Our Approach

Focused Execution

PH Development is a Pacific Northwest real estate investment and development firm focused exclusively on multifamily assets along the I-5 corridor. Since inception, the firm has acquired and repositioned four multifamily assets totaling 200+ units and $50M in total project value, deploying over $10M in syndicated and joint venture LP equity. Each investment is made to execute on a business plan to create value for investors while providing quality housing to the marketplace.

High interest rates have reset Pacific Northwest real estate values just as new construction starts have fallen 73% from their 2022 peak. Through acquiring assets below replacement cost, implementing a value-add renovation strategy, or converting asset classes into multifamily, PH Development is focused on capitalizing on opportunities presented during this cycle.

Where We Invest

We have specific value metrics we look for in undersupplied submarkets along the I-5 corridor in the Pacific Northwest. Investments made to date have been done strategically with these metrics in mind. Largely, these are markets with above-average year-over-year growth, expanding employment, and a shortage of rental housing. Amongst the notable factors we look for are:

  • Proximity to major employers and job centers

  • Access to transit, highways, and light rail

  • Walkable amenities, parks, and outdoor recreation

How We Create Value

Operations & Asset Management

Asset management is handled in house. We are hands on working side-by-side with the property management team to ensure budgets are met and properties are performing at their peak abilities.

Value-Add Renovations

In certain circumstances, a full renovation of the building to further generate value creation is a way to realize an asset’s full potential. Through structured improvements to the building, we are able to achieve this goal.

Hospitality-to-Multifamily Conversions

Hospitality and multifamily asset classes are valued differently. In acquiring a hospitality asset at a lower basis than an existing multifamily asset, converting it to an apartment building creates a massive value in the marketplace.

Our Process

  • 01 Identify

    Look for existing apartment or hospitality buildings in undersupplied submarkets that fit our underwriting and search criteria.

  • 02 Structure

    Choose the right capital structure for each project, either a syndication or a joint venture, and line up financing.

  • 03 Execute

    Carry out the business plan: value repositioning of existing apartment building or a hotel-to-apartment conversion.

  • 04 Stabilize

    Lease up the repositioned units, stabilize operations, and hold asset until investment timeline has been met.