Strategies / 05
Buildings underwritten by people who have run them.
Direct and joint-venture positions in income-producing property, underwritten on cash flow and operating reality rather than exit assumptions, and led by a team with two decades of hands-on ownership across market cycles.
- Market
- Private real assets
- Horizon
- 5–10 years
- Construction
- Direct and JV, cash-flowing
Our approach
05.101
Cash flow before appreciation
An asset has to work on in-place income and a credible operating plan. Appreciation is an outcome we will take, not an assumption we underwrite to.
02
Operators, not allocators
Two decades of owning, leasing and fixing buildings — including through periods when the market did not cooperate. The diligence reflects what actually breaks.
03
Basis is the margin of safety
What we pay relative to replacement cost and in-place income is the decision that survives a rate move, a soft leasing year, or a slower exit.
Process
05.201
Sourcing
Owner, broker and lender relationships built over twenty years, weighted toward off-market and repeat counterparties.
02
Underwriting
In-place income, real capital needs, and a downside case that assumes a slower lease-up and a wider exit cap.
03
Capital structure
Debt sized so the asset services itself under stress, with reserves funded at close rather than hoped for.
04
Operations
Leasing, capital projects and expense discipline managed against the plan agreed at acquisition.
05
Realisation
Hold, refinance or sell judged on forward return from today’s basis, not on the anniversary of the purchase.
Risk
05.3Risk is managed where it originates.
The principal risks are leverage, duration and liquidity, and they compound. Debt is sized against a downside case, maturities are laddered away from the expected exit window, and reserves are funded at closing. Property is illiquid by nature — the mitigation is a basis low enough that holding through a bad window remains a real option.
Other strategies
Investor access
For qualified investors.
Learn more about real estate at Antiphase, our process and access opportunities.