Value-add apartments
We acquire existing communities with room to improve, then upgrade units, tighten operations and raise the quality of life for residents.
Real estate investment and development, Henderson, Nevada
We buy and improve apartment communities and mobile home parks, and we build multifamily and industrial projects in growing secondary and tertiary markets.
30+ years
in acquisitions, development, entitlement, finance and asset management
571 units
of multifamily housing acquired
304 units
developed or in development
5 states
Nevada, Utah, California, Iowa and Kentucky
Every strategy shares one thesis: demand for attainable housing and well-located industrial space is outrunning supply in the communities larger sponsors overlook.
We acquire existing communities with room to improve, then upgrade units, tighten operations and raise the quality of life for residents.
Manufactured housing is among the most affordable housing in America and among the hardest to replace. We buy parks, upgrade infrastructure and run them well.
Workforce and attainable rental housing on urban infill and redevelopment sites, often using incentives such as Opportunity Zones.
Flex and light industrial space for the employers that drive job growth in the markets where we build housing, including a planned 77-acre industrial park in central Utah.
We measure every investment twice: once by the return it delivers to our investors, and once by the homes and jobs it creates in the community. We believe those two results reinforce each other. Well-run, attainable housing keeps occupancy high and turnover low, and that stability is what produces durable cash flow.
422
workforce apartment units owned today
266
co-living suites keeping Los Angeles attainable for young professionals
Our team has structured financing with Opportunity Zones, LIHTC, New Markets Tax Credits, public improvement districts and agency debt, which lets us make attainable projects work where others cannot. We also master-lease apartments to organizations that house veterans and justice-involved residents.
Four disciplines guide how we create lasting value for our investors and the communities we invest in.
We pursue well-located but often underperforming workforce apartment communities of 30 to 300 units, typically built from the 1960s through the 1990s and priced from $3 million to $40 million. We favor secondary and tertiary markets, where we find the best balance of current cash flow and long-term appreciation and where debt-coverage ratios can exceed 1.5, which helps protect investors in an economic slowdown. Working alongside third-party management companies, we execute capital improvements, drive operational efficiency and grow net operating income.
Our development work centers on multifamily, guided by what each market lacks rather than by formula. Today that includes build-for-rent and for-sale townhomes in Utah, LIHTC apartments in Las Vegas, and co-living communities in Los Angeles built with our partner ELK Development, often using incentives such as Opportunity Zones, LIHTC and New Markets Tax Credits. We also develop industrial land, including a planned 77-acre light industrial park in central Utah. Our principals have a long track record of distinctive, complex deals, and our in-house expertise in sourcing, entitlement, and project and construction management carries each project from raw land to stabilization.
We aim to offer the best value in each property’s micro-market: safe, comfortable homes, a real sense of community, and fast responses to service and repair requests. A better resident experience at market rents leads to higher occupancy, stronger rent rolls, and lower turnover and delinquency.
We balance ongoing reinvestment in our properties with quarterly cash flow to investors. Well-maintained assets sustain cash flow and maximize appreciation potential.
We serve two groups of customers: our residents and our investors. For residents, we improve their homes and neighborhoods. For investors, we provide clear visibility into every investment, timely and transparent reporting, and a steady focus on positive returns.
We make prompt quarterly distributions from excess cash flow and deliver accurate year-end tax reporting on time. We take pride in every property we own and welcome the chance to tour them with current and future investors.
We pursue strong returns by investing in properties with sustainable income and room to appreciate, and we earn trust through transparency in every investment.
8–12%
Annual cash distributions as a percentage of the equity invested.
1–3%
The share of a property’s loan balance paid down each year from operations.
5–15%
The annual percentage increase in a property’s value.
15–30%
The total annual return from cash flow, debt reduction and appreciation combined, compounded over the hold.
Target ranges only. Targets are not projections or guarantees of the performance of any investment, and actual results may differ materially.
Investors back sponsors, not just properties. Our team brings decades of experience in real estate, construction, banking and finance.

Co-Founder and CEO
30+ years across entitlement, acquisitions, development, finance and property management, with deep LIHTC and New Markets Tax Credit experience. Co-founded Ascent Multifamily Accounting, an Inc. 500 firm serving more than 100,000 units, and Vegas Valley Angels, and helped start two banks.

Co-Founder, Managing Director and Chief Financial Officer
Leads underwriting, acquisitions, financing, legal and corporate operations, and oversees the firm’s finances. Founded The Romney Group in 1989, owning, developing and managing commercial, retail, office and medical properties.

Chief Construction Officer
Three decades in construction and development finance, including senior roles at Marnell Companies, builder of Bellagio and Wynn Las Vegas, Station Casinos and Cobalt Data Centers.

Managing Director
More than 16 years evaluating and investing in private investments. Also CFO of Hayman Capital Management, a hedge fund advisor that managed more than $2 billion at its peak.

Vice President of Asset Management
Oversees asset and construction management and our third-party property managers. Two decades in banking and community development, including Bank of America and OneUnited Bank.
Director of Acquisitions
Leads underwriting, due diligence, financial modeling and closings. Co-hosts the real estate podcast “How Did They Do It?” with more than 600 industry leaders interviewed.

Asset Manager
Manages our master-leased properties, partnering with organizations that house veterans and justice-involved residents, and oversees maintenance to speed capital improvements and unit turns.
“My wife and I have known Mike Ballard and Kevin Romney each for decades. It was not until the last four years that my wife and I became professional investment clients. We did so because of our years of previous interactions, all of which had built enormous trust.
We began cautiously, and gained additional confidence with each investment. Our investments have met and occasionally exceeded our expectations. We received very thorough reports and updates on our investments.
We are now in our fourth year as clients, and our confidence has continued to grow. We feel that Mike and Kevin are very careful, prudent, complete their due diligence in prospective property investments, and have managed our mutual portfolios very wisely. We can certainly recommend them to any potential investors.”
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This website is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy, any security. Any offering will be made only to qualified investors through definitive offering documents. Past performance does not guarantee future results. Real estate investments involve risk, including possible loss of principal.