Asset Classes

What we look for, and why

A lot of owners are aging out of the workforce, and a property that was manageable at fifty is a different proposition at seventy. The building did not change. The appetite for running it did. That is the most common reason an owner picks up the phone, and it is not a distress sale. It is a timing decision.

What we like are small operating businesses built around real estate. Consistent cash flow, a simple service people actually use, and no obvious way for Amazon or AI to take the business away. You cannot download a parking space for a motorhome. You cannot automate a roof over somebody's head. Everyone needs a place to sleep, and everyone has too much stuff.

That is the whole thesis. These are unglamorous, durable businesses that were here twenty years ago and will be here twenty years from now, which is exactly why we are comfortable holding them for the long term. It also means we can be patient on structure. If the right answer for an owner is payments over time rather than a lump sum, that is a conversation we are happy to have.

The property we buy