Multifamily Investment Criteria

M-M Properties’ multifamily investment strategy is focused on the development of new projects in select locations; as well as the acquisition, repositioning, and/or recapitalization of multifamily assets in major growth markets.  M-M Properties is pursuing a three-part multifamily investment strategy to capitalize on current and emerging market conditions:  (i) the select development of new Class-A multifamily at a favorable basis for delivery into the recovering markets, (ii) value-add and repositioning opportunities for older generation Class-A apartments, and (iii) recapitalization opportunities for both newer generation stabilized assets, as well as older distressed assets.

Development of New Class-A Projects – M-M Properties has recently initiated and is implementing a multifamily development program targeting high-quality locations within recovering markets.

For development opportunities, M-M Properties is focused on sites with substantial entitlements in place in order to capitalize on the most favorable intersection of market demand, capital markets, and competitive construction costs.  M-M Properties will also consider occupied sites at a favorable basis that are primed for redevelopment and can provide interim cash flow to allow flexibility in the commencement timing for new development.

Value-Add Class-A Acquisitions – M-M Properties is continuing to implement a program of investment in well-located value-add multifamily opportunities.

For value-add opportunities, M-M Properties is focused on the generation of properties that are generally 8+ years old and which were originally developed as Class-A apartments.  These properties should have functional layouts and reasonable amenities, yet can benefit from selective upgrades in order to make such properties competitive with newer generation Class-A apartment projects.

Distressed / Recapitalization Opportunities – M-M Properties has also targeted recapitalization opportunities for well-located multifamily assets.

Opportunities can be characterized as distressed capital structures, distressed properties at the operating level, or some combination thereof.  Accordingly, such opportunities may involve the recapitalization of high-quality Class-A multifamily assets; or the recapitalization and repositioning of well-located, but distressed assets, including older generation Class-B/C apartments.