Active Markets
Discover what makes these markets uniquely well suited for multifamily real estate investing
Atlanta-Sandy Springs-Roswell, GA
Austin-Round Rock, TX
Columbus, OH
Dallas-Fort Worth-Arlington, TX
Houston-The Woodlands-Sugar Land, TX
Nashville-Davidson–Murfreesboro–Franklin, TN
Salt Lake City, UT
San Antonio-New Braunfels, TX
Indianapolis-Carmel-Anderson, IN
Our Acquisition Criteria
Master Multifamily leverages an existing private capital pool to acquire well-located multifamily assets in select markets.
Build Year 1980-2007
Garden Style
Pitched Roofs
C+ to A- Asset
B to A Market
65-250+ Units
Market Performing or Value-Add
Build Year 1980-2007
The properties we select will be in this age range because properties older than 1980 are likely to possess unacceptable environmental risks. Properties newer than 2007 are costly per unit and usually lack the appreciation potential we plan to harvest for our investors.
Garden Style
Garden Style apartments of 2-3 stories are attractive to renters and do not contain costly-to-maintain elevator systems. The inventory of this style of apartments is large in the major metropolitan areas we target for investment.
Pitched Roofs
Pitched roof buildings experience lower maintenance costs than flat roofs. The condition of these roofs can be readily evaluated during due diligence, and repairs are easy to perform.
C+ to A- Asset
We target to acquire multifamily apartments with significant appreciation potential that are attractive to renters. Appreciation potential directly relates to increasing revenues or lowering operating costs because multifamily apartment values are a function of net operating income. To reduce risk we seek to minimize the cost of upgrades at less than $5,000 per unit. The sweet spot for favorable economic characteristics is apartments fitting within the C+ to A- quality range.
B to A Market
As is often said about real estate, the three most important rules are location, location and location! A mistake about the property location can’t be fixed by better management. An outstanding location minimizes vacancies and leads to the potential for strong rental rate increases. We aim to acquire properties in locations where outstanding property management is available, and competing properties are also attractive. We look for quality educational opportunities in the area, outstanding health care services and higher end retail facilities. We target acquisitions in areas with strong “in migration” statistics, low unemployment, income growth and other favorable economic quality factors.
65-250+ Units
Size of the apartment projects we own matters because each project must be large enough to warrant on site marketing and building maintenance to enable effective and efficient property management. To acquire very large projects, enormous capital investments must be made, but more importantly, competition to purchase such projects is intense, with competition from real estate investment trusts, insurance companies and other institutional funds.
Market Performing or Value-Add
We acquire properties that are performing solidly in their market, or that provide opportunities to add to market value. Examples of value-add projects include those whose rents are below market, whose economic vacancy is above the market or which provide cost reducing opportunities. Often improvements may be made to common areas or to kitchens within the apartments that can add to value. Operating expenses may be lowered by measures such as reducing utility costs, appealing property tax valuations, and improving basic building operating systems.