Aslan Realty Group
Aslan Realty Group was founded in 2001 to address a profitable market opportunity in Southern California: multi-family real estate renovation. Situated between natural borders – mountains and beaches – urban expansion and drive time have created strong demand for rental communities near larger cities. Occupancies and rents continue to rise as residents seek higher quality housing in desirable locations.
As most developers know, new construction projects have challenging regulatory processes and unpredictable completion dates. As such, Aslan Realty Group has developed a strategy which emphasizes the procurement of value add or under-managed multi-family properties of 100 - 800 units and between $10 and $100 million dollars. Thereafter, Aslan Realty Group renovates and repositions communities with various hold strategies. The ‘hold’ or ‘sell’ strategy is determined by the style and location of the community as well as the requirements of the invested equity. Aslan Realty Group manages all aspects of the process including acquisition, capital structuring, renovation, community repositioning and the eventual disposition of the community.
Since its inception, Aslan Realty Group has expanded acquisition areas to include communities in Northern California, Las Vegas, Phoenix, Denver, Atlanta, and Seattle. As a natural outgrowth of its core acquisition and renovation program, Aslan Realty Group has formulated strategies to develop select Apartment-to-Condominium conversion programs in key geographic locations.
Condominium Thesis
During the past few years the markets targeted by Aslan Realty Group have demonstrated a lack of affordable housing options in premier locations. This has created an opportunity to sell multi-family housing as “condominium conversions”. Aslan believes this is not just a trend, but a new reality - born of a land scarcity - that will continue indefinitely. This scarcity, coupled with a low interest rate environment, has created opportunities in for-sale attached housing. As a result, Aslan Realty Group makes selective condominium conversion acquisitions when they can be conservatively underwritten. Market conditions have defined condominiums as the “entry-level” home in several urban areas. Aslan Realty Group will pursue condominium conversions where superior locations can be coupled with high quality physical assets.
