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Investment Strategies

Property Photo: Rockport Equity

Apparent’s Core Strategies

Our overriding investment strategy centers around identifying investment opportunities in which we have an ‘edge’. Over 20 years of experience and the relationships we’ve built create unique access to a diversified set of real estate opportunities, often with enhanced economic terms versus a typical investor. We leverage this ‘edge’ to invest in public and private real estate markets, with an eye toward forming capital around our best ideas.

Apparent’s Investment Strategies

Private insights inform public investments; Public insights inform private investments

In the real estate sector, situations arise that create dislocations between public and private market values. As an active participant in both marketplaces, Apparent is set up to take advantage of whichever market is most opportune at that point in time.


Direct Co-GP Investments
The majority of Apparent’s private market investments are made in the General Partner position of the capital stack, alongside the deal sponsors. This investment position carries the same risk profile as the Limited Partner but is ‘un-promoted’ and has the potential to generate a meaningfully higher return. Special situation Limited Partner investments are considered in areas where we have unique insight, expertise, or a particularly strong relationship and trust in the lead sponsor.

Promote & Fee Participation
As a co-GP investor, Apparent often negotiates direct participation in the sponsor’s ‘promote’, or performance fee, where cashflows are split between the GP and LP upon return of the LP’s invested capital. The GP typically invests 5 – 10%
of the equity requirement for a deal but participates in 20 – 40% of cashflows once the LP’s capital is returned and preferred returns are paid, creating asymmetric return upside and a meaningful edge over the LP. Additionally, Apparent can participate in sponsors’ developer fees, which are either paid at the closing in cash or reinvested into the deal as a tax-deferred Class B interest.


REITs & Real Estate-Related Public Securities
Our balanced, high-yielding, and thoughtfully constructed portfolio of REITs and real estate-related public securities makes efficient use of idle capital and offers liquidity for the overall investment portfolio. We continually refine our public securities portfolio, focusing on a combination of yield-generating, growth-oriented, and long-term compounding investments.

Property Photo: Rockport Equity

Expanding the bounds of investment opportunity

We are consistently seeking and developing new opportunities, sizing and allocating our investments, maintaining focus on market conditions, and managing our portfolio to control risk and generate long-term compounding returns. We’re always interested in developing new relationships. If you’re interested in becoming an investor or partner, please get in touch with us.
We work with experienced and curious long-term investor partners who want access to a curated and diversified real estate portfolio – we give the opportunity to be actively engaged in a growth-oriented, mutually beneficial community.
We work with visionary, driven entrepreneurs with real estate-related investment opportunities, who need funding and resources to grow their ventures, we catalyze entrepreneurial success with our unconventional approach and partnering model.
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