Middle-Market JV Equity Provider

George Smith Partners identified a JV equity provider for middle-market multifamily, office, retail, industrial, and senior housing assets across the country. Looking for principal and JV value-add opportunities (mostly 90/10 or 95/5 deals) in major markets across the US and specifically in the southeast and southwest. Target equity investments between $5-30M per deal. Aiming for net 16% IRR across the Fund (17-18% IRR at the deal level). Transactions are risk-adjusted; office buildings underwrite to 20% IRRs and stable Class A multifamily in good locations with moderate leverage underwrite to 13% IRRs. On multifamily, the lender has been targeting stabilized return on cost at or above 7.5% in Year 5 in markets/locations with outsized population growth and job growth.