

Strategy
BUILD-TO-CORE STRATEGY
- Secure prime development or redevelopment sites
- Develop projects with modern amenities and technologies designed to outperform comparable existing product, creating significant value
- Stabilize assets into well-leased, high-income producing core investments
- Hold to realize ongoing core returns; sell at opportunistic time
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National’s investment approach employs a consistent build-to-core model suited to navigate the inevitable ups and downs of the property cycle:
- Focus on leading U.S. urban markets with barriers to entry, diversified economies, mass transportation networks, intellectual capital, and growth drivers—demographic and business
- Identify prime development opportunities, working with experienced developers or directly through our in-house development group
- Carefully undertake pre-development and budgeting, waiting for the right market opportunity to begin construction
- Employ equity and debt structures seeking to maximize investor returns and hedge risk; use debt prudently on a portfolio basis
- Make midcourse corrections to sustain projects, wait out market hiccups if necessary – well-conceived, high-quality projects in prime locations can ultimately realize potential
- Lease and manage to maintain high occupancies at market leading rents
- Look to sell assets at peak values over time