Connecting Sound Economics With Experience in Real Estate
Concordia Realty is looking for acquisition opportunities that fit our unique skill set. Our ideal candidates are properties that may have a little “hair” on them, but from our viewpoint can be corrected. Concordia Realty seeks to invest in Metropolitan Statistical Areas (MSA) which demonstrate consistent rent growth, low vacancy, fiscally sound and stable tax policies, low to moderate regulatory regime and a growing Gross Domestic Product (GDP). Concordia seeks to reposition properties through operational efficiencies, moderate to extensive renovations, an upgraded online presence and where warranted, complete rebranding. We also look to out of favor markets like smaller yet growing Metropolitan Statistical Areas (MSA) or county seat markets in well-governed states or ethnic areas of cities with dense and growing populations.
One area we will not take a risk on is governmental malfunction or corruption which currently precludes any further investment in the State of Illinois and especially Cook County.
ACQUISITION CRITERIA
Shopping Center Acquisition Criteria
Midwest: Indiana; Michigan (Southwest and Northern) & Wisconsin
Southwest: Arizona (especially Phoenix and Flagstaff); Nevada (especially Las Vegas and Reno); Texas & Utah
Northeast: New Hampshire and Specific opportunities on a case by case basis
Concordia Realty seeks high cap rate stabilized, anchored shopping centers or value add repositioning opportunities.
- A good high cap rate property candidate can be for reasons of market size, shadow anchored or out of favor anchor tenants
- A good value add repositioning opportunity candidate can have compelling demographics, vacancies, with vacancy, need of updating, environmental, or other correctable situations.
- Minimum Price of $1 Million
- Minimum of 15,000 square feet
- Minimum 50% occupancy
- High Cap Rate
- Low Price Per Square Foot
- Value-Add
- Willing to accept rollover risk
We’re also interested in the following types of retail properties:
- Properties in distress
- Bank or Institutionally Foreclosed Assets (REO)
- Off-market Transactions
Target IRR 10% – 18% Unleveraged 16% – 30% Leveraged
Multifamily Acquisition Criteria
Northern Indiana, Southwest Michigan, and Southeast Wisconsin
Concordia Realty seeks stabilized and value-add apartment properties of 25+ units in size and repositions them by 1) adding capital improvements and 2) reducing expenses by creating operational efficiencies through the implementation of institutionalized property management. Concordia Realty has yield requirements that are commensurate with the risks and opportunities presented by each property. Concordia Realty focuses on sub-markets of growth and stability with “barriers to entry” and/or properties available below replacement cost and market value. Additionally, we prefer stabilized properties (min 85% occupancy) requiring a renovation or upgrade where the property’s grade or class is below that of the other competitive properties in its market.
- Property Type: Garden Style Apartments (preferred) or Low Rise
- Asset Class: B+ to C+
- Location Quality: A+ to C+
- Property Size: 25+ units; single asset or portfolios
- Pricing: $200,000 to $10M+
- Property Vintage: 1985+
Investment Structure: All cash to seller, loan assumptions on a case-by-case basis or seller financing.
