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Why Workforce?

Workforce Partners is a value investing firm focused on assets with recurring cash flow and a sustainable competitive advantage in asymmetric industries that require a bit of elbow grease.

We target total returns (IRR) of 12 to 18%, a significant portion of which comes from current income. We intend to hold assets for the long term, but have used refinancing to return equity in 6 to 36 months.

Heretofore, we have achieved those results by buying and rejuvenating undermanaged real estate – specifically apartments and hotels – that serve median income households along the major transportation corridors between New York City and Boston.

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Why Workforce Housing?

Sustainability through the economic cycles.

  • Our dynamic rental pricing model allows for revenue increases in varied economic climates
  • Transitioning utilities to residents has nearly eliminated investors' exposure to heat and electric costs
  • Negotiating annual fixed price contracts with maintenance providers makes our monthly expenditures predictable
Why Boutique Hotels?

Different operational dynamic, same approach to revenue.

  • Attractive entry points and readily fixable deficiencies
  • Strong market position through concurrent purchase within the same town
  • Capital improvements and operational grit offer opportunity to quickly grow sales
Micro View

Persistent supply and demand imbalance.

  • Demand for housing continues to outstrip supply
  • The 70MM+ strong millennial generation has emerged from the depths of the Great Recession ready to live on its own
  • At the same time, the supply of new housing units slowed to a trickle during the recession and has not recovered
Macro View

Possitive attributes of Direct Real Estate as an asset class.

  • We measure risk and compare it to other asset classes to quantify the volatility of its return over time
  • The superior risk/return trade-off of private real estate is the foundation for our investment strategy
  • Direct real estate is a more tax efficient investment vehicle than comparable yielding assets thanks to its depreciation shield

Why Workforce?

Workforce Partners is a value investing firm focused on assets with recurring cash flow and a sustainable competitive advantage in asymmetric industries that require a bit of elbow grease.

We target total returns (IRR) of 12 to 18%, a significant portion of which comes from current income. We intend to hold assets for the long term, but have used refinancing to return equity in 6 to 36 months.

Heretofore, we have achieved those results by buying and rejuvenating undermanaged real estate – specifically apartments and hotels – that serve median income households along the major transportation corridors between New York City and Boston.

Contact Us
Operational Enhancements

Increase the recurring cash flow.

  • Grow topline with disciplined management
  • Cut recurring costs in creative ways
  • Increasing profit creates virtuous expansion in exit multiple
Financial Engineering

Use leverage appropriately.

  • Borrow from local banks based on long-term relationships
  • Win subsidized loans for renovations and energy efficiency
  • Create preferred tranche to enhance common equity return
Price Appreciation

Buy low, sell/refinance high.

  • Capitalize on asymmetry with proprietary research & origination
  • Disciplined valuation of replacement cost and earning power
  • Seek situations where “Mom & Pop” selling below intrinsic value

Apartments

ARA Newmark

Multihousing Market Overview:

CBRE

Affordable Housing Review:

US Multifamily Marketview:

Goldman Sachs

GSAM Macro Insights - The US Real Estate Cycle:

Harvard Joint Housing Study

America's Rental Housing:

Housing America's Older Adults:

The State of the Nation's Housing:

HUD

Annual Budget:

Marcus & Millichap

The Apartment Outlook:

The Multifamily Outlook:

National Apartment Report:

US Economic and Apartment Market Outlook:

US Apartment Investment Forecast:

Urban Land Institute (ULI)

Emerging Trends in Real Estate:

Yardi Matrix

Matrix Monthly:

U.S. Multifamily Outlook:

Hospitality

Cornell University
School of Hotel Administration

The Basics of Yield Management:

Goldman Sachs

Lodging Investing:

HVS

Hotel Valuation and Transaction Trends for the US Lodging Industry:

Marcus & Millichap

Hospitality Research Quarterly Update:

US Hospitality Investment Forecast:

Hospitality Research Regional Report - New England:

STR, Inc.

US Hotel Industry Performance:

Macro

Why Real Estate, Not Stocks, Is Americans' Most Favored Investment

August 29, 2017
The Street

The Bronx Is Back: Health Care And Education Jobs Spur New Growth

April 5, 2017
The Huffington Post

$435 Billion of New Global Capital Targeting CRE

March 23, 2017
CoStar Group

Investors have $1.7T ready to deploy, but activity will be flat in 2017: CBRE

March 22, 2017
The Real Deal

New Real Estate Funds Try to Make Concrete Liquid for Investors

March 17, 2017
New Real Estate Funds Try to Make Concrete Liquid for Investors

CMBS Delinquency Rate Resumes Ascent in February

March 2, 2017
Trepp, LLC

Bidding wars on the Hudson

January 1, 2017
The Real Deal

Betting The House: Despite Big Funding Drop, Real Estate Tech Deal Activity Is Up

November 5, 2016
CB Insights

Carlyle inks $3.6B for long-term fund

October 19, 2016
PitchBook

The low-rate world: Central banks have been doing their best to pep up demand. Now they need help

September 22, 2016
The Economist

UBS Global Real Estate Bubble Index

September 19, 2016
UBS

Wall Street to New York: Drop Dead

September 14, 2016
Bloomberg Gadfly

U.S. Household Income Grew 5.2 Percent in 2015, Breaking Pattern of Stagnation

September 13, 2016
New York Times

Financing Is Getting Tight, But It Depends Heavily On Which Asset Class

May 11, 2016
BisNow

The Assets of the Ultrarich Come Closer to Earth

March 10, 2016
New York Times

Real estate's ticking bomb: Who gets hurt

March 10, 2016
CNBC

Building the next boom

June 22, 2013
The Economist

A Buildup of Building Permits

December 28, 2012
New York Times

Commercial Real Estate Market Trends Favor Investors

November 29, 2012
Spectrum's Millionaire Corner

Fed Ties Rates to Joblessness, With Target of 6.5%

December 12, 2012
New York Times

Will the Fed rev the housing engine?

July 9, 2012
The Economist