Harper

Investment Approach

Real estate fundamentals first. Execution second. Upside last.

Harper evaluates residential and mixed-use properties where strong underlying real estate fundamentals can be paired with disciplined ownership and targeted operating improvements. We are focused on opportunities where acquisition basis, cash-flow profile, leverage capacity, and long-term demand create an attractive foundation before upside is assumed.

What We Look For

Overlooked residential and mixed-use assets in durable urban communities.

The ideal opportunity has a clear real estate foundation first: strong location, credible demand, rational basis, manageable leverage, and multiple paths to preserve or create value.

  • 01Smaller and mid-sized residential or mixed-use properties
  • 02Assets overlooked by larger institutional buyers
  • 03Undermanaged, undercapitalized, or transitional ownership situations
  • 04Durable urban neighborhoods with strong rental demand
  • 05Free-market or mostly free-market income
  • 06Positive cash-flow potential
  • 07Complexity that can be understood, priced, and managed
  • 08Selective value creation through leasing, management, capital improvements, or repositioning
  • 09Conservative debt capacity
  • 10Multiple exit paths, including hold, refinance, recapitalization, or sale

Investment Filters

Six questions every acquisition must answer.

01

Basis

Can we acquire the asset at an attractive basis relative to replacement cost, income, comparable sales, and downside value?

02

Demand

Is the asset supported by durable residential demand and neighborhood-level fundamentals?

03

Cash Flow

Is there a credible path to sustained positive cash flow under conservative assumptions?

04

Leverage

Can the property support prudent debt without relying on aggressive growth assumptions?

05

Complexity

Is there complexity that creates mispricing and that Harper is equipped to manage?

06

Flexibility

Does the investment preserve multiple paths to value, including long-term hold, refinance, recapitalization, or sale?

Harper Advantage

Investment discipline with an execution advantage.

Harper's advantage is the combination of acquisitions discipline and practical operating knowledge. We do not underwrite operating upside as a substitute for real estate fundamentals; we use it as an additional layer of execution where the basis, demand, and downside case already make sense.

Sourcing Network
Relationships with owners, brokers, operators, and local market participants help surface smaller and less efficient opportunities.
Underwriting Discipline
Structured underwriting focuses on basis, cash flow, debt capacity, downside protection, and exit flexibility.
Operating Experience
Experience in residential operations, leasing, revenue management, and asset execution helps identify practical improvements at the property level.
Financing Perspective
Harper evaluates each acquisition with attention to debt service coverage, lender execution, and capital structure resilience.
Technology-Enabled Review
Internal tools support sourcing, property enrichment, document review, and deal screening.

Process

From sourcing through ownership.

  1. 01

    Source

  2. 02

    Screen

  3. 03

    Underwrite

  4. 04

    Structure

  5. 05

    Execute

  6. 06

    Manage

Initial Market Focus

New York first. Built to extend.

Harper's initial focus is New York City and select high-conviction urban submarkets. Over time, the same approach may extend to other dense residential markets where demand, basis, and operating complexity create attractive opportunities.