InvestYour Operating Partner
We believe in multifamily for investment, so we constantly look for opportunities to buy where our operational strengths can be put to best use. Our goal is to leverage our abilities in property management to produce high returns for our investors while still investing in high-quality assets. In this market environment, most multifamily investors and operators have to stretch underwriting assumptions to make deals work. We do not believe in that approach. But, we know we’re good at keeping operating expenses low and producing high-quality renovations for low cost. This ability enables us to make aggressive underwriting assumptions that are justified by our past performance. We believe this gives us an advantage in a competitive environment, while giving our partners (and ourselves) the comfort of knowing that we can execute post-closing.
Our acquisition targets are 150 units or more, located in major Texas metro areas, within the path of growth, 1990 vintage or younger, and well built.
We source these opportunities by leveraging strong broker relationships, being visible in the real estate community, underwriting all opportunities falling within our targets, and favoring the opportunity to execute repeat transactions with solid sellers. Off-market sourcing is not uncommon at Internacional.
Our preferred major equity terms are a 90/10 or a 95/5 co-invest. We are looking for healthy value-add relationships with major equity partners, so market prefs and waterfalls, although important, come second to capability and the long term. Our partner’s ability to underwrite quickly in order to provide level-of-interest feedback is mission critical to our acquisitions effort.
True vertical integration adds value to the underwriting process mainly due to our op’s platform. We can quickly get up to speed with live data, pulling from actual results on similar assets in nearby submarkets.