A high-barrier, supply-constrained market with durable demographic demand, plus selective opportunities elsewhere when the fit is right.
Supply-constrained, entitlement-heavy, and durably high-barrier, CEQA, local jurisdiction discretion, and density bonus law (which can favor senior housing specifically) shape site selection and timeline as much as the real estate itself. Rent regulation (AB 1482, local ordinances) applies regardless of age-qualified status and is underwritten accordingly, not assumed away.
Opportunistic only, and only where the demographic and regulatory setup clears the same bar as Southern California. Any material deviation from the California baseline, rent regulation, age-restricted zoning overlays, entitlement timeline, is flagged explicitly in underwriting.
Structural criteria below reflect the thesis and current deal box.
| Product Type | 55+ age-qualified (HOPA-compliant); ground-up multifamily development, in scope where the age-qualified position fits. |
|---|---|
| Geography | Primary: Southern California. Selective: other U.S. markets meeting the same demographic/regulatory bar. |
| Unit Count | 75–125 units, targeted for scarcity and exclusivity. |
| Deal Size / Basis | $75MM–$150MM target total project capitalization. |