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415 Natoma — trophy office, San Francisco skyline at dusk
◇ Approach

Sourcing. Underwriting. Alignment.

PICTURED · 415 NATOMA · SAN FRANCISCO, CA Scroll ↓

We source through proprietary channels, underwrite to a basis that holds through downturns, and invest personal capital in every deal.

Sourcing

Three proprietary channels, one underwriting standard.

Direct ownership where vertical integration creates durable advantage, partnership where local operating expertise drives returns, platform investment where the operating company itself is the asset.

Direct acquisitions

MCP-sourced and MCP-managed assets across high-conviction sectors. Sourcing, underwriting, and asset management held in-house.

Co-GP partnerships

Joint ventures with leading operators in niche and institutional sectors. Capital partner discipline matched with operating expertise.

Platform company investments

Equity in niche operating companies and the real estate they operate. OpCo for execution certainty on the business plan; PropCo for asset governance.

Underwriting

Risk-reward framework.

We mitigate downside risk while retaining multiple pathways to upside — essential to executing through capital-markets cycles.

01
Margin of safety

Underwrite conservative rents and exit cap rates above prevailing market.

02
Optionality

Multiple credible exit paths preserved at acquisition. Asymmetric upside designed into the business plan, downside protection built into the basis.

03
Basis-spread investing

Acquisition basis below replacement cost and prevailing market value.

04
Risk management

Unleveraged analysis as the foundation. Downside capital planning and alternative exit strategies stress-tested before commitment.

Alignment

Personal capital, every deal.

Management invests personal capital alongside our partners in every opportunity. Alignment shapes underwriting decisions — prioritizing portfolio risk, recurring cash flow, and long-term appreciation.

Next
Where we apply it.

Strategy

Contact

For investment inquiries
and capital partnerships.