Principal Investments

Principal Investments

We acquire and operate multifamily assets in joint ventures with passive and semi-passive capital. We employ disciplined value-add strategies and best-practices with the cornerstone of our philosophy tracing its origin to founder Chris Thomson’s 1999 MIT Master’s Thesis “Pricing Apartment Attributes: A Hedonic Analysis of the Dallas/Fort Worth Multifamily Market”.  This study researched the precise incremental risk and revenue associated with the existence or addition of a variety of location and physical attributes of a given multifamily property, thus allowing owners to make more profitable acquisition, construction and renovation decisions. An exceptional understanding of optimizing the investment/attribute equation informs our actions at every step in the process. In addition, we utilize the same skill sets and competitive advantages that drive our acquisition advisory and asset management activities, always with an eye to mitigating risk:

Ability to Win Deals Through Superior Track Record

Chris and partners have purchased and operated thirty-eight substantial multifamily assets in 22 U.S. markets totaling 7,298 units with financial partners that include private equity funds, pension funds, life companies and some of America’s most prominent families. This level of activity as well as spotless deal performance has enabled Chris to develop and maintain preferred buyer status with current multifamily market participants. In one of the most competitive investment sectors in the world, this is often the difference between winning a deal and going home empty-handed.

38 Major Assets

22 U.S. Markets

7.2k+ Units

Maximizing Net Income: A “Line-Item-by-Line Item” Approach to Asset Management

A relentless, methodical approach to optimizing financial performance. Each “line item” or category of income and expense presents an opportunity to enhance Net Income. Consistently employing “best practices” and driving Income through methods such as yield optimization technology and creative ancillary income initiatives while at the same time minimizing expenses through green retrofits, aggressive property tax representation multiplier effect on the Net Operating Income.

Risk Mitigation Through Moderate Leverage

In its principal activities, MAA generally advocates a conservative approach to debt. A Loan-to-Cost ratio not exceeding 65% has historically been the “sweet spot” in enhancing returns while maintaining flexibility and staying power in a variety of market conditions.

Risk Mitigation Through a Foundational Value-Add Approach

In our Foundational Value-Add approach, assets are optimized from the ground up in a progression that begins with fundamental, low-risk, predictable items and moves in sequence to higher-risk enhancements such as interior upgrades.

Net Utility Expense Reduction

“Green” retrofit: LED and low-flow devices can lower costs by 30% or more.

Third-party procurement can lower billing rates by 30% or more.

Allocation audits average $7/unit of additional income.


“Airline” pricing adjusts rents daily to optimize yield.

Increases of 3%-8% with no physical change to asset 

Any property not using RM  is a candidate.

Proven Low-Cost Technology Upgrades

Exclusive marketing arrangements with cable/internet providers

Construction of proprietary wireless networks

In-unit USB ports

Cost-Effective Common and Exterior Upgrades

Cure deferred maintenance

Enhance “Leasing Path”

High-impact, low-cost amenities such as package lockers and dog parks

Lower Cost to Investors

We often offer partnership terms and fees that enable our investor partners to net higher returns than they would in a typical “promoted” structure.