Real Estate Acquisitions

As one of our four core strategies, we will make opportunistic investments in residential and commercial properties, employing a value-add strategy. We seek to acquire underperforming properties where value can be added through redevelopment and repositioning, including fixing, leasing and improving operations. The primary focus is on properties located with our core markets of Florida, California and the New York City metro area.

We generally seek to invest $150,000 to $500,000 in residential properties, and $500,000 to $3,000,000 in commercial properties, but will entertain larger transactions if the economics are compelling enough. The properties in which we invest will typically have the following characteristics:

• Properties that are underperforming in markets where near-term value can be added through superior property operations and aggressive leasing
• Properties in great locations that are no longer competitive due to poor maintenance
• Properties that are functionally obsolete and can be fixed or repositioned for alternate use
• Properties in need of stabilization, repositioning or redevelopment
• Properties that are underperforming in markets where near-term value can be added through superior property operations and aggressive leasing