What We Do
PROFILE
WaveCrest focuses on acquiring, renovating, repositioning and operating B & C apartment and mixed-use properties in primary and transitioning secondary infill sub-markets in Northern California that are close to employment centers and transportation hubs. Our target properties have characteristics of reasonable in-place revenue streams with solid opportunities to lift, create and enhance value through specific interior and exterior capital improvements, re-branding, re-tenanting, addition of amenities that are highly accretive to value, driven by pro-active and intensive asset management plans.
Our core belief is that real value is created by buying under-performing and under-valued real estate assets that we can turn-around in the near-term with the application of curative capital improvements and intensive hands-on asset management plans. Our value-oriented approach along with our fundamental real estate knowledge guides disciplined underwriting with the goal of creating sustainable income and capital growth while reducing our investment risk over the holding period. Although we approach every investment with a long-term view, we have the tactical sense to create flexible asset management plans that gives us the opportunity to respond to changing market conditions and capital flows to sell or refinance assets to meet our return objectives. This investment and operating view point is integral to our market research, due-diligence and underwriting in order to reduce our overall investment risk and preserve our capital base. We are not market timers and our objective is to create value through NOI growth rather than cap rate compression.
APPROACH, STRATEGY & TACTICS
APPROACH, STRATEGY & TACKTICS
Our core belief is that real value is created by buying under-performing and under-valued real estate assets that we can turn-around in the near-term with the application of curative capital improvements and intensive hands-on asset management plans. Our value-oriented approach along with our fundamental real estate knowledge guides disciplined underwriting with the goal of creating sustainable income and capital growth while reducing our investment risk over the holding period. Although we approach every investment with a long-term view, we have the tactical sense to create flexible asset management plans that gives us the opportunity to respond to changing market conditions and capital flows to sell or refinance assets to meet our return objectives. This investment and operating view point is integral to our market research, due-diligence and underwriting in order to reduce our overall investment risk and preserve our capital base. We are not market timers and our objective is to create value through NOI growth rather than cap rate compression.
DIFFERENTIATION
What differentiates WaveCrest is our focus on apartments and deep investment experience in the asset class. Apartments have always been an integral part of the firm’s core compentency and not a recent investment preference. Rich is an experienced and successful direct participant from all angles of the apartment industry including sourcing, underwriting, financing, development, acquisition/dispositions, operations and asset management, renovations and marketing throughout multiple investment cycles over the past 30 years. As an entity and in Rich’s senior roles with prior firms, he has acquired, financed, developed, asset managed and consulted on over $500 million (4,600 units) of apartment transactions in the Western US.