|Perspective guides investing.
Grubb Properties’ mission is to maximize the performance of the assets that have been entrusted to us. We invest in branded, moderate-priced rental housing and value-oriented office properties with land that can be converted to Link Apartments® sites through zoning and shared parking.
This real estate investment strategy provides a solid, defensive investment thesis as a result of its demographic-driven demand strategy and is proven by a long and consistently strong fund track record. In 2021, Grubb Properties realized their 42nd round trip transaction since 2002. The results of those investments resulted in a weighted average IRR of 36% and an equity multiple of 2.5x.
QUICK STATS
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Total real estate assets under management
Total real estate assets under management as of December 31, 2021.
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Value upon sale
Since 2002, we have realized 41 of those investments, totaling over $1.6 billion in value upon sale.
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Gross weighted average IRR
Achieving a 2.0x equity multiple at the property level and utilizing less than 52% property level leverage at the time of sale.
INVESTMENT STRATEGY
Our investment strategy focuses on essential housing, which we believe to be one of the most resilient asset classes.
Despite a backdrop of the biggest need, there is little new construction within this crucial sector. For the investor, essential housing provides a stronger margin of safety than building luxury apartments, because essential housing is driven by demographics rather than by how well the economy is performing at any given moment. The large Millennial and Gen Z populations are already facing a housing shortage, and the cost pressures constraining the supply are only going to intensify over the next few years.
This is not to be confused with workforce housing, which largely serves middle income working families through existing rental product. It often has a greater number of configurations with 2-4 bedrooms and is typically located in suburban areas close to schools. While this is a critically important component of the U.S. housing stock, these unit configurations and locations largely do not fit the needs of young people entering the workforce today.
By targeting the often-overlooked middle population, essential housing not only reaches a larger and drastically underserved audience, but also provides an opportunity for investors to participate in a resilient, low-competition and risk-mitigated strategy.
Link ApartmentsSM
We pursue Essential Housing through our Link ApartmentsSM developments where Grubb Properties has made a commitment to developing highly innovative, efficient, scalable, and branded solutions that help fill the growing essential housing gap across the United States. Our focus is on location (urban, transit-oriented, close to major fixed employers (e.g., universities, medical centers) and price point with target rents affordable to residents earning 60-140% of the local area median income.
Multifamily and Office Investment
Our current investment strategy is born from our deep experience in both multifamily and office investment. This plays out in methods such as our innovative site selection, which helps us reduce costs. For example, in many markets we acquire office buildings in urban infill locations with acres of surface parking. We then develop a Link Apartments℠ community on that land, with a parking garage that is shared between the tenant and resident uses. This alternative real estate investment strategy saves us construction costs and provides a steady non-tenant revenue stream, allowing us to pass the savings on to our residents.
Dual Market Strategy
Our dual market strategy positions us for maximum success.
Resilient – Major US markets such as Denver, Los Angeles, New York, San Francisco and Washington DC, have a demonstrated history of lower correlation to traditional economic cycles. In these markets, new supply has slowed, exacerbating the housing crisis, leading to future rent growth.
Growth – Secondary US markets such as Atlanta, Charlotte, Nashville, and Raleigh are usually more cyclical, but with substantially higher growth dynamics during expansions. Their urbanization fits our value-add office strategy with parking conversion to apartment sites.
ACTIVE MARKETS
- Resilient
- Growth
Tier 1 - Resilient
- Washington, DC Metro Area
- New York
- Los Angeles
- Bay Area
- Washington, DC Metro Area
- New York
- Hempstead
- Los Angeles
- Denver
Tier 2 - Growth
- Chapel Hill
- Raleigh-Durham
- Richmond
- Triad
- Charlotte
- Atlanta
- Charleston
- Greenville
- Charlotte
- Memphis
- Atlanta
- Chapel Hill
- Charlotte
Washington, DC Metro Area
| Property | Size | Asset Type |
| Link Apartments® Reston | Multifamily | 145 units |
| Argon Plaza | Commercial | 274,930 sq ft |
| Link Apartments® Rhode Island Ave | Multifamily | 234 units |
| Reston Corners | Commercial | 294,031 sq ft |
| Beauregard Office | Commercial | 211,025 sq ft |
| Link Apartments® H Street | Multifamily | 191 units |
New York
| Property | Size | Asset Type |
| Link Apartments® 8 Carlisle | Multifamily | 429 units |
| Link Apartments® QPN | Multifamily | 416 units |
Chapel Hill
| Property | Size | Asset Type |
| Gwendolyn Office Building | Commercial | 106,000 sq ft |
| Glen Lennox Shopping Center | Commercial | 26,032 sq ft |
| Glen Lennox Apartments | Multifamily | 356 units |
| Link Apartments® Linden | Multifamily | 215 units |
| Link Apartments® Calyx | Multifamily | 305 units |
| 137 E Franklin | Commercial | 118,517 sq ft |
| UNC Office / Lab | Commercial | 237,000 sq ft |
| Link Apartments® Rosemary | Multifamily | 165 units |
Raleigh-Durham
| Property | Size | Asset Type |
| Edinburgh Cary Office | Commercial | 134,017 sq ft |
| Harrison Cary Office | Commercial | 30,352 sq ft |
| Link Apartments® Glenwood South | Multifamily | 204 units |
Richmond
| Property | Size | Asset Type |
| Link Apartments® Manchester | Multifamily | 187 units |
Triad
| Property | Size | Asset Type |
| Link Apartments® Brookstown | Multifamily | 205 units |
| Triad Center | Commercial | 394,600 sq ft |
| Link Apartments® Innovation Quarter | Multifamily | 344 units |
| Link Apartments® 4th Street | Multifamily | 224 units |
Charlotte
| Property | Size | Asset Type |
| Link Apartments® Montford Ph I | Multifamily | 288 units |
| Link Apartments® Montford Ph II | Multifamily | 265 units |
| Link Apartments® Mint Street | Multifamily | 259 units |
| 1515 Montford Park | Commercial | 123,115 sq ft |
| 4601 Park Road | Commercial | 118,650 sq ft |
| Elizabeth Avenue 1523/1535 | Commercial | 48,905 sq ft |
| Link Apartments® NoDa at 36th | Commercial | 128,000 sq ft |
| Link Apartments® NoDa at 36th Ph I | Multifamily | 292 units |
| Link Apartments® NoDa at 36th Ph II | Multifamily | 242 units |
Atlanta
| Property | Size | Asset Type |
| 2400 Lake Park | Commercial | 104,694 sq ft |
| Link Apartments® Grant Park | Multifamily | 246 units |
| The George and The Leonard Apartments | Multifamily | 217 units |
| The Park at Perimeter Center East | Commercial | 284,538 sq ft |
Charleston
| Property | Size | Asset Type |
| Link Apartments® Mixson | Multifamily | 358 units |
Greenville
| Property | Size | Asset Type |
| Link Apartments® West End | Multifamily | 215 units |
Charlotte
| Property | Size | Asset Type |
| Link Apartments® Montford Ph I | Multifamily | 288 units |
| Link Apartments® Montford Ph II | Multifamily | 265 units |
| Link Apartments® Mint Street | Multifamily | 259 units |
| 1515 Montford Park | Commercial | 123,115 sq ft |
| 4601 Park Road | Commercial | 118,650 sq ft |
| Elizabeth Avenue 1523/1535 | Commercial | 48,905 sq ft |
| Link Apartments® NoDa at 36th | Commercial | 128,000 sq ft |
| Link Apartments® NoDa at 36th Ph I | Multifamily | 292 units |
| Link Apartments® NoDa at 36th Ph II | Multifamily | 242 units |
Memphis
| Property | Size | Asset Type |
| Link Apartments® Broad Ave | Multifamily | 370 units |
Atlanta
| Property | Size | Asset Type |
| 2400 Lake Park | Commercial | 104,694 sq ft |
| Link Apartments® Grant Park | Multifamily | 246 units |
| The George and The Leonard Apartments | Multifamily | 217 units |
| The Park at Perimeter Center East | Commercial | 284,538 sq ft |
Los Angeles
| Property | Size | Asset Type |
| 1353 N Western Avenue | Multifamily | 65 units |
| Link Apartments® Solana | Multifamily | 70 units |
| Link Apartments® NoHo | Multifamily | 125 units |
| Link Apartments® Kora | Multifamily | 228 units |
| Link Apartments® Korella | Multifamily | 77 units |
| Link Apartments® Vine | Multifamily | 153 units |
Bay Area
| Property | Size | Asset Type |
| Link Apartments® Four12 | Multifamily | 157 units |
| Link Apartments® Palo Alto | Multifamily | 102 units |
Washington, DC Metro Area
| Property | Size | Asset Type |
| Reston Corners | Commercial | 294,031 sq ft |
| Link Apartments® Reston | Multifamily | 145 units |
| Argon Plaza | Commercial | 274,930 sq ft |
| Link Apartments® Rhode Island Ave | Multifamily | 234 units |
| Beauregard Office | Commercial | 211,025 sq ft |
| Link Apartments® H Street | Multifamily | 191 units |
New York
| Property | Size | Asset Type |
| Link Apartments® 8 Carlisle | Multifamily | 429 units |
| Link Apartments® QPN | Multifamily | 416 units |
Hempstead
| Property | Size | Asset Type |
| Link Apartments® Hempstead | Multifamily | 166 units |
Chapel Hill
| Property | Size | Asset Type |
| Gwendolyn Office Building | Commercial | 106,000 sq ft |
| Glen Lennox Shopping Center | Commercial | 26,032 sq ft |
| Glen Lennox Apartments | Multifamily | 356 units |
| Link Apartments® Linden | Multifamily | 215 units |
| Link Apartments® Calyx | Multifamily | 305 units |
| 137 E Franklin | Commercial | 118,517 sq ft |
| UNC Office / Lab | Commercial | 237,000 sq ft |
| Link Apartments® Rosemary | Multifamily | 165 units |
Los Angeles
| Property | Size | Asset Type |
| 1353 N Western Avenue | Multifamily | 65 units |
| Link Apartments® Solana | Multifamily | 70 units |
| Link Apartments® NoHo | Multifamily | 125 units |
| Link Apartments® Kora | Multifamily | 228 units |
| Link Apartments® Korella | Multifamily | 77 units |
| Link Apartments® Vine | Multifamily | 153 units |
Denver
| Property | Size | Asset Type |
| Link Apartments® Fitz | Multifamily | 405 units |
Charlotte
| Property | Size | Asset Type |
| Link Apartments® Montford Ph I | Multifamily | 288 units |
| Link Apartments® Montford Ph II | Multifamily | 265 units |
| Link Apartments® Mint Street | Multifamily | 259 units |
| 1515 Montford Park | Commercial | 123,115 sq ft |
| 4601 Park Road | Commercial | 118,650 sq ft |
| Elizabeth Avenue 1523/1535 | Commercial | 48,905 sq ft |
| Link Apartments® NoDa at 36th | Commercial | 128,000 sq ft |
| Link Apartments® NoDa at 36th Ph I | Multifamily | 292 units |
| Link Apartments® NoDa at 36th Ph II | Multifamily | 242 units |
INVESTOR EXPERIENCE
Expect a higher level of service.
We believe outstanding personal attention is one reason many of our investors have been with us for years.
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RESPONSIBLE REAL ESTATE (ESG)
We take a bigger world view.
In line with the UN Sustainable Development Goals (SDGs) framework, we’re creating places that make a significant difference.
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