We call our playbook I-SOAR. It defines what we buy, how we operate, and how we exit — repeatable across every corridor we enter.
Phases overlap depending on acquisition and exit timeline. Value is created at every step, lots are strategically aggregated, and exit options are varied.
Every property must clear hard discipline gates before we move forward. This is what creates Day 1 yield + long-term land optionality.
4–24 units. Walk-up or low-rise. Built 1950–2000. T4–T6 zoning. No condos, no high-rise.
Little Haiti · Little River · Shenandoah · Silver Bluff. Within 10 min of major catalysts.
Going-in cap rate >5%. DSCR >1.25x. Loan-to-cost ≤65%.
Adjacent to existing positions or with clear paths to control 2.5+ acre developable land within 36 months.
Beyond the core thesis, we operate a set of supporting strategies that compound returns across the portfolio.
Most of our target footprint sits within QOZs. 100% bonus depreciation in 2025 unlocks meaningful Year 1 tax shielding.
Stabilization-driven refinances unlock 30–60% of equity within 18–24 months — recycled into the next acquisition.
Vertically integrated property management drives 15–20% NOI uplift vs. third-party operators. No leakage.
FL Live Local Act unlocks by-right density bonuses on multifamily lots — accretive at exit even without a single new unit built.
Every acquisition has a defined exit thesis. Developer-buyer relationships established before we close, not after.
We are direct about the things that can go wrong, and the structural choices that protect against them.
Hurricanes are real. Reinsurance markets are tight. Underwriting must accept higher premiums and storm-related operational risk.
All target corridors sit on the inland ridge — outside Zones AE/VE. Concrete-block construction. Captive insurance program negotiated at portfolio scale.
If rates remain elevated, exit cap rates on stabilized multifamily may not compress as expected.
Our exit thesis sells assembled lots to developers — pricing is driven by buildable density, not cap rate. Cash yield carries the hold period regardless of rate path.
Florida is broadly landlord-friendly today — but local politics can shift.
Florida statute preempts local rent control. Live Local Act preempts zoning rollback on multifamily-zoned land. We diversify across 4+ corridors per fund.
A 7–10 year fund means committed capital is genuinely long-duration.
Refinance proceeds distribute capital well before exit. We facilitate LP-to-LP secondary transactions at NAV at fund anniversaries.