Market Map
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.
Acquisition Criteria
Property Type: Multifamily - Garden Style Apartments (preferred)
Asset Class: B+ to C+ (Primary focus is Class B assets)
Location Quality: A+ to C+
Property Size: 50 - 400 units (15+ in CA); single asset or portfolios
Property Vintage: 1978+
Investment Structure: All cash to seller; Loan assumptions on a case-by-case basis.
Value Plays: Seeking stabilized assets with operational and physical repositioning opportunities.
L5 sources stabilized and value-add apartment properties of 50+ 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.
Asset Class: B+ to C+ (Primary focus is Class B assets)
Location Quality: A+ to C+
Property Size: 50 - 400 units (15+ in CA); single asset or portfolios
Property Vintage: 1978+
Investment Structure: All cash to seller; Loan assumptions on a case-by-case basis.
Value Plays: Seeking stabilized assets with operational and physical repositioning opportunities.
L5 sources stabilized and value-add apartment properties of 50+ 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.
PREFERRED MARKETS
Texas, California, South Carolina, North Carolina, Missouri, New Mexico, Kansas, Nebraska, Iowa, Illinois, Arkansas, Virginia, West Virginia, Maryland, Delaware, Pennsylvania, New Jersey, Tennessee, Colorado, Oklahoma, Alabama, Kentucky, Utah, Arizona, Nevada, Washington, Oregon, Ohio, Indiana, Hawaii, Louisiana, Mississippi, Florida
Texas, California, South Carolina, North Carolina, Missouri, New Mexico, Kansas, Nebraska, Iowa, Illinois, Arkansas, Virginia, West Virginia, Maryland, Delaware, Pennsylvania, New Jersey, Tennessee, Colorado, Oklahoma, Alabama, Kentucky, Utah, Arizona, Nevada, Washington, Oregon, Ohio, Indiana, Hawaii, Louisiana, Mississippi, Florida
