Flagship Strategy
Workforce housing in high-growth Southeast markets, where demographic momentum meets structural undersupply.
Market Thesis
The Carolinas are experiencing one of the most significant demographic shifts in the United States. Between 2015 and 2025, North and South Carolina collectively added over 1.8 million residents, driven by job growth in financial services, technology, advanced manufacturing, and healthcare. Charlotte alone has grown faster than any major U.S. metro outside of Texas and Florida.
This migration has created a structural imbalance in housing supply, particularly at the workforce level. Class B multifamily—properties built between 1985 and 2005 serving households earning 60–120% of area median income—represents the backbone of rental housing for teachers, nurses, first responders, and service workers. New construction economics make it nearly impossible to deliver new units at rents affordable to this demographic, creating a durable demand floor for existing Class B inventory.
Our strategy targets well-located Class B communities where thoughtful capital investment—unit interior renovations, amenity upgrades, and operational improvements—can meaningfully improve resident experience while generating attractive risk-adjusted returns for our investors.
Units Acquired
Average Occupancy
Properties in Portfolio
Net IRR (Realized)
Target Markets
North Carolina
The Southeast’s second-largest financial center and one of the fastest-growing metros in the country. Strong job growth across banking, fintech, and healthcare anchors demand for workforce housing throughout Mecklenburg, Gaston, and Cabarrus counties.
North Carolina
The Research Triangle’s world-class universities and burgeoning life sciences corridor drive consistent population growth and white-collar employment. Limited Class B inventory relative to demand creates favorable supply-demand dynamics.
South Carolina
A resurgent manufacturing and logistics hub along the I-85 corridor. BMW, Michelin, and a growing roster of advanced manufacturers have transformed the Upstate into one of the Southeast’s most compelling workforce housing markets.
South Carolina
Aerospace, automotive (Volvo, Mercedes-Benz), and the Port of Charleston drive employment growth in a market where geography constrains new supply. Class B communities in North Charleston and Summerville benefit from strong in-migration and limited competition.
Investment Criteria
Case Studies
Charlotte, NC • Acquired 2018
A 224-unit garden-style community acquired off-market from an out-of-state owner who had deferred capital improvements for over a decade. Piedmont Heritage invested $2.8M in unit renovations, clubhouse modernization, and curb appeal enhancements, achieving 97% occupancy and a 32% increase in effective rents within 30 months.
Greenville, SC • Acquired 2020
A 168-unit community located minutes from BMW’s Spartanburg plant and the GSP International Airport corridor. Acquired during COVID-related market uncertainty at a 15% discount to replacement cost. Selective unit upgrades and improved property management drove NOI growth of 41% over 24 months while maintaining rents well below Class A alternatives.
Invest With Us
We selectively welcome aligned capital partners into our multifamily acquisitions. Minimum investment and accreditation requirements apply.
Inquire About Co-Investment