Our sole focus is investment real estate. We invest in both equity and debt.

We are value investors with a simple approach: identify real estate investments that can be purchased at substantial discounts to underlying asset valuations. We have a proven ability to deliver substantial returns, consistently and over extended periods of time, by leveraging relationships, informational inefficiencies, and analytical insight to exploit structural, cyclical, and situational dislocations that create opportunity for pricing advantage. Whether investing at a cyclical trough (as we did in the early 1990's) or peak (as in the 2006-2007 timeframe), or in between, we have maintained a single-minded focus on sourcing unique transactions with compelling price-to-value characteristics. This investment discipline works well in any economic environment.

Our investment style is opportunistic. We have the flexibility to pursue multiple investment strategies and will consider investments in any property type (office, retail, industrial, multifamily, senior housing, hotel, etc.) We will invest in the United States and Canada.

We typically do not require management control or near term liquidity. We believe markets often assign excess premiums for these characteristics – providing the potential for handsome reward to those with long-term investment horizons and the ability to properly price and manage the risks attendant to illiquidity.

We believe in rational capital structures that employ the prudent use of financial leverage and create a proper alignment of management incentives with our interests as investors.

Finally, we are strong believers in diversification. Each of our investment vehicles is broadly diversified across multiple assets, geographies, and managers – reducing downside risk and eliminating the possibility that any single investment can "sink the ship."