Target Markets
Eight states. One disciplined multifamily thesis.
KADAK Multifamily concentrates capital across a focused U.S. state footprint where demographics, employment, and supply dynamics support long-hold, 100+ unit Class A- and B+ ownership.
The KADAK Multifamily Buy Box
What we're actively acquiring.
KADAK Multifamily is actively reviewing institutional-quality Class A-, B+, and strong B multifamily acquisition opportunities across select high-growth and yield-oriented U.S. markets. We focus on 100+ unit communities, preferably 1990+ vintage, with durable renter demand, below-replacement-cost basis, realistic debt, manageable capex, and clear exit liquidity. We are especially interested in brokered deals, direct seller conversations, recapitalizations, assumable debt, portfolio situations, and special situations where good assets are trapped inside bad capital stacks.
Who We Want To Hear From
Five conversations we are actively having, in every market.
Sell-side advisors with 100+ unit multifamily listings, off-market whispers, or portfolio situations across our target markets.
Owners considering a private conversation about a sale, a partial exit, or bringing in institutional capital on an existing asset.
General partners with an otherwise strong asset trapped inside a capital stack that no longer fits — rate caps, refis, or LP timing.
Assets with attractive in-place agency, life-co, or CMBS debt where an assumption creates a defensible basis for an institutional buyer.
Portfolio unwinds, note purchases, distressed sponsor situations, and any credible path to a good asset behind a bad capital stack.
States
The KADAK Multifamily eight-state footprint.
Texas
Texas is the largest and most diversified multifamily opportunity set in the country — DFW, Austin, San Antonio, and Houston together anchor KADAK's Sunbelt allocation.
Florida
Florida combines durable in-migration, no state income tax, and one of the most active institutional multifamily buyer pools in the Southeast.
North Carolina
The Charlotte and Raleigh-Durham corridor is one of the most institutional Sunbelt multifamily markets — a durable core allocation for KADAK.
Georgia
Atlanta's diversified employment and durable in-migration make Georgia a core Southeast multifamily allocation for KADAK.
Tennessee
Nashville's diversified employment engine and Chattanooga's supply-chain and manufacturing growth make Tennessee an active KADAK acquisition market.
Arizona
Phoenix's semiconductor, healthcare, and logistics build-out anchors one of the deepest Sunbelt multifamily markets for KADAK.
Indiana
Indianapolis' logistics, life-sciences, and manufacturing base gives Indiana one of the most attractive yield-to-basis profiles in KADAK's footprint.
Alabama
Huntsville's defense and aerospace base and Birmingham's healthcare economy give Alabama a differentiated, yield-oriented multifamily thesis.
Metros
Priority MSAs across the footprint.
Dallas–Fort Worth
The largest job-creation engine in the Sunbelt, anchored by Fortune 500 relocations and durable population growth.
Austin
A talent magnet for technology, semiconductors, and venture capital with long-term household formation tailwinds.
San Antonio
A stable, low-volatility multifamily market with defense, healthcare, and cybersecurity anchors.
Houston
Energy capital with the largest medical complex in the world and one of the most affordable major U.S. metros.
Phoenix
Semiconductor, healthcare, and logistics-driven growth supported by continued domestic migration.
Atlanta
The economic capital of the Southeast with deep institutional liquidity and Fortune 500 concentration.
Charlotte / Raleigh
Two of the fastest-growing financial and research-driven metros in the Southeast.
Tampa / Orlando
Two of Florida's most dynamic multifamily markets, supported by tourism, healthcare, and household formation.
FAQ — Markets & Buy Box
How KADAK selects and underwrites markets.
What is KADAK Multifamily's buy box?
Class A and Class B garden, mid-rise, and select high-rise multifamily communities in high-growth U.S. markets, typically 200+ units, with deal sizes from $25M to $150M+. We pursue core-plus, value-add, recapitalization, and select special situations. Full written criteria live on our Buy Box page.
Which markets is KADAK most active in?
Dallas–Fort Worth, Austin, Houston, San Antonio, Phoenix, Nashville, Charlotte, Raleigh, Atlanta, Tampa, and Orlando are core. Mountain West and Carolinas submarkets are watch-list active. We add markets when employment, in-migration, and supply dynamics justify a permanent operating presence.
How does KADAK select a market?
Four filters: diversified employment with at least two structural drivers, durable net in-migration, credible household-formation tailwinds, and a supply picture we can underwrite at the submarket level. A market that fails any of the four — even temporarily — moves to the watch list.
Will KADAK look at tertiary or secondary markets?
Selectively. A tertiary market must have a credible primary-employer thesis, real housing-formation pressure, and submarket-level supply visibility. Story deals in thin markets without that foundation are a fast no.
What vintage and unit count does KADAK target?
Class A: typically 2015+ vintage, 200+ units, in supply-absorbing submarkets. Class B: 1995–2010 vintage, 200+ units, where a defined operating thesis can drive yield-on-cost expansion through hold. We do not chase 1970s-era deep value-add as a strategy.
Does KADAK acquire student or seniors housing?
No. Our mandate is conventional market-rate multifamily — workforce and lifestyle communities serving the broad rental population. Student, seniors, manufactured housing, and short-term rentals are outside the buy box.
How does KADAK underwrite insurance and property taxes?
Bottom-up. Insurance is built off live carrier quotes and projected forward at a rate consistent with submarket loss history — never a generic CPI bump. Taxes are modeled to assessor methodology with post-sale reassessment risk priced explicitly. Both are the difference between a real underwrite and a marketing model.
Will KADAK look at new construction or lease-up assets?
Yes — at the right basis. Class A lease-up at a meaningful discount to replacement cost is one of our highest-conviction trades in the current cycle. We will not chase stabilized pricing on partially leased rent rolls.
Next Steps
Choose the conversation that fits your situation.
Submit a Multifamily Deal
Send a complete package — OM, T-12, current rent roll, in-place debt. Feedback in 48–72 hours.
Send Us an Off-Market Opportunity
Confidential, principal-only review. Off-market and lightly-marketed situations welcomed.
Share a Brokered Offering
Working relationship for brokers with listings that fit the KADAK buy box.
Talk Privately About Selling Your Apartment Community
Direct seller conversation with a principal. Discreet, no fishing, no false optionality.
Discuss Property Management / Operating Partnership
Best-in-class regional operators — introduce your platform.
Request Investor Access
Institutional and qualified investor materials — one-pager on request.