The vast middle market real estate sector – $300 Billion of the $1.1 Trillion U.S. commercial real estate equity market – lacks institutional capital focus but not institutional quality product. The average transaction size of this market segment relative to the amount of capital seeking to be deployed, together with timing pressure and structural constraints, make it impractical for large institutions to execute middle-market strategies. By targeting only small to mid-size equity investments, NPA is able to tap into these capital inefficiencies and identify mis-priced assets with significant growth potential. On the other end of the spectrum, private investors and small to mid-size real estate companies own or manage a significant number of these properties. These companies have varying degree of institutional management expertise, and do not have a reliable partner to seize opportunities, properly capitalize projects, or the knowledge base to facilitate growth, often resulting in incomplete, fragmented and illiquid ownership structures. These distinct dynamics provide NPA with a robust pipeline of investment opportunities and create an arbitrage opportunity to generate asymmetrical, risk-adjusted returns in well-located, high-quality commercial real estate.
We target select opportunities, after completing a thorough top-down and bottom-up investment analysis. Our philosophy is guided by four disciplines:
Honesty, Communication, Transparency and Teamwork are the backbone of NPA’s business processes.
Our core values guide all of our professional and personal conduct and are fundamental to the culture and success of NPA.
- Quality, not quantity in investments
- Accountability for the actions we take
- Integrity in our business and personal conduct
- Transparency in our communication and reporting
- Commitment to our Communities
Off-Market, Highly Targeted Opportunities
- Our principal and consultants have invested in a significant number of metropolitan areas across the continental 48 states.
- Our principal and consultants have been involved with or overseen over $5+ Billion of investments in real estate.
- We have collectively been involved in over 500 projects across the continental 48 states.
- We collectively have over 150+ years of commercial real estate investment experience.
- Focusing on specific markets with laser-guided precision gives us a competitive advantage. We tend to do smaller deals (in the $5 Million-$70 Million range), where one tends to find less cap rate compression and in submarkets that are on the path of growth in one of the markets we have identified.
Year of Experience