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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

CBRE

The Case For Workforce Housing:

Affordable Housing Review:

US Multifamily Marketview:

Center for Real Estate at MIT

Cash Flow Performance of Fannie Mae Multifamily Properties:

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:

Apartments

To Solve The Affordable Housing Crisis, Multifamily Lending Is Getting Innovative With Financing

October 17, 2018
BISNOW

Apartment rents are suddenly rising faster, reversing year-long trend

September 26, 2018
CNBC

Here Comes the 2nd Wave of Big Money in the “Buy-to-Rent” Scheme

August 23, 2018
Wolf Street

Keeping Rents Affordable After Upgrading

June 1, 2018
National Real Estate Investor

High prices in America’s cities are reviving the suburbs

April 19, 2018
The Economist

Interest Rate Rises Good for Apartment Sector?

April 16, 2018
CoStar

Apartment rates coming down in Stamford, Norwalk

April 6, 2018
The Hour

Smart Apartments: What Technology Matters to Renters?

April 5, 2018
Software Advice

Renters Losing Interest in Homeownership

April 4, 2018
Mortgage News Daily

Nearly two-thirds of renters say they can’t afford to buy a home

April 4, 2018
Wall Street Journal

Rents are rising at the fastest pace in almost two years

March 22, 2018
CNBC

Investors Take Another Look At Affordable Housing

February 16, 2018
Bisnow

The luxury market is largely overbuilt, while there is a shortage of affordable rental housing

February 16, 2018
CNBC

'Affordable' Housing Still Out Of Balance In Connecticut

February 7, 2018
Hartford Courant

Suburbs Lure Big Investors

December 28, 2017
Private Equity News

Construction Permits Down, CT Builders Wonder about 2018

November 1, 2017
New Haven Register

More People Think Renting Is a Better Deal Than Buying

October 24, 2017
The Wall Street Journal

Workforce housing catches eye of managers, investors

October 2, 2017
Pensions & Investments

Rents Continue Slowdown in NYC, SF But Mid-Sized Cities See Major Spike

September 1, 2017
Rent Cafe

Stuyvesant Town goes green: How the 70-year-old complex is reinventing itself in a modern age

August 16, 2017
6SQFT

Fairfield's Hottest Commodity

August 2, 2017
The Real Deal

2017–2018 Forecast: Class B and C Apartments Will Rule

June 21, 2017
MultiFamily Executive

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

April 5, 2017
The Huffington Post

The Fall, Rise, Fall and Rise of Stamford, Connecticut

January 13, 2017
Bloomberg

2017: Year of the Renter

January 6, 2017
The New York Times

There Doesn’t Go the Neighborhood: Low-Income Housing Has No Impact on Nearby Home Values

November 16, 2016
Trulia

Lopsided Housing Rebound Leaves Millions of People Out in the Cold

August 11, 2016
The Wall Street Journal

Low End Units See Faster Rent Growth

July 29, 2016
Globe St.

The Income Needed to Pay Rent in the Largest U.S. Cities

May 25, 2016
smartasset

KeyBank Assembles Senior Team to Expand Affordable Housing Platform to All 50 States

November 12, 2015
3BL Media

Blackstone to Buy Manhattan's Stuyvesant Town for $5.3 Billion

October 20, 2015
Bloomberg

Starwood Buys Equity Residential Apartments for $5.4 Billion

October 26, 2015
Bloomberg

Apartments soar; Stamford jobs fuel Gen Y market

August 22, 2013
Fairfield County Business Journal

Multifamily Fundamentals Do Not Face a Cliff

November 13, 2012
National Real Estate Investor

Rents Rise, Vacancies Go Down

July 7, 2011
Wall Street Journal


Hospitality

Occupancy hits 30-year high in U.S.

July 9, 2018
Hotel Management

Airbnb is out, new disruptors are in

June 4, 2018
Hotel Management

U.S. hotel transactions off to a strong start in 2018

May 8, 2018
Hotel Management

HiHo's Barcelona wine bar named Best Hotel Bar in Connecticut

March 16, 2018
Supercall

Hotels and OTAs duke it out over customer acquisition

March 7, 2018
Hotel Management

Facebook unveils Trip Consideration for travel advertisers

March 6, 2018
Marketing Land

Google now allows hotel bookings through search results

February 15, 2018
Hotel Management

Expedia turns to HomeAway as direct-booking campaigns dent earnings

February 9, 2018
Hotel Management

Hoteliers use tech to communicate with guests pre-stay

February 7, 2018
Hotel News Now

Are hoteliers being fooled by OTAs for a second time?

January 11, 2018
Hotel Management

Moving beyond the business traveler

January 4, 2018
The Real Deal

Google is making it harder for travelers to find the best prices, the Wall Street Journal charges

December 29, 2017
Business Insider

Google adds price tracking and deals to hotel search

December 19, 2017
Hotel Management

Amazon Wants More Hotels Using Alexa Voice-Powered Services

November 30, 2017
Skift

Why Amazon, Google and Facebook are the travel space's biggest threats

November 15, 2017
Hotel Management

New study from Kalibri Labs shows direct bookings push is working

October 26, 2017
Hotel Management

Technology is key to driving revenue at hotels

August 22, 2017
Hotel Management

Italy outlaws hotel rate parity

August 10, 2017
Hotel Management

EU, courts reshaping rate-parity landscape

July 13, 2017
Hotel News Now

Boutiques benefit from college, university business

May 17, 2017
Hotel News Now

Airbnb Connecticut hosts raked in $11 million last year

March 22, 2017
Stamford Advocate

Eye tracking in 2017 for Google hotel searches: Why the old rules don’t apply

March 17, 2017
Travel Tripper

Freitag’s 5: US hotels still rode high in November

January 11, 2017
Hotel News Now

20 years of OTAs: How they changed the hotel industry

December 12, 2016
Hotel News Now

Research: Maximizing hotel profitability potential

December 1, 2016
Hotel News Now

For Hotels, Online Reviews Really Matter to the Bottom Line

November 18, 2016
The Wall Street Journal

Hoteliers: OTA battle has reached tipping point

October 18, 2016
Hotel News Now

STR: US hotel performance for August 2016

September 21, 2016
Hotel News Now

Top 25: A performance overview of major US markets

September 14, 2016
Hotel News Now

Hotel Markets Recover, Then Expand, Then What?

September 2, 2016
Hotel News Now

Making a Case for Small Luxury Hotels

August 14, 2016
Forbes

Macro

Does the Investment in Workforce Housing Still Make Sense?

September 7, 2018
CBRE Capital Watch

Our cities house-price index suggests the property market is slowing

August 11, 2018
The Economist

Demand For NYC Warehouses

January 19, 2018
New York Build Expo

The Industrial Revolution

January 4, 2018
The Real Deal

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

August 29, 2017
The Street

$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