ERI has more than 30 years of experience valuing, transacting in, and partnering with managers of affordable assets in heavily government-regulated environments. Typically ERI acquires a non-controlling interest while bringing knowledge and contacts to partners.
ERI invests alongside sponsors, or their affiliated investment funds, often leveraging off of lower cost capital from institutional and retail LPs by participating in the sponsor’s promoted interest. ERI typically has investment-by-investment discretion.
ERI has been pursuing smaller Value-Add Industrial transactions since 2014, but this is an area of increased focus in ERI’s recent funds. With experienced sponsors, we target class B assets in infill locations and supply constrained markets. We look for opportunities where we can buy below replacement cost, and where we identify a spread between the projected stabilized yield on cost and cap rate, thereby providing a margin of safety.
Since 1981, ERI has purchased interests, typically via tender offer or merger, in indirect and illiquid ownership structures from partners seeking liquidity before the sale or refinancing of the underlying real estate. ERI provides an option to divest interests for which there is no formalized secondary market.
ERI has been investing in value-add apartment transactions since 2011. The firm’s expertise and network in multi-family is built on ownership positions in over 250,000 apartments.
ERI evaluates opportunities created by unique properties and unusual market conditions with the goal of achieving superior risk-adjusted returns. Investments include joint venture equity, discounted note purchases, strategic platform investments, general partner equity.
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