refinance into Fannie, Freddie, or HUD paper — ten- to fifteen-year term, modest leverage, meaningful reserves — that releases the acquisition capital and sets the asset onto a multi-decade ownership track. Agency debt is the discipline that governs every upstream decision: unit mix, rent band, tenant programs, renovation scope.
- Debt programs
- Fannie · Freddie · HUD
- Target term
- 10–15 years
- Intended hold
- Generational
Process
From acquisition to agency exit.
Every asset moves through the same three-stage sequence — the same triad as the H1, the same triad as the home-page program.
- 01
Acquire
Source off-market and lightly-marketed D.C. multifamily. Underwrite against agency-debt service. Close on bridge or balance-sheet capital.
- 02
Reconfigure
Rework unit mix into three- to five-bedroom homes. Renovate to institutional standard. Stabilize tenancy into long-term occupancy.
- 03
Hold
Refinance into long-duration agency paper. Transition to permanent hold and programmatic operation.
Capital partners
If this strategy matches your mandate, we would like to speak.
We work with institutional capital partners for whom long-duration, agency-financed housing is a strategic allocation — not a category adjacent to one.