Perfectly positioned to capitalize on current market dislocations—where rising costs and capital constraints have slowed development—by targeting assets priced below replacement cost. This acquisitions strategy is designed to unlock value, create upside, and deliver strong long-term, risk-adjusted returns.
We acquire properties at significant discounts to replacement cost in high-growth markets, setting the stage for strong returns as conditions improve.
By blending institutional-grade processes with private firm agility, LPG moves swiftly and decisively in competitive environments.
From acquisitions to asset management to property management, our vertically integrated platform ensures operational efficiency, value creation, and execution precision.
Our Investment Model
LPG’s acquisition process is rigorous, data-driven, and results-oriented. Here’s how we create value
We begin by identifying opportunities that align with our strategic criteria. This includes analyzing property type, market dynamics, and growth potential. A preliminary evaluation of the asset’s location and financial profile helps us determine its feasibility for further diligence.
Our team conducts in-depth financial underwriting using proprietary models, along with on-site inspections and a comprehensive review of legal, environmental, and physical condition. We compare market comps, evaluate value-add potential, and assess all key risks to ensure a data-driven investment approach.
We refine the investment thesis and establish a competitive valuation. Once validated, we structure a purchase offer with appropriate contingencies, ensuring sufficient time for final diligence and stakeholder alignment before closing.
We deepen our analysis through expert consultations, municipal coordination, and capital planning. This stage includes identifying zoning or entitlement requirements, confirming cost assumptions, and finalizing the equity and debt capital stack.
Post-acquisition, our focus shifts to proactive management. We implement operational improvements, oversee renovations or repositioning strategies, and continuously monitor performance to maximize cash flow and property value.
We explore refinancing options to return capital efficiently and enhance returns. When the asset reaches its strategic maturity, we execute a timely disposition plan aligned with investor goals and market timing.
CASE-STUDY
In 2017, Lowe Property Group acquired Skyline View Apartments, a 1972-vintage, 112-unit community in Aurora, Colorado, strategically located adjacent to the popular Highline Park within the Denver MSA. Recognizing the asset’s potential, LPG purchased the property for $17.1 million ($153,000 per unit) and launched a comprehensive value-add strategy.
The firm invested approximately $15,000 per unit to implement a modern interior renovation program, enhance the clubhouse and amenity package, and improve curb appeal. The property was rebranded as Highline Lofts, signaling its transformation and aligning with the surrounding neighborhood’s lifestyle appeal.
With an all-in basis of $172,000 per unit, LPG successfully repositioned the asset and capitalized on favorable market conditions, ultimately selling the property four years after closing at $260,000 per unit—13% above the year-10 proforma value. The investment generated over a 25% gross IRR and 2.44x gross equity multiple over the hold period.
Highline Lofts consists of 112 apartment units in Aurora, Colorado. LPG purchased the property in Q4 of 2017, improved operations and completed a partial renovation program before selling the asset in 2022, generating a quality return to investors.
City Garden is a Class A apartment community located in Ogden, UT. Unit finishes include granite countertops, designer cabinetry, premium industrial faucets, individual washer/dryer, and black appliances.
Stone Creek Village, offering spacious apartments in a peaceful suburban setting, combining modern comfort with easy access to nearby parks, dining, and outdoor activities. Two and three bedroom units are available with an existing duplex and single-family home.
Metro Flats offers affordable and conventional studio living at 555 South 200 East in downtown Salt Lake City. Featuring panoramic mountain and skyline views, a modern clubroom, and exceptional walkability, the community provides convenient, attainable urban living.
Junction View is located within The Junction—an open-air lifestyle village in the heart of downtown Ogden. Featuring exceptionally spacious, condo-style floorplans with elevated finishes including granite, hardwood, metal, and stone, the community offers refined comfort rarely found in traditional multifamily living. Residents enjoy stunning views of the adjacent Ogden Temple, vibrant downtown, and surrounding mountain ranges—all within steps of dining, entertainment, and recreation.
Flexible Investing with Attractive Risk Adjusted Returns.
Investing in this open-ended evergreen fund offers a 7% preferred return on called capital, plus an 85/15 split of the fund’s upside (available after a minimum one-year hold). While the fund has already achieved an unrealized IRR of x% and a xx equity multiple, long-term investors can target returns in the 10–15% IRR range over a multi-year horizon.
LPG applies the same rigorous underwriting process to preferred equity investments as it does to its own ground-up developments and value-add acquisitions. Drawing on deep development and acquisition experience, LPG targets high-quality real estate and trusted sponsors, providing rescue capital with strong downside protection. Each investment includes substantial subordinate common equity, creating a meaningful cushion in adverse scenarios. LPG also structures deals to allow for control rights in downside situations.
As an open-ended evergreen fund, investors have flexibility to withdraw their principal on their own timeline. However, to maximize risk-adjusted returns and participate in the 85/15 upside split, a holding period of at least one year is recommended.
Mixed-income, downtown multifamily with long-term upside and opportunity zone benefits.
Silos Building 2 targets a strong, risk-adjusted return profile with a projected stabilized yield on cost of approximately 6.1%, supported by FHA-insured financing and opportunity zone benefits. Similar to Building 3, the project is underwritten to generate a project-level IRR in the 14–17% range over a 5- to 10-year hold, driven by conservative assumptions, strong market fundamentals, and long-term value creation in a high-demand, supply-constrained downtown location.
Silos Building 2 offers a high-quality, mixed-income multifamily community in the heart of downtown Salt Lake City, leveraging opportunity zone benefits and HUD 221(d)(4) financing to reduce risk and enhance long-term returns. With 275 units—80% market-rate and 20% workforce housing at 80% AMI—the project is designed to meet a broad range of renter demand while delivering strong yield on cost. The building will share top-tier amenities with adjacent buildings in the master-planned community, creating a vibrant, integrated living experience at a significant discount to comparable luxury projects.
Silos Building 2 is designed for a long-term hold, with a targeted investment horizon of 5 to 10 years. This timeline allows the project to fully benefit from opportunity zone tax advantages, achieve operational stabilization, and capitalize on long-term rent growth in a high-demand downtown market. The hold strategy also provides flexibility to exit opportunistically based on market conditions while maximizing overall value creation.
High-design, Class A multifamily delivering into a rare downtown Salt Lake supply shortage
Silo Park Apartments Building 3 is projected to deliver strong risk-adjusted returns, with a targeted project-level IRR of 17.0% over a 5-year hold and 14.1% over a 10-year hold. The expected equity multiples are 1.9x and 2.6x over those same timeframes, supported by a projected return on cost of 6.1% untrended and 6.7% trended, positioning the project to outperform as it delivers into a significantly undersupplied Salt Lake City market.
The strategy for Silo Park Apartments Building 3 is to develop a high-quality, 219-unit Class A multifamily community that capitalizes on Salt Lake City’s urban growth and a projected supply shortage. Scheduled to deliver in a year with historically low new inventory, the project is designed to offer top-tier finishes and amenities at a ~20% discount to peak market rents, attracting strong demand. Leveraging the success of the adjacent Post District and existing infrastructure, Building 3 is positioned to deliver outsized returns through efficient lease-up and long-term value creation.
Silo Park Apartments Building 3 is underwritten with flexible hold scenarios, targeting a 5- to 10-year investment period. This range allows for both opportunistic early exit potential and longer-term value creation as the market strengthens post-delivery. The project’s prime timing, entering an undersupplied market, supports strong initial lease-up performance with the optionality to hold through a full market cycle to maximize investor returns.
High Design, downtown multifamily with long-term upside and opportunity zone benefits
Silos Building 1 offers a compelling return profile driven by its strategic location, efficient design, and opportunity zone benefits. These strong fundamentals, combined with a robust sponsor team and thoughtful unit mix, position the project to generate stable income and long-term appreciation in one of Salt Lake City’s fastest-growing submarkets.
Silos Building 1 delivers a mixed-use 65-unit multifamily project with 6k+ SF of ground floor retail, overlooking the future iconic Silo Park. Designed to serve a broad renter base, the project offers residents quality housing at various price points and will benefit from future sharing of amenities and synergies with subsequent phases of the overall Silos block. Leveraging opportunity zone incentives, FHA financing, and integration into a larger master-planned community, Building 1 is positioned to generate long-term value while enhancing the vibrancy of the emerging Granary District.
Silos Building 1 is underwritten with a long-term hold strategy, targeting a 5- to 10-year investment horizon. This timeline aligns with the project’s opportunity zone designation, allowing investors to fully capture associated tax benefits while maximizing value through stabilization and market growth. The flexible hold period also provides optionality to exit opportunistically based on future market conditions.
Affordable housing in a high-demand market, acquired below replacement cost with strong value-add upside
Metro Flats targets an attractive risk-adjusted return profile, with a projected project-level IRR of 15.1% over a 10-year hold and a 1.7x equity multiple. With a stabilized yield on cost of 6.2%, the investment is positioned to deliver strong long-term cash flow and appreciation
Metro Flats is a 100-unit multifamily community strategically positioned to meet the growing demand for high-quality, attainable housing through a mix of LIHTC and market-rate units. This rare combination caters to a broad renter base in a supply-constrained submarket where affordable and workforce housing options are in especially high demand. The strategy focuses on targeted interior and exterior upgrades, operational improvements, and enhanced management to unlock value. Acquired at an attractive per-unit basis well below replacement cost, Metro Flats is poised to generate strong cash flow and long-term returns through thoughtful repositioning and efficient execution.
Metro Flats is underwritten with a 10-year hold period, allowing time to complete upgrades, improve operations, and benefit from long-term rent growth. This flexible timeline supports both strong cash flow generation and optionality for an opportunistic exit based on market conditions.
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