ACQUISITION CRITERIA
PROPERTY TYPE
100+ unit garden style, mid-rise, and Build-to-Rent (BTR) built after 1970
LOCATION
Florida, Texas, Alabama, Arkansas, and Louisiana – path of progress markets with strong fundamentals
DEAL TYPE & SIZE
Single assets or portfolios to deploy $10M to $300M of equity
MULTIFAMILY & BTR REDEVELOPMENT STRATEGIES
DISTRESSED
Redevelop depreciating properties, involving major renovations and management overhauls.
STRESSED
Address challenged properties, with improvements in management and maintenance.
FIRST GENERATION
Enhance newer vintage properties through upgrades to maintain market appeal.
representative investments
distressed
Property: Harlow At Gateway
Year: 1973
Location: Florida
Stressed
Property: Parkview Estates
Year: 1985
Location: Florida
First generation
Property: The Atrium
Year: 2022
Location: Alabama
representative investments
distressed
Property: Harlow At Gateway
Year: 1973
Location: Florida
Stressed
Property: Parkview Estates
Year: 1985
Location: Florida
First generation
Property: The Atrium
Year: 2022
Location: Alabama
Market Opportunity
LURIN is an experienced operating company with a proven track record of identifying and mitigating challenges inherent to the redevelopment and operations of workforce and greyforce housing.
Operational Challenges
- Current Management or 3rd Party Management
- Rent Significantly Below Market
- Staffing Issues and Retention
- Inability to Turn or Renovate Units
- Lack of Industry “Best Practices” / Institutional Processes
PHYSICAL Challenges
- Significant Vacancy
- Lack of Capital Improvements Relative to Competitors
- Failing Mechanical or Deferred Maintenance Issues
Financial Challenges
- Unable to Service Debt due to Sustained High Interest Rate Environment
- Aged Accounts Payable
- Lack of Revenue Optimization and/or Expense Control
Sponsor Challenges
- Dissolving/Fractured Partnerships
- Financial Weakness
- Liquidity Needs
- Mismatch on Hold Periods involving Fund Structures/Timing, Liabilities and/or Debt Maturities
Distressed & Stressed Opportunities
LURIN is an experienced operating company with a proven track record of identifying and mitigating challenges inherent to the redevelopment and operations of workforce and greyforce housing.
Sponsor Challenges
- Dissolving/Fractured Partnerships
- Financial Weakness
- Liquidity Needs
- Mismatch on Hold Periods involving Fund Structures/Timing, Liabilities and/or Debt Maturities
Financial Challenges
- Unable to Service Debt due to Sustained High Interest Rate Environment
- Aged Accounts Payable
- Lack of Revenue Optimization and/or Expense Control
PHYSICAL Challenges
- Significant Vacancy
- Lack of Capital Improvements Relative to Competitors
- Failing Mechanical or Deferred Maintenance Issues
Operational Challenges
- Current Management or 3rd Party Management
- Rent Significantly Below Market
- Staffing Issues and Retention
- Inability to Turn or Renovate Units
- Lack of Industry “Best Practices” / Institutional Processes
INVESTMENT PROCESS
Institutional investment process strives to produce consistent, repeatable results that drives value for investors.
SOURCING & aCQUISITION CAPITAL MARKETS DUE DILIGENCE RISK MANAGEMENT aSSET MANAGEMENT REDEVELOPMENT PROPERTY MANAGEMENT MONETIZATION
- Sourcing: Leverage knowledge and relationships across LURIN’s platforms for investment origination.
- Due Diligence: Comprehensive bottom-up process with conservative modeling and disciplined risk mitigation focused on market and asset fundamentals and downside protection.
- Acquisitions: Identify opportunities with attractive risk/reward and acquire assets at a discount to replacement cost and intrinsic value through a transformational redevelopment process.
- Capital Markets: Manage complex debt and asset financing with a focus on flexibility and interest rate protection. Continually evaluate market environment and investments monetization opportunities.
- Interior Renovations: Design and implement upgrades balancing cost and greatest potential for rental increases.
- Exterior Capital Improvements: Execute renovation and landscaping plan targeted to improve curb appeal.
- Amenity Improvements & Expansion: Upgrade community amenities including leasing offices, work-out facilities, mail and package centers, club houses, outdoor pools and games, dog parks, etc.
Create value and minimize risk exposure through a clearly-defined strategy for operational improvement including increasing occupancy and executing development / re-development projects:
- Leasing: Increasing occupancy and rental rates, tenant retention, and durability of income
- Property Management: Controlling and reducing all components of tenant operating costs
- Redevelopment: Redeveloping properties to increase property cash flow and reinforce the competitive position of properties in their respective markets