Piping Rock Partners invests in multi-family housing. We seek to identify smaller multi-family markets that are overlooked by institutional capital, yet where economic conditions and growth prospects are favorable, and risk can be mitigated by buying assets at a discount to replacement cost and/or current value.
By combining research-driven, top-down analysis on market fundamentals with bottom-up sub-market knowledge from our property management & operations platform, we strive to identify investments that are likely to outperform on a relative basis.
We believe that carefully selected secondary and tertiary markets can offer better relative value than primary markets, as well as good growth prospects and more downside protection. We reserve special enthusiasm for distressed assets located in dislocated and mispriced secondary/tertiary markets that are showing clear patterns of recovery.
We co-invest meaningfully in every transaction, and we leverage an integrated investment and operating platform with an experienced property operations team to help build value for our investment partners.
Our property management team is exclusively focused on maximizing ROI for each investment. We do not offer third party property management services to others.
In addition to optimizing our focus and resources, this means that we are fully accountable for the success of our investment decisions. This helps us create the strongest possible alignment of interests with our capital partners.
We employ a value-oriented investment philosophy and an active management style to identify acquisitions. We maintain a commitment to pricing discipline when purchasing and capitalizing these assets, and we build strong, durable cash flows over time by gradually investing in accretive exterior and interior upgrades.
We seek investments that are under performing due to fatigued management, under-capitalized ownership, and/or deferred maintenance, all of which can lead to distress. These conditions create opportunities to purchase assets at prices below their intrinsic value.
Above all, we emphasize persistent and intensive management of each asset, which starts with strong support for enthusiastic and engaged on-site management staff.