CaldrionSubmit an opportunity

01 / 06Real Estate

The bedrock of durable capital.

We acquire value-add multifamily, light industrial and specialty real estate in primary and secondary US markets, improve it through hands-on operations, and hold it on permanent family capital.

Submit an acquisition View our criteria

Criteria

Criteria at a glance

Brokers are protected on off-market transactions.

Transaction size
$20M–$150MGross asset value
Equity check
$10M–$75MPer transaction
Geography
Primary and secondary US marketsFocus on the Sun Belt, Mountain West, and Southeast
Multifamily
100+ unitsGarden-style and mid-rise communities built 1985–2015
Industrial
20K–200K sq ftMulti-tenant light industrial and shallow-bay warehouses
Specialty
High-barrier niche assetsData centers, cold storage, and medical office buildings
Business plan
Value-add or core-plusRenovation or lease-up, or stable assets with upside
Target returns
15%+ net IRR1.8x+ equity multiple
Structure
All-cash or joint ventureJoint ventures typically 90/10 with an operating partner

We aim to give initial feedback within 72 hours of receiving a complete package.

01Our approach

Value hidden in complexity.

Real estate anchors our portfolio against inflation. Free of fixed fund lives, our family capital lets us optimize for long-term value creation rather than short-term IRR.

We target value-add and opportunistic assets where physical, operational or capital-structure complexity obscures true value. We unlock it through:

  1. Active operations

    Vertically integrated property management that drives NOI growth.

  2. Capital agility

    The ability to close all-cash or navigate complex capital stacks, including assumable debt and mezzanine structures.

  3. Institutional renovation

    Strategic capex that forces appreciation and attracts credit-grade tenants.

A flexible mandate

We structure deals creatively, solving for tax issues, partnership disputes and debt maturities.

02Where we invest

Three sectors, chosen for resilience.

We focus on three sectors in primary and secondary US markets, with particular depth in the Sun Belt, Mountain West and Southeast.

Multifamily & Residential

Workforce housing · Class B value-add

Strategy
We serve the “missing middle”: essential housing for the working population, insulated from the volatility of new luxury Class A supply.
Asset profile
Garden-style and mid-rise communities of 100+ units, built 1985–2015.
The opportunity
Mismanaged or under-capitalized assets in submarkets with strong school districts and employment drivers but limited new supply.
Value creation

Interior repositioning. Comprehensive unit upgrades (countertops, flooring, fixtures) that earn proven rent premiums.

Operational optimization. Institutional property management software, dynamic pricing, and ratio utility billing systems (RUBS) to reduce expense ratios.

Technology and amenities. Smart-home packages (locks, thermostats), package lockers and modernized common areas that compete with newer product at lower rents.

Industrial & Logistics

Last-mile infill · Light industrial

Strategy
As e-commerce matures, proximity to end consumers commands a rising premium. We avoid big-box bulk distribution in favor of versatile, smaller-bay assets that serve a diverse tenant base.
Asset profile
Multi-tenant light industrial and shallow-bay warehouses of 20K–200K sq ft, with 18–32 ft clear heights and high dock ratios.
The opportunity
Assets with short-term leases or below-market rents in land-constrained infill locations where replacement cost is prohibitive.
Value creation

Mark-to-market. Rolling below-market leases to market rates as they expire.

Industrial outdoor storage (IOS). Monetizing excess land on low-coverage sites for trailer parking and equipment storage, a high-demand, low-supply niche.

Functional capital. Roof replacements, LED lighting retrofits and truck court repairs that attract credit-grade tenants.

Specialty & Niche Assets

High-barrier operational real estate

Strategy
We pursue assets whose physical infrastructure is mission-critical to the tenant’s revenue. High relocation costs create sticky tenancy and premium yields, while specialized zoning, complex build-outs and heavy infrastructure requirements limit new supply.
Data centers & digital infrastructure
Powered shells and carrier-neutral facilities in secondary markets with low-cost power and dense fiber. Demand from AI and cloud computing has outpaced the supply of power-ready infrastructure, so we upgrade power density and cooling to meet hyperscale and enterprise requirements, and secure long-term master leases with investment-grade tech tenants or colocation operators.
Cold storage & food logistics
Freezer and cooler distribution facilities and last-mile food hubs near major metros. US cold storage stock is aging and ill-equipped for e-grocery and pharmaceutical demand, and new construction is costly and technically complex. We retrofit dry warehouses with modern refrigeration or expand freezer capacity to capture premium rents, often 2–3x standard industrial rates.
Medical office buildings
Off-campus clinical facilities affiliated with major health systems, particularly those offering high-acuity services such as dialysis, imaging and surgery centers. The shift to outpatient care and an aging population drive demand. We convert gross leases to triple-net (NNN) and shape the tenant mix into referral ecosystems, such as a pharmacy next to a primary care clinic.

03Why partner with Caldrion

Certainty for sellers and partners.

Sellers and operating partners choose Caldrion for certainty of execution and alignment of interest.

Permanent capital

We are never forced to sell good assets at bad times. Without a fixed fund life, we can hold through cycles to maximize exit value.

Certainty of close

When we issue a letter of intent, we have the capital and the intent to close, all-cash if needed.

Direct decision-makers

You deal directly with the people who decide. Decisions are made by a small internal investment committee that meets weekly. We need no outside approvals and no fundraising to close.

04For brokers and advisors

For brokers and operating partners.

We value the brokerage community and operating partners as extensions of our team. Expect a streamlined review and direct access to decision-makers.

Broker protection. We respect buy-side mandates and protect brokers on off-market transactions.

Materials and NDAs. Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest.

What to send

  • Link to the offering memorandum (OM) or executive summary
  • Link to trailing 12-month financials (T-12) and the current rent roll
  • Link to a high-level capex budget or renovation scope, if applicable

What happens next

  1. Submit

    Send the opportunity through our inquiry form, with a link to non-confidential materials.

  2. Initial review

    We route your submission to the sector lead.

  3. Feedback

    We aim to give initial feedback within 72 hours of receiving a complete package.

  4. NDA & discussion

    If there is mutual interest, we sign an NDA promptly and set up a call with a decision-maker.

Real Estate

Have an asset that fits?

Share links to the offering memorandum, T-12 and rent roll through one short form.

Submit an acquisition All six pillars