We leverage data analytics, industry relationships, and platform technology to identify real estate assets
in very specific MSAs that exhibit sustainable job growth and in an underserved market segment.
With Over 150+ years of investment experience and $5 Billion+ in completed projects and acquisitions, NPA uses a proprietary strategy that targets sub-markets with high and sustainable job growth.
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 mispriced 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
We deploy capital solely in the middle market and typically off-market, making moderate-sized equity investments in high-quality, well-located commercial real estate where sustained job growth and opportunity exist to drive operational improvement and profit gains. We place emphasis on overlooked assets and locations while at the same time offering capital solutions in the marketplace.
Conservative Underwriting And Structuring
Depending on the risk profile of the asset and phase of the real estate cycle, NPA structures investments to provide for added margins of safety. We protect the interest of the capital entrusted to us and require transparency and appropriate governance in the investments we make.
Our asset management is comprehensive. Having weathered market conditions over the past 30 years, NPA believes that pro-active management is the key to preserving value found in the acquisition process, as well as to adding value and managing overall risk during the life of an investment.
Technology can be a force multiplier, NPA has invested heavily in innovative systems to enhance critical functions of acquisitions, due diligence and risk management. We also use the latest technology in the management of our properties and upgrade our buildings with modern systems and spaces that appeal to today’s discerning users.
Honesty, Communication 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 principals and associates have invested in a significant number of metropolitan areas across the continental 48 states.
- Our principals and associates 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
Off Market Deals
Year of Experience