OWNERSHIP

What we buy, what we own, and how we close.

This page is for the brokers and sellers we work with. Equity relationships are in place, we structure our own deals, and the projects below are the proof. When we call you about a listing, this is who is calling.

WHAT WE LOOK FOR · WHERE WE START

PARKSMobile home parksClean land-lease communities in B locations. Park-owned homes converted to tenant-owned with seller paper. Municipal water and sewer preferred over well and septic.

MULTIFAMILYMultifamilyB locations, C-to-B repositioning. The kind of property one good local operator can run well.

INDUSTRIALSmall-bay light industrialSimple buildings, multiple tenants, plain leases that tenants renew. We have built it from the ground up.

PAPERNotes and seller-financed paperPerforming mortgages and notes, underwritten against the recorded documents, not the brochure.

PLANValue-add to stabilize and hold long term, not flip.

EQUITYEquity relationships in place. We are not raising a fund; each project stands on its own.

GEOGRAPHYNot geographically bound. The deal and the operator matter more than the map.

WHERE WE HUNTListed deals, off-market deals through the equity-marketing rooms we trade in, and auctions. We study them all, so bring us what you see.

SELLERSOpen to sellers who stay on as operators, and to hands-on local partners. That can mean ownership, or a net-profits interest: a share of the cash flow without owning the real estate. The best outcomes work for seller, buyer, and tenants.

This is where we start, not a wall. A great deal outside these classes still gets our attention: land somebody inherited, lots left over from an old subdivision, whatever you are holding. Reach out anyway; we would like to get to know you and see how you think. The best exchanges run three legs or more, and a stranger asset is often the first leg of a good trade.

WHAT WE HAVE DONE

The record.

Ground-up light industrial, Virginia

BUILT BY OUR PARTNERSHIP

Shannon Park in Fredericksburg: 10,000 square feet in four units, three at 2,000 and one at 4,000, built from the ground up, fully leased and operating. Lewistown, at the I-95 Lewistown Road exit north of Richmond: 20,400 square feet in two buildings, twelve units, opening fall 2026 with twelve tenants and major distribution next door.

GROUND-UP · OUR OWN CAPITAL AND OUR PARTNERS’ · BUILT TO LEASE AND HOLD

Front elevation of the finished Shannon Park light industrial building with glass storefronts — SHANNON PARK · FREDERICKSBURG, VA

Corner view of the finished Shannon Park building with landscaping and new parking — SHANNON PARK · SMALL-BAY UNITS

Aerial view of the finished Shannon Park building and striped parking lot — SHANNON PARK · AERIAL

Aerial view of the Lewistown light industrial building under construction near Richmond, Virginia — LEWISTOWN · ASHLAND, VA · OPENS FALL 2026

Front of the Lewistown light industrial building with wood-tone accents and glass bays near Richmond, Virginia — LEWISTOWN · THE BUILDING

Aerial of the Lewistown site with I-95 traffic beyond and a major distribution center behind it — LEWISTOWN · AT THE I-95 EXIT · DISTRIBUTION NEXT DOOR

Multifamily, five projects taken full cycle

GENERAL PARTNER · EXITS 2021 AND 2022

As general partner and sponsor, Alejandro took five multifamily projects, 1,050 units across Florida, Georgia, and Alabama, from purchase through repositioning to sale. B locations, C properties brought to B. We never underwrote to cheap debt lasting. Every exit closed in 2021 and 2022, before rates turned, because the plan never depended on them staying low. The record, deal by deal:

JACKSONVILLE, FL138 UNITS2019-2021Built 1974, nineteen buildings, repositioned and taken to sale.

JONESBORO, GA346 UNITS2019-2022Bridge debt in, repositioned through COVID, sold in early 2022 before rates turned.

RIVERDALE, GA108 UNITS2019-2022The sister deal: same bridge plan, same COVID years, same exit window.

HUNTSVILLE, AL390 UNITS2019-2021The deepest turn of the five: equity raised, bridge debt worked, sold in late 2021.

HUNTSVILLE, AL68 UNITS2019-2022The hard one: a foundation problem we could not fix, bought next door to the 390. Out without losing money, lesson kept.

FIVE PROJECTS1,050 UNITSALL FULL CYCLEEXITS 2021 AND 2022

We underwrite to IRR and we manage to it. What we are building is longer than any one exit: relationships that carry from project to project.

The same style of Jacksonville apartment building after repositioning: new paint, new stairs, new landscaping — JACKSONVILLE, FL · DRAG TO SEE THE REPOSITIONING

Jacksonville apartment building before repositioning: worn paint, window units, dated exterior — JACKSONVILLE, FL · DRAG TO SEE THE REPOSITIONING

Renovated two-story multifamily buildings with open lawn, Jacksonville, Florida — JACKSONVILLE, FL · THE COMMUNITY TODAY

Single-story apartment buildings among mature trees, Jonesboro, Georgia — JONESBORO, GA

Apartment buildings among mature pines, Riverdale, Georgia — RIVERDALE, GA

Land-lease communities

THE BUSINESS WE ARE IN

Mobile home parks are where our buy box concentrates today: communities a town depends on, run well and kept affordable. Our plan converts park-owned homes to tenant-owned with seller paper, invests in the infrastructure, and holds. Paper is where this firm comes from: thirty years of notes on this bench, and seller paper is what makes the home-conversion math work. Residents get treated like the clients they are; that is how a community holds its value.

This is an active hunt. We underwrite park portfolios continually, Michigan and Ohio most recently, and the full land-lease diligence list is on the underwriting page.

Aerial view of a tidy land-lease manufactured home community among trees — THE ASSET CLASS: A CLEAN LAND-LEASE COMMUNITY

FROM THE SENIOR PARTNER’S FILE · A PARK, WORKED

Darryl bought a 67-pad park, every pad rented. Ten homes came with the purchase, and he put those renters on lease-to-own agreements so the homes ended up in their hands. He then rezoned the excess land to allow a total of 170 pads and sold it to a group who developed them. The park came back revalued, and he moved that increased equity out and put it to work again.

Read the story in his own words

People do transactions, not properties.

DARRYL McCULLOUGH, SENIOR PARTNER

The technical questions are answered before you ask: the expense load, the price-per-site math, the infrastructure gates.

How we underwrite

HOW WE CLOSE · CASH OR A TRADE

Some sellers need cash. Many need something better: relief from taxes, timing, or an asset nobody wants for cash. We close both ways, and when a trade serves the seller better, we build it:

A MULTI-LEG EXCHANGE · TWO INVESTORS, ONE VALUE-ADD PROPERTY

Investor A

Equity they’ve outgrown.

Investor B

Equity that stopped fitting.

TWO EQUITIES, JOINED IN ONE TRADE

STAKES IN THE VALUE-ADD PROPERTY

ANY DIFFERENCE EVENED IN CASH OR A NOTE

The seller

A building with upside, priced for a trade.

THREE PARTIES · ONE CLOSING · DUQUE ASSEMBLES THE LEGS

Have a deal we should see?

Send the address and the story. We answer quickly, and we tell you honestly whether it fits.

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