Co-GP Real Estate

Position: GP Equity, LP Considered on a Limited Basis

Strategies:  Stabilized Value, Value-Add, Opportunistic, Entitlements

Execution:   Assemblage, Entitlement Risk, Repositioning, Development, Lease-Up

Property Types:   Residential, Retail, Office, Industrial, Mixed-Use

Project Level Return Targets: 

• Opportunistic: 24%+ IRR / 2.0x Minimum MOIC

• Value-Add: 18%-20% IRR / 1.8x Minimum MOIC

• Stabilized Value: 15%-17% IRR / 2.7x Minimum MOIC (Longer Term Hold)

Markets:   Tri-State Area, Virginia, North Carolina, South Carolina, Georgia, Florida, Texas, Others Considered on a Select Basis

Attributes:   Non-Brokered, Covered Play, Infill with access to major freeways and multi-modal infrastructure, Catalyst Driven Densification

Deal Size (GAV):   Direct $10 MM - $80 MM, Co-GP $200 MM Maximum

Leverage:   50% - 75%

Hold Period:   Average 3 - 5 Years