RELF — OUR FOCUSED AND DISCIPLINED REAL ESTATE ARM

Timbers Apartment Community Westerville, oh - acquired 2023

REAL ESTATE At A Glance

1,466

Active Units

8

Communities

210M+

Expected Gain

1.3M+

Rentable Square Feet

Real Estate Investment through familiy partnership with Birge & Held

As a sidecar of Birge & Held

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Strong Deal Flow

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Nearly zero real estate overhead

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Robust lending relationships

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Efficient Financing Options

We’re an opportunitistic buyer of multi-family housing, largely across the Midwest and Colorado, with 1,466 active units

Key Highlights

ASPEN MARKET LEADER

We own 188 rent-controlled apartments in downtown Aspen that will be released to “free-market” condominiums within the next 12-20 years. This makes us the largest property owner in Aspen.

STRATEGIC ACQUISITIONS

Acquired many “star” properties from a portfolio that needed to be trimmed due to interest rate pressures, creating value opportunities.

UPSCALE

Owner of new upscale community in Ohio, within miles of a location where Intel has agreed to invest $20B and create over 3,000 direct jobs.

HIGH GROWTH

Portfolio includes properties in Hamilton County Indiana where the highest rent growth was achieved YoY in 2023.

EXPERIENCED

Birge & Held partnership provides access to experienced real estate professionals, continual deal flow and attractive financing options.

portfolio

colorado

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Indiana

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ohio

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Birge & Held only targets a select group of assets that have broad market penetration

Fully vertical integrated multifamily operator with in-house property management, accounting, reporting, construction and development

Birge & Held manages over 25,000 units across the United Stats

Services 125+ residential properties in 14 states nationwide

$4 billion in assets under management

VISIT BIRGE AND HELD

Our Investment Approach

ATTENTION TO DETAIL

  • Careful analysis of value defining analytics and advanced tactics of private equity experts.
  • In-depth repositioning strategies of property managers and value engineering of construction division

VALUE CREATION

  • Management sources properties with maximum value potential
  • Repositions and renovates assets for higher returns
  • Integration of construction and management teams with private equity and investment professionals delivers unmatched efficiencies

OPEN COLLABORATION

  • Teams work together closely on daily basis, communitcating analysis and strategies through rich interaction and sharing best practices

EXPRESS RENOVATION

  • One day residential renovation program allows Birge & Held to renovate a multifamily property in record time while tenants stay in place
  • Providing high quality standards while leveraging operational efficiencies, express renovation programs adds significant value and accelerates profitability

DISCIPLINED LEVERAGE

  • Conservative long-term fixed rate debt strategies mitigate short-term financing concerns
  • Risk-averse approach allows firm to focus on opportunistic pursuits on discounted multifamily assets instead of working through upcoming debt maturities

an innovative operator

Quick Turn Value Creation

  • One-day occupied unit renovations to expedite construction completion, decreasing vacancy, and increasing rental revenue
  • 17,855 units renovated since 2018 across 11 states

Property Management and Data Centralization

  • 100% in-house data management, improving data accuracy and reducing employee time on task
  • Less than 40% of real estate companies utilize data centralization

Internet Contract Initiatives

  • 48 internet contracts implemented averaging $38 per unit of additional NOI
  • $3.8M+ of total additional income, resulting in $69M of additional asset value(at a 5 cap)

Artificial Intelligence + Revenue Management

  • Eliminates the need for a dedicated team to analyze market data and set rental prices, streamlining operations and reducing overhead staffing costs
  • Utilizes a dataset of millions of lease transactions over the last 5+ years to forecast retention and optimize pricing based on current market conditions
  • Implemented at 81 B&H portfolio properties, increasing year-over-year revenue by 4 - 5%

Captive Insurance Program

  • B&H maintains a $2M self-insured retention fund, resulting in lower annual insurance premiums
  • Funds not used roll forward to the next policy year, reducing the amount needed to replenish the captive
  • Captive insurance program provides a competitive market advantage in states that are difficult to insure, such as Florida and Texas which provides us a competitive advantage in markets with high boundaries of entry.