We approach our business as opportunistic, yet disciplined entrepreneurs.
We focus on acquiring attractively priced, value-oriented properties, rather than aggressively priced “trophy” properties; skillfully managing and, where necessary, improving such properties; and disposing of such properties at opportune times in the economic cycle. When necessary, we shift our resources to different markets, sectors or asset classes that, as a result of market inefficiencies, offer the highest risk-adjusted returns at the time of investment.
We consistently apply our valuation methodology and will not rationalize our investment assumptions for the sake of an individual deal. Perhaps the most difficult investment discipline involves knowing when to refrain from investing. At various times in our history, we have purchased no real estate assets for an extended period of time due to overinflated values. At other times, we have sold assets when our peers were still committed to buying, based on our judgment that asset values were overinflated.
We are a value-add buyer in the truest Graham-Dodd sense.
Variations in economic cycles, general market sentiments and the availability and cost of capital sometimes result in changes to the risk/reward profile among various markets, sectors
and asset classes.