Class B and C apartments
Established Class B and Class C communities with solid construction, where dated interiors or tired operations leave room to improve.
Strategy
Value-add multifamily in Austin and San Antonio.
We look for well-located apartment communities that can be improved through thoughtful renovation and better operations, then held with patience.
What value-add means
Buy well. Improve. Hold with patience.
A value-add strategy targets properties that are sound but under-managed or dated. By improving interiors, amenities, and operations, we aim to make the community a better place to live and a stronger long-term asset.
We believe the best outcomes come from buying at a sensible basis, keeping assumptions conservative, and executing a clear business plan, not from betting on rapid market appreciation.
What we look for
Our acquisition criteria.
Criteria describe the kind of property we pursue. They are not an offering.
Community scale
50 to 100 units: large enough for professional on-site management, small enough to be overlooked by large institutional buyers.
Growing submarkets
Proximity to jobs, schools, and everyday conveniences along the I-35 corridor: San Antonio’s established north side, Austin’s northern suburbs such as Round Rock, and the Temple and Belton area.
Room to improve
Dated interiors, below-market rents, or operations that can be run better.
Market context
Why these two markets, and why now.
Austin and San Antonio offer different, complementary opportunities for a patient buyer.
90.9%
Austin apartment occupancy in the third quarter of 2026, up 100 basis points from a year earlier as a record supply wave recedes.
2027
The year Austin rents are expected to turn positive as new construction slows, which favors buying before the recovery.
6.0–6.7%
Average San Antonio multifamily cap rates during 2026, up from about 5.0% in 2021, which means buyers are paying less for each dollar of income.
Sources: MMG Real Estate Advisors, Austin Q3 2026 Market Report (occupancy and rent outlook); Northmarq, San Antonio Multifamily Market Insights Q1 2026 (6.0% average cap rate); Blue Collar Commercial Group, San Antonio Multifamily Market Report Q3 2026 (6.7% average cap rate). Figures are market-level data from third parties as of October 2026, not projections for any investment. Market conditions change.
Underwriting principles
Conservative by design.
We would rather miss a deal than overpay for one.
Realistic rent assumptions
Rent growth based on what the market supports today, not what we hope it will do.
Stress-tested downside
We model higher vacancy, higher expenses, and lower exit values before we commit.
Fixed or capped debt
We favor financing that limits exposure to rising interest rates.
Reserves from day one
Capital set aside for repairs and surprises, so the plan does not depend on everything going right.
How we add value
Better homes, better operations.
Interiors
Updated kitchens, flooring, fixtures, and lighting residents notice.
Amenities
Useful community spaces, curb appeal, and safety improvements.
Operations
Tighter expense control, smarter leasing, and accountable management.
Resident experience
Responsive maintenance and respect for the people who call it home.
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