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.