Property Types
Multifamily: Conventional Class “A“ and “B” garden style and mid-rise communities, that are high quality, built 2005 or newer, and possess generally low operating risk. We do not acquire non market-rate, student housing, age restricted/senior housing properties, or assets which require re-positioning or significant capital expenditure renovations. Minimum transaction size of $40 million.
Preferred metro locations include: Boston, Raleigh/Durham, Charlotte, Atlanta, Nashville, Minneapolis, Denver, Seattle, Portland, Phoenix, and all primary Florida and Texas metros.
Industrial: Institutional quality with 10+ remaining years of single tenant tenancy (strong, publicly traded credit only), a history of strong occupancy, and core building features and functionality. Strong preference for in-place tenancy in which there is minimal landlord capital and operating expense obligations. Minimum transaction size of $40 million.
Preferred locations include all primary and most secondary industrial markets nationwide.
Retail: With some limited exceptions for specialty big-box retail, we predominately acquire grocery assets with 15+ remaining years of strong, single tenant, anchor-only tenancy (i.e. no in-line stores). Only acquire grocery assets in which there is minimal landlord capital and operating expense obligations. Minimum transaction size of $30 million.
Primary, core retail locations only.
Ground Lease: We purchase ground lease positions under multifamily, office, industrial, and retail assets. Improvements net operating income to ground rent payment ratio 3.0x+ (minimum) with ground lease value not to exceed 40% of fee simple property value. Remaining ground lease term of 75+ years, with no fair market value rent resets or fixed tenant purchase options. Minimum transaction size of $50 million.
Primary, core locations only.
Transaction Structure
Stabilized assets only. 100% fee simple (no leasehold interests). No joint ventures, development, partial interest, or loan participations. We generally acquire on an all-cash basis but do secure property level financing post-closing. In some instances, the assumption of in-place debt at closing is acceptable.
Please use the following contact info if you are aware of any properties that meet these criteria.
Brian Shuell
Director of Acquisitions and Dispositions
617-672-8938
bshuell@eatonvance.com
Jay Gill
Transactions Officer
617-672-6146
JGill@eatonvance.com
Frank Kettler
Transactions Officer
617-672-6468
FKettler@eatonvance.com
Eaton Vance Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. It provides investment advice to its fund clients concerning real estate transactions. As a matter of policy, Eaton Vance Management does not disclose which fund or funds buys or owns a specific property. This is not an offer to sell shares of any Eaton Vance fund nor a solicitation of offers to buy or sell shares of any Eaton Vance fund.
