Here’s the big idea:
Buying more than $800M of real estate at the bottom of the market.
Rising interest rates have temporarily driven down real estate prices.
Prices for multifamily apartment properties have fallen more today than during the 2008 Global Financial Crisis.
This has created arguably the most attractive buying opportunity for real estate investors in the past 15 years.
We’ve been seizing this opportunity by deploying into this period. In other words, we’ve been buying the bottom for our investors.
In fact, while many investors have been forced to sit on the sidelines, we’ve deployed nearly as much as some of the largest public REITs in the world.
And at a much faster rate, when considering the volume of acquisitions relative to overall portfolio size.
2023 gross acquisitions ($ millions)
| 1. Invitation Homes (INVH) | $1,168 |
| 2. Prologis (PLD) | $733 |
| 3. Fundrise | $646 |
| 4. Equity Residential (EQR) | $366 |
| 5. Mid-America Apartments (MAA) | $210 |
As we said previously, the activities of today translate into the returns of tomorrow.
And we believe that this strategy of being aggressive while others are still playing defense will drive strong performance into the future.
Highlighted investments
Important Note: To be clear, we are not stating that valuations for certain real estate assets will not continue to fluctuate over the near term, in fact they may; however we do believe strongly that today’s prices for many of the strategies that we have been actively deploying into will prove to be the relative bottom when compared to the prices these assets will achieve over the next several years.
