Real Estate Investments
Citrine identifies, diligences, and executes upon innovative and compelling real estate opportunities across the return spectrum from coast to coast.
ACQUISITIONS
HIGH BARRIER TO ENTRY
Operating expertise, state and local licensure, and professional management are required, thus creating opportunities for adept owners to outperform.
BUYER FRIENDLY ENVIRONMENT
Challenges resulting from the COVID-19 pandemic, labor shortages, and inflation have weighed on the sector over the past 2-3 years. Thus, fatigued owners have begun selling at a compelling discount to replacement cost.
INCREASING DEMAND
The 80+ population is expected to grow ~50% over the next 10 years, approximately 10x the rate of the overall population, requiring 881,000 additional units.
FRAGMENTED INDUSTRY
The current stock of senior housing supply is largely controlled by local ‘mom and pop’ operators, providing substantial room for growth through centralized operations, streamlined systems, and innovation.
Deal Focus
Citrine Senior Housing
ELEVATING CARE FOR OUR COUNTRY'S MOST FRAGILE POPULATION
Citrine works with best in class senior housing operators to invest in value add, opportunistic, and special situation private pay senior housing communities.
APPROPRIATE FUNDING VEHICLES
Citrine employs the funding vehicle most appropriate for the hold period, return profile, and strategy of each investment. Examples include permanent capital into a company, programmatic joint ventures, syndication of equity from high net worth investors, and closed or open end funds.
ACROSS THE CAPITAL STACK
Citrine executes upon investment opportunities across the capital stack, including equity, distressed debt, and structured debt. The Firm has expertise in many transaction types including direct purchases, joint ventures, public-private partnerships, and preferred equity investments.
Investment Philosophy
CITRINE HAS A VALUE ORIENTATION
The company invests in opportunities with upside, as compared to focusing solely on overall market appreciation. Citrine strategies include distressed opportunities, thematically aggregating smaller assets, special situations, arbitrage opportunities, quality properties located in undercapitalized geographies, and deals where the company has an edge in underwriting, operating, and/or relationships.
Distressed Real Estate
REPOSITIONING UNDERPERFORMING PROPERTIES ACROSS REAL ESTATE CLASSES
Citrine seeks temporary illiquid situations and market inefficiencies that arise from distressed circumstances and buys assets accordingly.
Whole Loan and Loan Pool Purchases
TIME IN CYCLE TO BUY LOANS/PROPERTIES AT LOW BASIS
Citrine targets distressed note purchases collateralized by quality real estate, creating low basis opportunities to unlock value and improve otherwise overlooked or neglected assets.