Investments
L5 sources stabilized, value-add apartment properties of 75+ units in size and repositions them by 1) adding capital improvements and 2) reducing expenses by creating operational efficiencies through the implementation of institutionalized property management. L5 then sells the community as a stabilized asset within five to seven years.
Acquisition Criteria
Property Type: Garden Style and Mid-Rise Apartments
Asset Class: A+ to C+ (Primary focus is B class assets)
Location Quality: A+ to C+
Property Size: 75+ units (15+ in CA); single asset or portfolios
Pricing: $2.0M to $50M+
Property Vintage: 1975+
Investment Structure: All cash to seller; Loan assumptions on a case-by-case basis.
Investment Objectives: L5 has yield requirements that are commensurate with the risks and opportunities presented by each property. L5 focuses on sub- markets of growth and stability with “barriers to entry” and/or properties available below replacement cost. Additionally, we prefer stabilized properties (min 85% occupancy) requiring a renovation or upgrade where the property’s grade or class is below that of the other competitive properties in its market.
Preferred Markets: California, Washington, Utah, Oregon, Arizona, Hawaii, Colorado, Texas, Arkansas, Oklahoma, Alabama, North Carolina
Asset Class: A+ to C+ (Primary focus is B class assets)
Location Quality: A+ to C+
Property Size: 75+ units (15+ in CA); single asset or portfolios
Pricing: $2.0M to $50M+
Property Vintage: 1975+
Investment Structure: All cash to seller; Loan assumptions on a case-by-case basis.
Investment Objectives: L5 has yield requirements that are commensurate with the risks and opportunities presented by each property. L5 focuses on sub- markets of growth and stability with “barriers to entry” and/or properties available below replacement cost. Additionally, we prefer stabilized properties (min 85% occupancy) requiring a renovation or upgrade where the property’s grade or class is below that of the other competitive properties in its market.
Preferred Markets: California, Washington, Utah, Oregon, Arizona, Hawaii, Colorado, Texas, Arkansas, Oklahoma, Alabama, North Carolina
