Why We Invest in Multi-Tenant and Industrial & Workforce Housing
Through our 18-year history as a firm, we’ve had the opportunity to invest and create value across all four of the main real estate asset classes: retail, office, multifamily, and industrial. Through this experience, and the unique lens of our strategy and the markets in which we work, we have been able to weigh the relative merits and risk-adjusted return potential of each – as well as sub-assets within the four. Through this experience, we have developed unique conviction around Multi-Tenant Industrial and Workforce Housing, sub-assets within industrial and multifamily, respectively.
What is Workforce Housing?
Market-rate apartments that are naturally affordable to the middle-income workforce. Typically 1980s-2000s construction Class B and C multifamily assets (often Class A when constructed) in stable, affordable markets with strong employment fundamentals. These assets feature central location, garden-style feel, and amenities that are typical for market-rate apartments and are valued for their low volatility and needs-based demand.
What is Multi-Tenant Industrial?
Industrial properties designed to accommodate multiple small to mid-sized tenants within a single building or business park, typically serving local and regional businesses with light manufacturing, warehouse, distribution, or service-oriented uses. These assets feature flexible suite sizes, individual entrances, and functional loading, and are valued for their durable demand, and operational flexibility.
Built for Recession Resistance
Needs-based demand and diversified tenants support stable occupancy and consistent cash flow through economic cycles.
Operationally Efficient with Lower Capital Needs
Lower capital expenditures and minimal tenant improvements enhance cash flow predictability and long-term return stability.
Granular Income Streams, Lower Risk
Income distributed across many tenants reduces volatility and limits exposure to any single tenant or vacancy.
Positioned for Inflation and NOI Growth
Short lease durations and frequent rent resets enable consistent income growth and built-in inflation protection.
Constrained Supply Supports Rent Growth
Limited new supply and high replacement costs create a durable supply-demand imbalance that supports long-term rent growth.
Built for Recession Resistance
Both Workforce Housing and Multi-Tenant Industrial are supported by needs-based demand and diversified tenant structures, enabling them to maintain occupancy and income stability during economic downturns.
This needs-based demand profile supports more stable occupancy and consistent cash flow across market cycles.
Granular Income Streams, Lower Risk
Our investments are structured around highly diversified tenant bases, reducing reliance on any single income source.
Income is distributed across numerous tenants or residents
No exposure to single-tenant vacancy risk
Smaller lease sizes create a more stable and predictable rent roll
Portfolio performance is less impacted by individual tenant disruptions
This fragmentation creates more resilient cash flow compared to concentrated or single- tenant assets.