Real estate investment
We buy simple, well-occupied buildings that are priced wrong.
Not distress, not development, not a turnaround story. Assets that already work — low capex, low operating cost, real occupancy — bought below what the cash flow is worth, in markets we know street by street.
The Sunbelt and California. We start where we have people on the ground: metro Atlanta and Southern California. Fundamentals matter, but local knowledge is what keeps us from paying for someone else's story.
$3–12 million per asset. Deliberately chosen. Above this, we would be bidding against institutions with a lower cost of capital. Below it, the work does not carry itself. This band is where a disciplined buyer still wins on merit.
Leaning multifamily, not dogmatic about it. We are where the deal is right. The screen is the same across asset classes: does it operate simply, and is the price wrong?
This page describes our investment approach and background. It is not an offer to sell or a solicitation of an offer to buy any security, and it contains no offering terms.
Strategy
Boring assets, wrong price.
Most value-add strategies ask an operator to manufacture a return. Ours asks a much narrower question: has the market mispriced something that already works?
What we are looking for
Safe, operational assets — stabilized enough that the rent roll is a fact rather than a projection. Low capital expenditure, so the business plan is not a construction schedule. Low operating cost, so the margin survives a soft year. The return comes from basis and from holding a good asset, not from executing a heroic renovation on time.
Where the mispricing comes from
Usually a seller's situation rather than a building's problem: a loan maturing into a higher rate, a partnership with a clock on it, an owner who has aged out of the work. That is why sourcing is the strategy. Price dislocations of this kind rarely make it to a marketed process intact.
Three sourcing channels
Off-market. Direct conversations with owners and the brokers who know them, ahead of any process — or instead of one.
Relationships. A decade of institutional coverage means we hear about assets from people who have no reason to call a first-time buyer.
Loan documents. Public recordings tell you which assets are carrying debt they can no longer service, and roughly when the owner will need to act. We read them systematically. It is unglamorous and it is the most repeatable edge we have.
How we hold
- Check size
- $3–12M per asset
- Typical hold
- 3–5 years
- Asset class
- Multifamily-leaning, opportunistic across type
- Geography
- Sunbelt and California
- Business plan
- Operational, low capex
Markets
We only buy where we can drive the block.
The mandate is the Sunbelt and California. The initial targets are narrower than that on purpose — two markets where we have coverage history and people who will pick up the phone.
Initial target — Southeast
Metro Atlanta
Sustained in-migration and job formation, with a fragmented ownership base at our check size and an unusually deep supply of older, simply-built product that does not need a repositioning story to perform. We have worked the market and know which submarkets carry their occupancy through a soft leasing season.
Initial target — West
Southern California
Structurally supply-constrained, which makes existing well-located stock hard to replace and mispricing more likely to come from a seller's balance sheet than from the asset. Harder to underwrite from a spreadsheet, which is precisely why local presence is the requirement.
Why not everywhere
A national screen produces a list. It does not tell you that the property two streets over leases at a discount, or which owner has been trying to exit for eighteen months. We would rather be early in two markets we can cover properly than late in ten we can only read about.
Team
Institutional training, entrepreneurial size.
We learned this business inside the firms that set the price of institutional real estate — and we are deliberately building outside of them, at a size where discipline still produces an edge.
Partner
Sam Bronfman
Commercial real estate background spanning brokerage, investment analysis and institutional financial modeling, with time at Eastdil Secured. Work across seven asset classes and the full range of capital structures — the underwriting discipline that comes from having to defend a number to an institutional buyer.
Partner
Garrett Metzler
Partner on the platform, with institutional investment management experience. Short bio to come — send me the two or three lines you want here.
On being new
This is our first vehicle together, and we would rather say so than dress it up. Ares and Eastdil are the training grounds behind the team: the sourcing relationships, the underwriting standards and the reps are not new, even if the partnership is. What we are not asking anyone to believe is that we can do something we have never done.
Contact
If you have a deal, or a question, call.
We are actively looking at assets in metro Atlanta and Southern California in the $3–12 million range. Brokers with something off-market, owners thinking about an exit, and anyone curious about what we are building — reach us directly.
Nothing on this site is an offer to sell or a solicitation of an offer to buy an interest in any fund or security, and no offering terms, targets or performance figures are presented here. Any offering would be made only to qualified investors through definitive documents.