The Operator's Thesis
Real estate has fashions. We have a thesis.
Learn why we narrow our focus to industrial and multifamily assets. Discover why saying no to everything else is the foundation of long-term performance.
Read the Operator's Thesis →
Asset Discipline
The Power of "No"
Operators usually tell you what they do. The more useful conversation is what they do not do.
Retail
We avoid the structural erosion caused by e-commerce.
Office
We pass on capital-intensive re-tenanting and soft demand.
Hospitality
We avoid the economic sensitivity and intense daily operations.
Self-Storage
We stay within our circle of competence and avoid high-touch overhead.
The Two Asset Classes
Industrial vs. Multifamily
Industrial
Demand is driven by logistics build-outs, manufacturing reshoring, and inventory expansion. Triple-net leases provide predictable cash flow.
Multifamily
Demand is durable because housing is a universal need. Persistent undersupply and a demographic shift toward renting support long-term rent growth.
Yield-on-Cost
The Developer's Moat
Cap rates are a market output that no operator controls. We focus on Yield-on-Cost — an input we control through construction and underwriting.
The Development Spread
The cyan gap is the value we create — independent of market cap rates.
Test the Sponsor
Use this framework to evaluate any sponsor. Ask them what they would never buy and why.
Beyond the Thesis
The Discovery Path
Download
Read the full thesis and understand the yield-on-cost math.
Evaluate
Apply these tests to your current real estate allocations.
Connect
Book a 15-minute call to discuss ground-up industrial and multifamily opportunities.
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