Our Approach
Invest with Conviction.
Create Enduring Value.
Compound.
Most real estate operators chase short-term gains driven by promotes, capital recycling, or liquidity constraints. As a result, they eschew long-duration investing, even though enduring value is rarely created in short bursts. Long-term investing is difficult, often more than investors anticipate, but that difficulty is precisely what makes it so lucrative.
At DWREP, long-term thinking isn’t just a belief – it’s embedded in our firm’s architecture. We’ve structured our platform to demand patience, discipline, and high-conviction stewardship.
What drives sustained, generational real estate performance? At DWREP, it boils down to two foundational principles:
- Endurance – We focus on what will not change in the future. We position assets to serve demand that will persist across cycles, secular regimes, and decades – not just market trends.
- Scarcity – We acquire and develop assets with unique, defensible competitive advantages – whether through location, utility, entitlements, or other irreplaceable physical attributes.
Unlike core funds that seek safety in low-yielding assets, or value-add investors constrained by an IRR clock, DWREP occupies a unique position: we execute value-oriented business plans to create high-quality, cash-flowing assets, and then we hold them with the mindset of long-term stewards, not short-term sellers.
While short-duration investments can be tactically effective, they are not a monolithic investment strategy, particularly for taxable investors. Our open-ended structure, conservative use of leverage, and exceptional operating capabilities enable us to generate enduring, tax-efficient value for our investors.
We don’t think in quarters or fund cycles, we think in 7 to 10-year blocks of time, at minimum. That temporal advantage allows us to look further into the future and envision outcomes others fail to discount – or simply can’t afford to wait for. This long-view orientation isn’t a constraint, it’s a competitive advantage.
We target both in-place income and complex value-creation opportunities, including:
- In-place income with embedded upside optionality via leasing, entitlement, expansion, or redevelopment
- Strategic locations in the path of growth or between existing density nodes, along critical infrastructure corridors
- Underutilized assets in high-quality, high-barrier submarkets
By marrying our low time preference with high-agency execution, DWREP pursues opportunities that often lie beyond the reach of institutional capital, and creates assets designed to endure.
Market & Asset Selection
Invest in supply constrained markets that have strong historical and projected fundamentals. Acquire assets that, by virtue of location, physical quality, or other distinct features, will offer differentiated competitive advantages over time.
Monitor Replacement Cost
The foundation of a sound long-term investment is laid at acquisition. We seek a margin of safety, not just relative to market pricing, but to the asset’s intrinsic value and replacement cost.
Leverage Judiciously
Utilize modest leverage to enhance investment returns without putting properties at risk during inevitable periods of weak economic activity or constrained capital markets.
Embrace Cyclicality
Longer time horizons invite more volatility and cyclicality. We embrace this reality and maintain control over exit timing so that we can elect to monetize assets only when their value has been maximized.