"3 Street did everything they said they would do, as scheduled, including closing on time."
Michael Hubl, VP Investments
Marcus & Millichap
ACQUISITION OVERVIEW
3 Street seeks opportunistic and value-added multifamily investments in underperforming properties in targeted submarkets that can be repositioned to a specific niche market.
Underperforming and distressed properties can be acquired at a disproportionate discount because of the low pool of buyers with the expertise and niche acquisition strategy to finance, fix, manage, lease and enhance the operations.
3 Street is executing a niche acquisition strategy that capitalizes on the growing and under served, middle market Hispanic segment by repositioning multifamily communities in select submarkets that meet its acquisition criteria.
ACQUISITION CRITERIA
- Multifamily Communities
- Class C or B
- Minimum of 150 units - Prefer 200 units+
- Geographic focus: Greater Southwest including Phoenix, Tucson, Albuquerque, El Paso, Inland Empire, Las Vegas
- Locations near public transportation, shopping and employment
- Hispanic population of 30% or greater within 2-mile radius
- Unit breakdown with larger percentage of 2 or 3 Br's
- Individual electric meters
- Central HVAC, preferred
- Washer/Dryer connections, preferred, but not mandatory
- Upside rent potential from asset enhancements
- No rent restrictions