Home I ASB Real Estate - TEST

ASB deliberately executes an innovative, tenant-centric strategy, investing in one-of-a-kind assets in high-demand markets across the United States.


We believe successful real estate investment management requires an equal focus on physical assets and the people who live and work in these spaces. Our significant expertise in deal sourcing, asset management, development, re-development, and finance – combined with our pioneering tenant-centric approach – has led to more than three decades of attractive risk-adjusted returns for our institutional clients and their beneficiaries.

bellinger portrait

Robert Bellinger, CFA*
President and Chief Executive Officer

Tenant-Centric Investing


We focus on where tenants want to be now and in the future — in assets with the right attributes at the right locations. That’s tenant centric investing. That’s what we do at ASB.

Industrial


Investments with characteristics that are attractive to logistics, distribution, and technology-oriented tenants.

Multifamily


Investments in vibrant, walkable neighborhoods with mass-transit access in high-demand markets.

Office


High-quality 21st-century tenant-centric office investments in markets that facilitate creativity and collaboration.

Retail


Investments in retail assets in the nation’s most iconic shopping corridors that cater to national and global brands.

Self-Storage


Modern self-storage assets with strong visibility located in dense sub-markets with limited competition.

ASB Key Company Stats*


$9.7

BILLION ASSETS UNDER MANAGEMENT

92

CURRENT
ASSETS

28

DYNAMIC MAJOR MARKETS

310+

INSTITUTIONAL
CLIENTS

*as of December 31, 2022

ASB’S DIFFERENTIATORS

Performance Comes First

Our investment professionals are guided by the firm’s steadfast fiduciary mission to generate outstanding risk-adjusted investment performance for our institutional clients and their beneficiaries.

Extensive Market Expertise

Our teams are experts in identifying investment opportunities in emerging submarkets within major U.S. cities, seeking assets which can generate solid long-term income growth and appreciation.

Tenant-Centric Investing

Our investment methodology is driven by understanding and anticipating the motivations and requirements of tenants. We focus on assets with specific competitive advantages that can meet tenants’ needs today and over the investment lifecycle.

ASB’S DIFFERENTIATORS

Accountability and Continuity

Each investment team is responsible and held accountable for asset performance results through its entire holding period from acquisition, strategic planning, asset management, and leasing to eventual disposition. 

No Competing Mandates

We manage a limited number of real estate investment products with clear, compelling strategies and no competing mandates.

Committed to the Community

We are dedicated to making the places we invest in better – actively seeking opportunities to generate positive social and environmental impacts, and committed to sustainability initiatives.

Our Mission and Core Values


Our steadfast mission is to generate outstanding risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance. 

Social Responsibility

We are committed to making a positive, impactful change to improve the communities we serve.


Strategies Disclosure

Disclosures Related to Strategies


Investment in Real Estate Generally. Real estate investments are subject to various risks, many of which are beyond the control of ASB, such as adverse changes in national or local economic and demographic conditions; local conditions (such as an oversupply of space or a reduction in demand for space); the quality and philosophy of management; competition based on rental rates; adverse changes in financial conditions of tenants, buyers and sellers of properties; quality of maintenance, insurance and management services; reduction or change in sources of debt or equity financing, including changes in interest rates; increases in real estate taxes and operating expenses, including energy prices; changes in law, regulations and governmental policies, including environmental laws, health and safety laws, zoning laws and governmental fiscal policies; potential liability under changing environmental and other laws; changes in the relative marketability of properties; cyclical over-building in property sectors; risks due to dependence on cash flow; risks and operating problems arising out of the presence of certain construction materials; structural or property latent defects; natural and unnatural disasters; acts of terrorism; uninsurable losses; condemnations; and others. Such risks could significantly impact the cost of operations, cash flow and results of operations, thereby leading to losses. No assurance exists that ASB can achieve its return objectives. Investments in existing entities (e.g., buying out a distressed partner or acquiring an interest in an entity that owns a real property) could also create risks of successor liability.

Development Competition. The development of undeveloped and/or partially developed properties is a highly competitive business. Success, therefore, will depend in part upon the ability of the ASB and its affiliates to select investments that will be competitive in their markets.

Risks of Leverage. The use of leverage will increase the exposure of investments to adverse economic factors, such as rising interest rates, economic downturns, or deteriorations in the condition of the investments or their respective markets. In the event an investment is unable to generate sufficient cash flow to meet debt service payments or there are other defaults under any loan documents underlying its indebtedness, the lender will be entitled to exercise the remedies specified under the loan documents, as well as its remedies under law. These remedies may include acceleration of the indebtedness and foreclosure on any collateral securing the loan. A lender seeking to enforce its claims may have recourse to a portfolio generally and not be limited to any particular investment, such as the asset giving rise to or securing the liability. Debt also may not be available on the terms and conditions and at the rates or in amounts that are consistent with the particular ASB investment strategy.

Debt Investment Risks. The value of debt investments, including construction, participating and other real estate-related loans (collectively, “Debt Investments”) and the ability to realize full repayment on a Debt Investment may be adversely affected by all of the factors that affect an investment. Risks of Debt Investments include (i) dependency for repayment on successful operation of the underlying property and tenant businesses operating therein; (ii) the fact that such loans are often non-recourse to the borrower; and (iii) amortization schedules that are often longer than the stated maturity and provide for balloon payments at stated maturity rather than periodic principal payments.
In addition, the market value of Debt Investments may be affected by changes in interest rates. Accordingly, in a period of declining interest rates, Debt

Investments without adequate call protection may benefit less than other fixed income securities due to accelerated prepayments. Interest rate changes may also affect a return on new investments. If there is a period of declining rates, the amounts becoming available for investment due to repayment of Debt Investments may be re-invested at lower rates than had been possible in prior investments. Increases in the interest rates on debt incurred in originating or acquiring investments may not be reflected in increased rates of return on the related investments, adversely affecting the return on those investments. Accordingly, interest rate changes may adversely affect the total return on investments.

Market Conditions. ASB’s strategy in some investments may be based, in part, upon the premise that real estate businesses and assets will be available for purchase at prices that ASB or its affiliate considers favorable. Further, a strategy for an investment may rely, in part, upon the continuation of existing market conditions (including, for example, supply and demand characteristics) or, in some circumstances, a local market recovery or improvement in market conditions over the projected holding period for the investments. No assurance can be given that real estate businesses and assets can be acquired or disposed of at favorable prices or that the market for such assets will either remain stable, or, as applicable, recover or improve, since this will depend, in part, upon events and factors outside the control of ASB.

Dependence on Property Managers. Although ASB will monitor the performance of investments, it will be the responsibility of unaffiliated property managers to manage the investments on a day-to-day basis. The results of operations, including the ability to make payments on any indebtedness, will depend to some degree on the ability of the property managers to operate investments on economically favorable terms. There can be no assurance that the management teams of property management firms will be able to operate each of the investments successfully. Moreover, the risks of dependence on property management firms are different by property type and by investment stage.

Any property manager may provide management services to properties owned by others that compete with one or more other ASB investments. As a result, such property manager may at times face conflicts of interest in the management of ASB investments managed by such property managers.

Inflation Risks. Increases in the rate of inflation may adversely affect net operating income from leases with stated rent increases or limits on the tenant’s obligation to pay its share of operating expenses, which could be lower than the increase in inflation at any given time. Inflation could also have an adverse effect on consumer spending, which may impact tenants’ sales and, with respect to those leases including percentage rent clauses, average rents.


Stewardship

Responsible investing is a core value at ASB. We take a holistic approach, seeking to consider how our investment decisions will generate strong investment performance and positively impact every stakeholder throughout a property’s lifecycle — from generating income growth through greater operational efficiencies, to the well-being of the construction workers, and the best interests of our tenants, their employees, and the broader community.

We believe our approach can sometimes find ways to…

ENHANCE PERFORMANCE by maintaining efficient buildings with features that can reduce operating costs, as well as attract and retain tenants.

MODERATE RISK, including those associated with jurisdictional requirements, to make buildings more efficient and remain vigilant about exposures to markets experiencing greater property casualty insurance risk. 

POSITIVELY IMPACT the communities in which we work and invest through our culture of volunteerism, charitable initiatives, and dedication to creating quality jobs and safe working conditions that contribute to local economic growth.

We maintain strict adherence to a responsible contractor policy that has been in place for more than 35 years. It prioritizes the use of highly trained construction workers with safe working conditions who are compensated fairly, including fringe benefits. It has been our experience that well built buildings have greater appeal to tenants and experience lower overall operating costs contributing to better long term economic performance.


Careers at ASB

ASB has built success around talented, hard-working individuals who collaborate to gain a broad and integrated understanding of real estate disciplines to deliver attractive risk-adjusted returns.


Our team members gain full-spectrum expertise in underwriting, acquisitions, dispositions, asset management, leasing, valuations, budgeting, business planning, and strategy formulation. We encourage a culture of collaboration, and all members of our team engage in offering their points of view on major decisions in an extremely inclusive management process.  ASB promotes diversity and equality within all facets of our organization and fosters an environment that recognizes employees’ unique skillsets and ensures that all employees have an equal opportunity to grow and advance.

What’s more, all of ASB’s professionals receive competitive compensation packages and are offered upside based on performance.

View Our Current Job Postings


Welcome to our job portal. Here, you may apply for open positions or submit your resume to our resume bank. If you are a candidate in need of assistance or accommodation in the application process, please contact [email protected] or call 301.986.6000.



WE ARE AN EQUAL OPPORTUNITY EMPLOYER. Applicants and employees are considered for positions and are evaluated without regard to mental or physical disability, race, color, religion, gender, gender identity, national origin, age, genetic information, military or veteran status, sexual orientation, marital status, or any other protected Federal, State/Province or Local status unrelated to the performance of the work involved.

B. F. Saul Company & Affiliates invites any employee and/ or applicant to review the Company’s Affirmative Action Plan. This plan is available for inspection upon request by emailing [email protected].

EEO is the Law Poster
EEO is the Law Supplemental Poster
Pay Transparency Nondiscrimination Poster
EEO Affirmative Action Notice

Our Mission & Core Values


Our steadfast mission is to generate outstanding risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance. 

Social Responsibility

We are committed to making a positive, impactful change to improve the community we serve.


Home I ASB Real Estate

ASB executes an innovative, tenant-centric strategy, investing in high-demand markets across the United States.


We believe successful real estate investment management requires an equal focus on physical assets and the people who live and work in these spaces. For more than three decades, we applied our significant expertise in deal sourcing, asset management, development, re-development, and finance – combined with our dedicated tenant-centric approach.

bellinger portrait

Robert Bellinger, CFA*
President and Chief Executive Officer

Tenant-Centric Investing


We focus on where tenants want to be — in assets with the right attributes at the right locations.  That’s tenant-centric investing.  That’s what we do at ASB.

Please take a moment to watch our video below about “Tenant-Centric Investing” at ASB.

ASB Key Company Stats*


$6.2

BILLION ASSETS UNDER MANAGEMENT

71

CURRENT
ASSETS

28

DYNAMIC MAJOR MARKETS

300+

INSTITUTIONAL
CLIENTS

*as of December 31, 2024

ASB’S DIFFERENTIATORS

Performance Comes First

Our investment professionals are guided by the firm’s steadfast fiduciary mission to generate superior risk-adjusted investment performance for our institutional clients and their beneficiaries.

Extensive Market Expertise

Our teams identify investment opportunities in high-demand U.S. markets, seeking assets which can generate income growth and above-inflation long-term appreciation.

Tenant-Centric Investing

Our investment methodology is driven by understanding and anticipating the motivations and requirements of tenants. We focus on assets with specific competitive advantages that can meet the dynamic and changing needs of tenants.

ASB’S DIFFERENTIATORS

Accountability and Continuity

ASB’s investment team is responsible and held accountable for asset performance results through its entire holding period from acquisition, strategic planning, asset management, and leasing to eventual disposition.

No Competing Mandates

We manage a limited number of real estate investment products with clear, compelling strategies and no competing mandates.

Committed to the Community

We are dedicated to making the places we invest in better – actively seeking opportunities to generate positive social and environmental impacts, and committed to sustainability initiatives.

Our Mission and Core Values


Our steadfast mission is to generate superior risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance.

Social Responsibility

We are committed to making a positive, impactful change to improve the communities we serve.


Self-Storage Case Studies

Self-Storage Case Study Properties


We strategically invested in self-storage as a recession-resistant asset class. Our portfolio of modern self-storage properties have strong visibility and are located in dense submarkets with limited competition. 

Nothing found.

View Other ASB Case Study Properties


The particular investments identified and described on this website do not represent all of the investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of its successors or affiliates. The reader should not assume an investment in the assets identified was or will be profitable. There can be no assurance that other investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of their successors or affiliates or officers, employees or directors will have characteristics or results similar to those identified on this website. A complete list of investments is available upon request.

The information made available to you through this website does not constitute an offer to provide investment advisory services or an offer to sell or a solicitation of an offer to purchase interests in any fund sponsored or advised by ASB Capital Management, LLC, or any of its successors or affiliates. Any such offer or solicitation for interests in a fund sponsored or advised by ASB Capital Management, LLC or any of their successors or affiliates will be made only through a private offering pursuant to a confidential offering memorandum and related subscription documents. This website does not purport to be all-inclusive and does not contain all material information that a prospective investor may desire when contemplating making an investment.


Careers 2

ASB has built success around talented, hard-working individuals who collaborate to gain a broad and integrated understanding of real estate disciplines to deliver attractive risk-adjusted returns.


Our team members gain full-spectrum expertise in underwriting, acquisitions, dispositions, asset management, leasing, valuations, budgeting, business planning, and strategy formulation. We encourage a culture of collaboration, and all members of our team engage in offering their points of view on major decisions in an extremely inclusive management process.  ASB promotes diversity and equality within all facets of our organization and fosters an environment that recognizes employees’ unique skillsets and ensures that all employees have an equal opportunity to grow and advance.

What’s more, all of ASB’s professionals receive competitive compensation packages and are offered upside based on performance.

View Our Current Job Postings


Welcome to our job portal. Here, you may apply for open positions or submit your resume to our resume bank.


Our Mission & Core Values


Our steadfast mission is to generate outstanding risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance. 

Social Responsibility

We are committed to making a positive, impactful change to improve the community we serve.


Multifamily Case Studies

Multifamily Case Study Properties


Quality multifamily assets in desirable locations with easy access to employment hubs or meeting other tenant demand requirements.  

View Other ASB Case Study Properties


The particular investments identified and described on this website do not represent all of the investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of its successors or affiliates. The reader should not assume an investment in the assets identified was or will be profitable. There can be no assurance that other investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of their successors or affiliates or officers, employees or directors will have characteristics or results similar to those identified on this website. A complete list of investments is available upon request.

The information made available to you through this website does not constitute an offer to provide investment advisory services or an offer to sell or a solicitation of an offer to purchase interests in any fund sponsored or advised by ASB Capital Management, LLC, or any of its successors or affiliates. Any such offer or solicitation for interests in a fund sponsored or advised by ASB Capital Management, LLC or any of their successors or affiliates will be made only through a private offering pursuant to a confidential offering memorandum and related subscription documents. This website does not purport to be all-inclusive and does not contain all material information that a prospective investor may desire when contemplating making an investment.


Industrial Case Studies

Industrial Case Study Properties


We invest in industrial assets that are attractive to logistics, distribution, and technology-oriented tenants. 

View Other ASB Case Study Properties


The particular investments identified and described on this website do not represent all of the investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of its successors or affiliates. The reader should not assume an investment in the assets identified was or will be profitable. There can be no assurance that other investments purchased, sold, advised by or recommended by ASB Capital Management, LLC, or any of their successors or affiliates or officers, employees or directors will have characteristics or results similar to those identified on this website. A complete list of investments is available upon request.

The information made available to you through this website does not constitute an offer to provide investment advisory services or an offer to sell or a solicitation of an offer to purchase interests in any fund sponsored or advised by ASB Capital Management, LLC, or any of its successors or affiliates. Any such offer or solicitation for interests in a fund sponsored or advised by ASB Capital Management, LLC or any of their successors or affiliates will be made only through a private offering pursuant to a confidential offering memorandum and related subscription documents. This website does not purport to be all-inclusive and does not contain all material information that a prospective investor may desire when contemplating making an investment.