Properties

Targeted Acquisitions

We like submarkets where economic occupancy has declined to 85% or less. In these markets, we have been able to acquire properties at a fraction of their “bricks and mortar” cost. It’s hardly surprising they are “problem” projects; some of them weren’t able to generate enough income to meet operating expenses, let alone debt service.

Repositioning/Exit

Our objective is to reposition properties from being marginal performers or outright losers to becoming attractive and profitable holdings.

We employ improvements that lend a timeless, upscale residential appearance—like building facades—or those that improve with age, such as landscaping enhancements. These time-tested signature improvements help distinguish our apartment communities from their aging contemporaries.

Magnification: Capital & Returns

While it’s wonderful to enjoy handsome returns and sale profits, for over 30 years we have compounded these gains by taking advantage of favorable tax deferral laws. (See page 12.)

Partner and Lender Responsibility

Our counter-cyclical investments are suitable only for sophisticated lenders and partners (investors). At the start of a venture, they take responsibility for their belief that an economic recovery will be realized, and they understand (as does Drever's family) it is essential for the success of their investment.

Synergy: Drever Value-Added Approach

Safety/Proactive Management

Even if a market takes longer to rebound like Houston when it was caught in the national real estate depression—not recession—in the early 1990s, our proven strategy still increased rental collections 12% per year. As a result, we were able to preserve and/or grow our partners' capital.

With respect to capital safety, it's hard to fall out of the basement. The process of "Dreverizing" rock-bottom, ugly ducklings adds additional stability to CAM’s ventures.