Strategy

Acquisition Strategy Leverages
Market Knowledge

Target communities that require an interior renovation and exterior capital expenditure program to move up to B+/A- quality.
Acquire apartment communities built in the 1990’s and early 2000s that are now of B-/B quality.
Capital expenditure programs will focus on deferred maintenance, updates to common areas, landscaping, and rebranding.
Interior renovation will focus on upgrades to kitchens, baths, appliances, and fixture updates.
Waterman will manage the day-to-day renovation process.

Acquire communities in development and re-development corridors in major metropolitan areas.
Attractive land locations could provide redevelopment sites in future as an alternative exit.
Address deferred maintenance and physical deficiencies to maximize current return.
Due to size, age, or deferred maintenance smaller number of competitors for product but competitive going-in yields.
Acquire assets below replacement cost that provides strategic cost advantage and a “value” renter option in a particular submarket.