Criteria
DIRECT INVESTMENTS, GP CO-INVEST, PREF/MEZZ FINANCING
PPAF is an open-ended, opportunistic private real estate fund which invests in both commercial and residential property across multiple US markets. Our investments and developments are either wholly owned and managed and/or part of larger, institutionally sponsored real estate projects with expert operating partners with whom we have long term relationships and institutional capital partners and lenders.
Direct Investment
Residential and Commerical 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 mm total direct equity
Development
Sunbelt States (FL,TX, Carolinas) and some Midwestern areas
Multifamily, industrial and/or self-storage
Ability to apply leverage
Shorter duration projects
$5-$50 mm total deal size
Ability to bring larger LP to the project
Joint Venture Equity
Prefer to invest as GP co-invest
Well known and experienced sponsors
Larger, PE backed investments ($20mm+)
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
Mezz/Pref Investing
Residential + commercial value-add
New construction w/ 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: $3 to $5+ 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 US with an emphasis on Sunbelt states.
PRODUCT TYPE: Residential, Industrial, Homebuilding, Self-Storage, Land entitlement and other opportunistic RE.