While the industrial sector has grown in institutional prominence, we embrace opportunities that may be overlooked by others due to their smaller size or because they’re located in a secondary or tertiary market. We believe logistics will continue to evolve rapidly over the years ahead, requiring multiple use cases across large and small markets alike.

When it comes to multifamily and solving for our nation’s chronically low housing supply, we like to think outside the box. We typically target standard Class B & C properties that need a substantial renovation budget for repositioning, as well as existing, underutilized assets that can be converted into increased housing stock.

As the demand and the controversy for office space evolves, we appreciate both sides of the “work from home” vs. the “better culture through office” debate. As users’ needs evolve, we embrace entrepreneurs who can identify opportunities amidst the changing environment, especially relative to suburban office buildings with adjacent underutilized land.

Similar to the office sector, retail has undergone significant transformation over the past decade. As the highest-and-best use for retail space continues to shift, we believe in the dislocation opportunities that local entrepreneurs can identify in the marketplace, especially relative to re-positioning plays, and/or those assets that may have underutilized, excess land.

Originally overlooked as a traditional asset class, self-storage has been embraced by private and institutional investors alike. With smaller spaces to live and work and an increasingly mobile population, we continue to like the characteristics of this asset class. Whether re-positioning B & C properties or expanding existing facilities, we support the growth objectives of local and regional operators.

Due to the expansive growth across cloud computing, autonomous driving, augmented reality and blockchain applications, we envision an ocean of data centers of all sizes across many geographic markets. As regional and edge data centers become more prolific, we have the in-house knowledge and conviction to pursue opportunities with both end-users as well as specialized developers.

As the manufactured housing sector has become increasingly institutionalized, we like the long-term characteristics of this niche residential segment. Due to the highly fragmented market, achieving scale by aggregating assets is a desired business strategy for local and regional owners. We believe in the growth objectives of these specialized operators and are often willing to invest in overlooked markets.

Given fluctuating supply chain logistics, last-mile delivery solutions, and changing consumer behaviors, we are intrigued by this sector across geographic markets. Use cases span from the storage of industrial equipment, vehicle delivery fleets, and recreational assets such as boats and RV’s. While many lenders struggle with this asset class due to the lack of onsite physical structures, we believe in the demand and the longer-term viability of this niche sector.

With long-term demand drivers at play, we believe in this asset class and are familiar with its nuances. We seek to partner with specialized operators who are familiar with the intricacies of the space. While we are more selective on memory care facilities, we pursue assisted living facilities across varied geographic markets, including existing assets and conversions to senior housing facilities.

Whether building a small number of entitled lots or working through the pre-development of a multi-phase residential subdivision, we partner with entrepreneurs and builders who are working to solve our aging housing inventory and chronically low housing supply. We are comfortable investing across geographic markets, across varied price points, and will consider varying stages of entitlement risk.