Burton Carol Management, LLC is always looking to intelligently and thoughtfully add Multi-family apartment communities to its existing portfolio. We are always pleased to review broker submissions that meet the following acquisition criteria:

Product Type: Garden Style, Mid-rise and hi-rise multi-family apartment communities that present upside potential for adding value through intense management by increasing occupancy while lowering operating expenses and creating rent growth. The properties we target to acquire are what most investors categorize as "C" or "B" properties in "A" locations that can be purchased at well below replacement cost. We are patient owners and managers that invest for the long run.

Geographic Locations: We believe that successful apartment ownership requires the best management. Our philosophy has always been "hands on" as we like to have many sets of eyes on the property at all times. Thus, we are only interested in investing in properties that we manage ourselves where we have an established management presence in the marketplace. The markets we currently are located in are as follows:

-Northeast Ohio (Cleveland, Akron, Canton metropolitan area);
-Southeast Michigan (Detroit Metropolitan area);
-Southwest Florida (Tampa Bay, Clearwater, St. Petersburg).

We are very focused on finding the right locations that afford good visibility, excellent access, and high barriers to entry in vibrant growing residential communities.

We feel it is essential that all new acquisitions be within two hours by car or plane of any property that we own and manage.

Property Size: We have found that apartment communities with 200 to 350 units are ideal acquisition candidates for our company.

Construction type and suites: We place an emphasis on acquiring and owning buildings that are built with solid masonry construction to stand the test of time. We still own many of the properties that were built in this fashion in the 1960's and 1970's by our company's founder, William B. Risman. We prefer properties that have pitched roofs. A good mix of 1, 2, and 3 bedroom apartments with spacious floor plans, ample closet space and storage along with washer and dryer hook-ups are a real plus. Although we like to see amenities on the property like a club house, swimming pool and fitness center, we often will add these as part of our repositioning of the property after acquisition.

Return on Investment: This is always the most difficult criteria to describe. We do not buy based on a strict formula or on a set “going in” capitalization rate. We also do not buy with a projected hold period. We buy based on what we perceive as upside potential that can be unlocked by our repositioning the property through aggressive hands on management that includes reducing and carefully controlling expenses and strategically deploying capital in areas that will allow us to intelligently raise rents and renew leases. We do not over leverage and we look to place long term low interest debt on our properties that will enable them to cash flow long into the future.

Due Diligence and Decision Process: We pride ourselves on the due diligence that we do when considering a property to purchase. Since we are in the business of managing apartment communities, we know how incredibly disruptive and harmful the process of selling a property can be to the on-site staff and the property’s operations. We always handle due diligence with total confidentiality and we are able to complete our review process quickly and efficiently. We also do not make offers on properties we do not want to own. We do not waste a seller’s time or our own. We spend a lot of time, resources and energy up front so when we arrive at our purchase price, and our due diligence does not uncover anything that was totally unforeseen or not anticipated, we DO NOT RETRADE on our offering price. We pride ourselves on a track record of saying what we mean and doing what we say. We would be happy to provide any interested parties with reference letters from sellers, brokers and lenders that have worked with us on acquisitions. These references confirm that a deal with us is smooth every step of the way. We are very proud of our history and reputation in this regard.