Acquisition Strategy
We will seek opportunities to purchase well-located, moderate income apartment
communities which we believe are underperforming, but could benefit from
improved property management operations, minor capital improvement plans or
major renovation plans. We will seek properties that can be upgraded to an
institutional quality level with improvements. We intend to acquire properties
in selective targeted metropolitan markets that exhibit the proper desired
trends in projected supply/demand of apartments, job growth, population growth
and economic growth. We believe that the strategy of acquiring and renovating
middle income apartment communities is a safer strategy than buying or
developing higher income rental communities whose affordability appeals to a
much smaller rental market. Our affiliates have had success throughout most
market cycles with this strategy, and it allows them better control of events
because they control the decision on the timing of capital programs.
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