Market Types
We target in-fill “24-hour” markets characterized by population density, significant barriers to entry, pedestrian-oriented environments, multiple transportation options, and diverse property uses.
Market Locations
ASB focuses on the largest twenty-five MSA real estate markets in the U.S. where union labor is available. Primary markets include: Boston, Washington, D.C., Los Angeles, San Francisco, New York, Philadelphia, Baltimore, Miami, Atlanta, Minneapolis, St. Louis, Cleveland, Pittsburgh, Chicago, Sacramento, San Diego, Portland, Seattle, Dallas, Phoenix, and Denver.
Property Types
Office (including special purpose uses such as Data Centers), Rental Apartments, Student Housing, Bulk Distribution, Industrial, Grocery-Anchored Retail, In-Fill Urban Retail.
Investment Size
Equity: $10 million to $100 million
Total Capital: $10 million to $250 million
Target Returns
Target returns for un-levered equity investments range between 9% and 15%, with preference rates and promoted amounts dependent on the particulars of the transaction. The amount and structure of property leverage varies depending on asset risk, the availability of attractive debt, and our partners’ investment objectives.
Investment Holding Period
Although there is not a uniform minimum or maximum holding period, investments typically are held for three to seven years. Prior to making an investment commitment, a target holding period is established. This target is reviewed regularly and adjusted as necessary to reflect changing market dynamics. Variables impacting the holding period can include the asset’s life cycle, partner investment objectives, new supply, demographic changes, and tenant demand.