Operating model.
Every acquisition is governed under a written 100-day plan, a project-level operating plan, and a quarterly KPI review. The operating model is the discipline that turns capital into converted, cash-flowing assets.
Four phases from acquisition to disposition.
Acquisition & Diligence · Days 0–100
Site control, structural feasibility, historic character assessment, environmental review, entitlement mapping, capital-stack negotiation, and IC approval. Every project closes with a written 100-day plan committing the operating team to milestones for design, entitlements, financing, and community engagement.
Conversion Design & Entitlement
Adaptive-reuse architecture, structural retrofit engineering, historic preservation coordination, life-safety upgrades, and full entitlement approvals. Design-to-cost discipline, value-engineering cycles, and third-party constructability review are executed before mobilization.
Construction Delivery & Lease-up
GMP construction management with owner's-representative oversight, monthly draw discipline, and schedule-and-cost reporting to the LPAC. Lease-up planning begins in design and matures through construction, measured against underwritten rents and stabilization curves.
Steady-state Ownership & Exit
Institutional-quality property management, capital planning, refinancing at stabilization, and disposition into institutional markets. Every asset is on a documented hold-vs-sell review at least annually, with disposition governed by written IC re-approval.
What we track every quarter.
A single quarterly review consolidates capital, construction, leasing, operating, risk, and governance metrics for every project and fund.
Capital
Commitments called, invested, and reserved. GP commitment tracking. Fund-level IRR and MOIC vs. target. Distribution history and DPI.
Construction
Schedule variance to baseline. Budget variance to GMP. Change-order run rate. Contingency consumption. HTC capture readiness.
Leasing
Pre-lease pipeline, executed leases, weighted-average rent vs. underwriting, absorption pace, and stabilization horizon.
Operating
NOI margin, expense ratios, capex reserve funding, and property-management scorecard on stabilized assets.
Risk
Concentration by market, product, and vintage. Debt maturity schedule. LTV and DSCR headroom. Counterparty exposure.
Governance
IC decisions, LPAC actions, valuation adjustments, and any material amendments to project or fund documentation.