We acquire high quality investments at significant discounts to intrinsic value. We improve the properties through our proprietary hands-on asset management and leasing programs. Our efforts result in superior risk adjusted returns for our investors and strong economic assets for communities. FNRP’s real estate portfolio includes office, retail, industrial, and residential properties.
Consistent Investment Philosophy:
- Buy it – We acquire high-quality, income-producing assets at discounts to replacement costs.
- Fix it – We rapidly and proactively address any capital structure, physical, or operating issues pertaining to the investment.
- Exit – Once issues are addressed we refinance the investments and hold them for the long term. Our average hold period prior to refinancing is slightly more than three years.
Consistent Team and Investment Process:
- The Investment Committee, which approves every FNRP real estate investment throughout the country, has had the same core members since it was established.
- FNRP’s interests are aligned with its limited partners – the firm and its principals commit their own resources to every deal.
- Access to High Quality Deal Flow – Extensive relationships with owners, lenders and intermediaries.
- Broad reach and market knowledge from dedicated operating platforms and a seasoned asset management team.
- Unique ability to move with scale and speed.
A Favorable Opportunistic Investment Environment:
- Many sellers are often distressed ownership structures impaired by excessive leverage, or entities seeking to exit in scale.
- Limited availability of debt and equity capital; substantially less competition from other opportunistic real estate funds.
- Middle Market Deal Size Focus – Too small for large institutions, too large for individual investors
- Economic fundamentals have begun to stabilize and improve.