Investment Thesis

AION Partners creates value through investment into under-managed Multifamily Workforce housing in the East Coast of the U.S.

Multifamily housing is a deep and growing investment market

  • The most liquid property asset class in the U.S. accounting for over $150bn of investment volume in 2018
  • Risk adjusted returns have outperformed all other property asset classes over the long term

Workforce Multifamily housing dynamics are underpinned by the chronic undersupply of affordable market-rate apartments

  • Workforce Multifamily housing targets <$75,000 annual income working class demographic (c.60% of the U.S. population)
  • Availability and affordability continues to decrease and restrictive planning laws supress the development of new stock

AION creates value by investing and institutionalising under-managed Workforce Multifamily stock

  • Sourcing off-market opportunities at below replacement cost and refurbishing and re-positioning through intensive asset management
  • Stabilizing and exiting investments to an extremely wide and deep pool of institutional capital

Operating platform is best in class

  • AION have acquired and managed over 15,000 apartment units since inception
  • Fully integrated platform combining institutional property management and local expertise in individual markets

Exceptional management team led by Michael Betancourt

  • The team have transacted over $1.8bn in the US multifamily market generating above market returns to investors
  • Characterized by capital discipline, operating efficiency and extensive local relationships

Track record of creating sustainable value for investors and partners and consistently outperforming targeted returns

  • 30.6% Gross IRR and 2.11x Gross Equity Multiple realized across $600MM of workforce housing property since 2011
  • 7% cash-on-cash yield delivered in 2019 outpaces returns on new build stock which requires significantly higher rents to deliver the same