Criteria
DIRECT INVESTMENTS, GP CO-INVEST, PREF/MEZZ FINANCING
Investment Criteria
Disciplined Real Estate Investment Across Multiple Strategies
PPAF is an open-ended, opportunistic private real estate fund investing in both commercial and residential property across multiple U.S. markets. Investments and developments are either wholly owned and managed or part of larger institutionally sponsored real estate projects with experienced operating partners, capital partners, and lenders.
Strategy 01
Direct Investment
- Residential and commercial interest
- Sunbelt and Midwest-focused geography
- Ability to apply leverage
- Focus on value-add or niche property types where value creation story exists
- $3–10 million total direct equity
Strategy 02
Development
- Sunbelt states including Florida, Texas, and the Carolinas, plus select Midwestern markets
- Multifamily, industrial, and/or self-storage
- Ability to apply leverage
- Shorter duration projects
- $5–50 million total deal size
- Ability to bring larger LP to the project
Strategy 03
Joint Venture Equity
- Prefer to invest as GP co-invest
- Well-known and experienced sponsors
- Larger, PE-backed investments of $20 million+
- GP promote shared with PPAF
- Entitlement risk on a case-by-case basis
- All product types except hospitality
- Ability to add value as part of JV
Strategy 04
Mezzanine Debt Investments
- Residential and commercial value-add
- New construction with proven developers
- Market rates on preferred equity and/or mezzanine loans
- Suitable common equity invested by sponsor group below our capital
- Market-rate entry and/or exit points
Target Parameters
PPAF Investment
$5 to $10+ million, larger if we bring a side-car.
Entitlement Status
Selective entitlement risk; otherwise fully funded sources and uses.
Geography
Primary and secondary markets across the U.S. with an emphasis on Sunbelt states.
Product Type
Residential, industrial, homebuilding, self-storage, land entitlement, and other opportunistic real estate.