Acquisitions & Dispositions
MPI is headquartered in Atlanta with a regional office in Dallas, TX.
As part of our strategy to build a comprehensive and diverse portfolio of properties that meets the housing needs of customers and the expected returns to our investors, we are actively searching for under-managed properties in need of renovation and/or repositioning in the marketplace.
Our strong relationships in the capital markets along with our local and regional human resources provide us with the ability to close deals that others may not be able to complete.
Investment Criteria
Miles Properties seeks deals with the following criteria:
Asset Type
Multi-family residential apartment communities.
Location
While MPI seeks to acquire assets in high-growth major metropolitan areas throughout the United States, we have typically focused on assets located in the southeastern and mid-atlantic regions and have acquired assets as far north as New York City and as far west as Colorado. Within each market, we endeavor to acquire distressed assets in areas we believe will experience population and job growth.
Size
Generally, MPI focuses on apartment communities with at least 150 residential units.
Physical Quality
Typically B and C class assets in need of substantial rehabilitation, maintenance and repair.
Age
MPI generally focuses on assets more than 10 years old.
Investment Style
MPI targets assets which are under-valued due to the age or deteriorating physical condition of the asset, ineffective property management, the existence of cumbersome governmental regulations, or the inability of unwillingness of the existing owner to infuse capital necessary to maintain and effectively operate the asset. Once acquired, MPI relies on its many years of management experience and in-house team of rehabilitation specialists to actively create value by swiftly improving and stabilizing each asset.