Expertise and Insight

Since 2000, National's investment team has been constructing investment portfolios of diverse property assets

  • Strive to preserve capital over time.
  • Work to realize annual cash yields and appreciation.
  • Provide geographic and property diversification.
  • Offer an evergreen core portfolio of quality projects.
  • Seek risk-adjusted returns through development and redevelopment.
  • Hedge risk by investing throughout the real estate cycle.
  • Sell assets at peak values over time.

Our Funds


National manages separate accounts and multiple commingled investment vehicles, including a data center fund. National seeks to create value for investors by adhering to a rigorous investment process and development principles guided by profits, integrity, community, and collaboration.

INDURE Fund

  • Real Estate Investment Fund: Commingled, open-end structure designed for institutional investors  
  • Multifaceted Portfolio: Investments in diverse sectors, including multifamily, data centers, office, healthcare, and medical buildings 
  • Geographical Diversification: Investment opportunities spanning the United States 
  • Development and Redevelopment Focus: Emphasis on creating value through the development and enhancement of real estate 
  • State-of-the-Art Assets: Incorporation of contemporary technology, design, functionality, and sustainability 
  • Market Focus: Targets high-demand markets with long-term stability and a modern economy 
  • Job Creation: Creation of construction jobs as a positive outcome of development and redevelopment projects

National Data Center Fund ("NDCF")

  • Real Estate Investment Fund: Commingled, open-end structure designed for institutional investors 
  • Significant Growth Potential: Opportunity to take part in the largest growth story since the internet with an experienced operator and investor-friendly structure 
  • Sabey Data Centers (“SDC”): Privately held U.S. data center company, the exclusive partner for National’s data center development and operation 
  • Long-Standing Partnership: National and Sabey Corporation have been partners since 2010 
  • Modern Portfolio: The portfolio combines stabilized operating revenue with future development opportunities 
  • Strategic Locations: Predominantly located in markets with substantial barriers to entry and access to low-cost, carbon-free energy sources 
  • Vertical Integration: In-house control over various stages of data center development and operation 
  • Sustainability Commitment: Focus on low cost, sustainable power, and environmental responsibility through aggressive targets and standards 
  • Future Development Potential: Reserved land for future development holds the potential to significantly increase our megawatt footprint

Projects Currently Under Construction

Average Age of National’s Assets, Compared to 24.3 Years Old NCREIP

AUM. $4.2 Billion Net

Number of Current Investments Across the U.S.

Total Project Costs

As of 12/31/2023

Property-Level Gross Asset Value (GAV) is based on property-level unleveraged values for real estate investments. The reported GAV is based on the “as is” value (including properties in development) per the most recent property appraisal, and includes working capital and other adjustments such as lender and capital reserves and construction costs spent. However, the GAV for debt (senior and subordinate loans) investments is reported as the fair value of the loan, as opposed to the fair value of the underlying collateral (property). The GAV (Pro Rata) at Market is the ownership % interest of the Property-Level GAV.

  1. Fund’s Share Property-Level GAV: The Fund’s share of GAV is reported at the Fund’s economic interest in the investment, which takes into consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned).
  2. Fund-level GAV: Fund-Level GAV represents the Fund’s economic interest in real estate investments, cash, cash equivalents, and other Fund assets as defined by National. More information can be provided upon request.

Net Asset Value (NAV): Net assets under management are calculated using the Fund’s Share Property-Level NAV of investments, plus cash and other assets and liabilities. The calculation is explained further below:

  1. Property-Level NAV for Equity Investments: For equity investments, the Property-Level NAV equals the Property-Level GAV less marked-to-market debt.
  2. Property-Level NAV for Debt Investments: The NAV for mezzanine and debt (senior and subordinate loans) investments is reported as the fair value of the loan.
  3. Fund’s Market Value aka Fund’s Share Property-Level NAV: The Fund’s share of NAV is reported at the Fund’s economic interest in the investment, which takes into consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned).

Property-Level Loan-to-Value Ratio (LTV): For equity investments, the LTV reflects the aggregate of the property-level debt divided by the aggregate of the Property-Level GAV as previously defined.

Total includes employees of two distinct affiliates, National and National Development. National currently has 51 employees, and National Development has 15 employees.

National commenced operations on January 1, 2010. National was the result of a spin-out of an internal division of the NEBF. Substantially all personnel, including all senior investment management personnel, involved in real estate investments, transitioned from to National from NEBF Real Estate, where they had worked together from 2000 through 2010.


Figures are produced externally by Pinnacle Economics on an annual basis. Pinnacle Economics uses an input-output model contained in the IMPLAN economic impact modeling software to calculate the economic impact of National’s clients’ projects based on detailed expenditure data provided by National. These calculations cover 2000 to 2022, including the period from 2000 through 2010 when the majority of National’s key management staff worked together at National’s predecessor firm, NEBF Real Estate. Data provided is sourced from last full year of economic information available at time of submittal.

National commenced operations on January 1, 2010. National was the result of a spin-out of an internal division of the NEBF. Substantially all personnel, including all senior investment management, transitioned from NEBF Real Estate to National.

Total projects include all projects that National’s clients have participated in plus three additional projects that occurred on sites adjacent to National’s clients’ projects that were formally owned by National clients. National believes these additional projects would not have occurred but for National’s clients’ activity.