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Acquiring and Redeveloping Workforce Multifamily Housing

OurStrategy

LURIN’s strategy is to utilize its vertically integrated platform to acquire, redevelop, lease and manage distressed, stressed, and first-generation multifamily workforce/greyforce housing communities in path-of-progress markets across the United States.

InvestmentFocus

LURIN is a leading vertically integrated real estate redevelopment company that acquires and redevelops distressed and stressed workforce/greyforce housing in “path of progress” markets, creating a lasting impact for our partners, teams, and communities.

Acquisition
Criteria
PROPERTY TYPE

100+ unit garden style, mid-rise, and Build-to-Rent (BTR) built after 1970

LOCATION

Florida, Texas, Alabama, Arkansas, and Louisiana – path of progress markets with strong fundamentals

DEAL TYPE & SIZE

Single assets or portfolios to deploy $10M to $300M of equity

Multifamily & BTR Redevelopment Strategies
DISTRESSED

Redevelop depreciating properties, involving major renovations & management overhauls.

STRESSED

Address challenged properties, with improvements in management and maintenance.

FIRST GENERATION

Enhance newer vintage properties through upgrades to maintain market appeal.

Representative Investments
Distressed

Property: Harlow At Gateway
Year: 1973
Location: Florida

Stressed

Property: Parkview Estates
Year: 1985
Location: Florida

First generation

Property: The Atrium
Year: 2022
Location: Alabama

Market Opportunity

LURIN is an experienced operating company with a proven track record of identifying and mitigating challenges inherent to the redevelopment and operations of workforce and greyforce housing.

Operational Challenges

  • Current Management or 3rd Party Management
  • Rent Significantly Below Market
  • Staffing Issues and Retention
  • Inability to Turn or Renovate Units
  • Lack of Industry “Best Practices” / Institutional Processes

PHYSICAL Challenges

  • Significant Vacancy
  • Lack of Capital Improvements Relative to Competitors
  • Failing Mechanical or Deferred Maintenance Issues

Financial Challenges

  • Unable to Service Debt due to Sustained High Interest Rate Environment
  • Aged Accounts Payable
  • Lack of Revenue Optimization and/or Expense Control

Sponsor Challenges

  • Dissolving/Fractured Partnerships
  • Financial Weakness
  • Liquidity Needs
  • Mismatch on Hold Periods involving Fund Structures/Timing, Liabilities and/or Debt Maturities
INVESTMENT PROCESS

Institutional investment process strives to produce consistent, repeatable results that drives value for investors.

SOURCING & ACQUISITION CAPITAL MARKETS DUE DILIGENCE RISK MANAGEMENT ASSET MANAGEMENT REDEVELOPMENT PROPERTY MANAGEMENT MONETIZATION

ACQUISITIONS & CAPITAL MARKETS
  • Sourcing: Leverage knowledge and relationships across LURIN’s platforms for investment origination.
  • Due Diligence: Comprehensive bottom-up process with conservative modeling and disciplined risk mitigation focused on market and asset fundamentals and downside protection.
  • Acquisitions: Identify opportunities with attractive risk/reward and acquire assets at a discount to replacement cost and intrinsic value through a transformational redevelopment process.
  • Capital Markets: Manage complex debt and asset financing with a focus on flexibility and interest rate protection. Continually evaluate market environment and investments monetization opportunities.
Redevelopment
  • Interior Renovations: Design and implement upgrades balancing cost and greatest potential for rental increases.
  • Exterior Capital Improvements: Execute renovation and landscaping plan targeted to improve curb appeal.
  • Amenity Improvements & Expansion: Upgrade community amenities including leasing offices, work-out facilities, mail and package centers, club houses, outdoor pools and games, dog parks, etc.
PROPERTY MANAGEMENT
Create value and minimize risk exposure through a clearly-defined strategy for operational improvement including increasing occupancy and executing development / re-development projects:

  • Leasing: Increasing occupancy and rental rates, tenant retention, and durability of income
  • Property Management: Controlling and reducing all components of tenant operating costs
  • Redevelopment: Redeveloping properties to increase property cash flow and reinforce the competitive position of properties in their respective markets
OPERATIONS
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