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Investment Approach

Green Leaf Capital Partners focuses on Class A/B suburban apartments. These affordable apartments in thriving metro markets appeal to a wide range of tenants. The firm invests in well-located assets in growing markets, avoids distressed assets, and creates value through moderate renovation and better management.

Asset Class Benefit

  • Class B+/A- assets are attracting a wider demographic, including the working-class population, downsizing baby boomers, and millennials entering the rental market for the first time.

Supply & Demand

  • U.S. multifamily supply growth has been concentrated in urban infill, high-income markets. This has created high demand for nicer suburban products, making 2000 and newer class B+/A-housing incredibly attractive.


  • Lightly renovated, suburban Class B+/A- assets with quality amenities provide a more affordable rent-to-income proposition. Millennials and Gen-Y account for 50% of the total renter pool (approximately 54 million in total). Slower wage growth has delayed their home ownership.

Value-Add Philosophy

  • Instead of overspending on renovations, which forces a property to compete with Class A properties, we renovate to B+/A- standards and perform deferred maintenance to allow for efficient property operations.

Market Hedge

  • Multifamily properties offer both an offensive and defensive investment strategy. Deflationary periods increase the renter pool, occupancy, and rents. Inflationary periods increase asset values and rents.

Property Management

Green Leaf uses several strategies to boost team and resident longevity, including strong team connections, modern communication technologies, and community engagement.

Strong Teams

  • The leadership team meets every employee during onsite visits to ensure a sense of teamwork and loyalty.

Modern Communication

  • Prospective residents can take virtual tours through property websites and social media channels, helping them visualize their future home.
  • Residents can pay rents, submit maintenance requests, and view charges and payments on desktop and mobile devices.

Resident Community

  • Local teams host events for residents and share updates about amenities and activities to keep lease renewals above typical market rates.

Investment and Underwriting

Green Leaf’s deep industry relationships yield deal flows in a wide range of appropriate MSAs. With the leadership team’s accurate knowledge of current debt parameters in underwriting acquisitions, these industry relationships allow the firm to acquire opportunities quickly and efficiently.

Along with a disciplined and analytical approach to investment evaluation, conservative assumptions regarding future performance help the firm ensure that correct expectations are set. Green Leaf seeks to acquire properties that generate strong current income and long-term appreciation in all transactions. By maintaining consistent and rigorous underwriting standards, the firm avoids “paying up” for assets.

Focus on Metrics

  • Stabilized cap rate
  • Spread to 10+ year fixed-rate financing
  • Cash-on-cash return

Strong Focus on Downside Risk

  • Loan-to-value and debt coverage focused on principal protection
  • Purchase at or below replacement cost
  • Robust diversified economic base in our markets
  • Geographic diversity within the Fund

Population and Employment Growth

  • Average or above-average population growth
  • Focus on tech, bio-science, and healthcare employment growth

Renter Household and Income Affordability

  • High in-place affordability at the time of purchase
  • Strong organic rent growth and a large pool of potential renters

Market Liquidity and Depth of Buyers

  • Highly traded markets bring pricing visibility and strong liquidity
  • A deep buyer pool creates competition for price and term maximization

Regional Growth

  • Rent growth through natural supply or demand imbalance
  • Strong higher-end employment growth
  • Inbound migration from higher-income areas chasing affordability

Going-in Cap Rate Comparison vs. Other Metros

  • Comparison of in-place yields with regional growth prospects between metros allows Green Leaf to spot capital market mispricing


Green Leaf will focus on select target markets where it has significant execution experience and where market characteristics are strong.

Pro-business municipalities

Large university systems

Strong population, employment, and wage growth

Low cost of living in comparison to primary gateway/coastal markets

Compelling net-migration statistics

High quality of life

Markets with a substantial gap between Class A and Class B rents, where new products can’t be built without significant subsidies

Large-scale investment in local infrastructure

Markets where education, government, healthcare, and technology employment significantly beat the national average of 25%


Green Leaf Capital Partners employs industry-leading management solutions. Operational and financial details for each property can be tracked and accessed anytime, from any location, through state-of-the-art software such as Entrata, Conservice and E-Premium. This cloud-based systems enables Green Leaf to provide superior property management and marketing, while maximizing yields.