Since its founding in 1989, Banner has developed or acquired nearly fifty multifamily properties worth approximately $850 million. The current portfolio consists of over 5,360 units valued at approximately $600 million.

Acquisition Strategy

  • Acquire core-plus and value-add apartment communities in select Southeast, Sun Belt, and Midwest markets
  • Target locations experiencing population, job, and income growth, in states exhibiting sound economic health
  • Seek value-add opportunities where there is an opportunity to reposition a well-located Class “B” property through physical improvements and/or management enhancements
  • Employ moderate leverage with long-term fixed rate financing, allowing yield enhancement
  • Focus on cap rate, cash flow and achieving risk-adjusted returns

Prior to Fund I 

Banner acquired 23 properties, with cash distributed to investors ahead of forecast on every deal but one.

Fund I (2009-2011)

Acquired $116 million of multifamily assets, consisting of 1,270 units across three states. In 2015, McDowell Place Apartments, a 400-unit property located in Naperville, IL was sold for approximately 50% more than the acquisition price in 2010.

Fund II (2012-2015)

Through joint ventures with an institutional partner on two of the four acquisitions in this Fund, Banner acquired $140 million of multifamily assets, consisting of 1,139 units across two states.

Riachi at One21

  • 450 units located in Plano, Texas
  • 472,050 rentable square feet
  • Fund I property acquired in 2011 in an off-market transaction from a public REIT
     

Built in three phases between 2007 and 2009, the property is an institutional-quality asset in a luxurious setting. The property offers a diverse mix of 402 garden apartments and 48 townhomes that were originally constructed as for-sale housing but were kept as rental units. Riachi has excellent visibility from Coit Road, a major arterial link to the regional highway system. The property features a modern clubhouse, fitness center, media, and business center, two swimming pools, an outdoor kitchen, and attached and detached garages.

Upon acquisition, Banner implemented several new systems and amenities, resulting in increased tenant satisfaction. Riachi has maintained excellent occupancy and experienced strong rental growth since acquisition. With the sale of McDowell Place Apartments, a Fund I property, along with refinancing proceeds, Fund I investors have received more than 100% of their equity back, while still owning three properties.

Acquisition Leadership


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Jordan Sternberg
Director of Acquisitions
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Brian Toomey
Director of Acquisitions
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