Our Approach

Institutional underwriting. Entrepreneurial execution.

How we buy, how we operate, and how we execute.

How We Underwrite

Underwritten from real time data.

Our assumptions come from rigorous market research, but more importantly, from the data we are gathering from the properties we own and manage.

Rents we’re actually achieving

We underwrite rents we’re achieving today in our own properties, and rent growth we’ve actually seen year over year in our submarkets. We back it up with supporting data, but the foundation is real time feedback from the marketplace.

Costs we’re actually paying

We are in the marketplace right now, sourcing materials and vendors to execute current capital projects. Our budget reflects what we know about construction cost based on our involvement in the marketplace today.

Exits we can defend

We underwrite exit cap rates based on the forward curve, growing property taxes in the residual period, and underwriting residual period NOI as if we were the next buyer.

How We Close Deals

Diligence done in person.

Walk every unit

Our due diligence starts on foot. We walk every single unit of the properties we’re buying, inspecting the useful life of current materials and mechanicals, verifying FFE, bed and bath counts, and square footage, making sure it aligns with our assumptions.

Verify every number

We utilize the T12 to identify expense outliers not typically considered in our expense assumptions. We also verify in place rents through detailed lease reviews, verify physical occupancy via property tours, and evaluate third party contracts to make sure all expenses align with our underwritten assumptions.

Third party inspectors

We utilize third party inspectors that specialize in major systems like roofs, plumbing, electric, and sewer to inspect useful life and identify repairs that will be needed immediately or throughout the hold period.

How We Execute Business Plans

Capital projects and lease-up.

The plan we underwrote is the plan we run, while still paying attention to real time feedback and making thoughtful adjustments as needed.

Capital projects

Our Gantt chart, completion deadlines, and finish standards are communicated in our handoff document to our renovation team, making sure the finished product is what is required in order to achieve pro forma rents and provide quality housing for our residents.

Lease up

We thoughtfully execute lease ups, prioritizing timeline adherence, achieving pro forma rents, and executing utility billback programs when available.

On time, on budget

We conduct regular variance reports to evaluate our business plan progress against underwriting. This allows us to identify lagging indicators so we can take action before they become a potential issue.

How We Property Manage

Hands-on, resident-first.

A building only performs when the people living in it are treated well and want to stay. Our residents are why we do what we do.

Boots on the ground

We are local to our properties, and we staff them with property management teams that understand the community, the property, and the tenant base.

Quality homes

Well maintained homes that residents are proud to live in. When you provide a quality home to your resident, your resident treats it as their own.

Managed by the numbers

We ensure all property performance numbers are recorded in the proper GLs, so we have the clearest, most transparent view of performance. This allows us to preemptively make adjustments and improvements as needed.

How We Communicate With Partners

Overly communicative.

Consistent reporting

We provide consistent financial reporting and property updates to our partners.

Direct access

Pick up the phone and call us at any time. You partner with the people doing the work. Text us anytime: 609.417.6652.

Newsletter updates

Regular newsletter updates covering market trends, company wide focus, and portfolio milestones.

Investment Philosophy

The Midwest offers something rare: a good life at a fair price.

Quality of life means good jobs, room for your family, and a monthly payment that leaves money for living. Beautiful rental housing delivers all three.

A family laughing together on the stoop of their brick townhome at dusk

Quality of Life Wins

Midwest metros pair real job opportunities with a cost of living the coasts cannot touch. People build good lives here, and demand for housing follows.

Renting Is a Smart Choice

For many families, a beautiful rental at a significantly lower monthly payment beats the cost and burden of owning. We invest for exactly those residents.

Beautiful Rentals Stay Full

When a rental is genuinely well kept and well run, residents stay. Full, stable communities are what durable cash flow looks like.

Workforce housing fundamentals

We love workforce housing fundamentals: real jobs, steady demand, disciplined supply, and rents that fit real incomes. It is the most durable corner of American housing.

Renting by choice

We believe in renting by choice. For many families, a beautiful rental at a lower monthly payment beats the cost and burden of owning. We invest for exactly those residents.

Beautiful rentals stay full

When a rental is genuinely well kept and well run, residents stay. Full, stable communities are what durable cash flow looks like.

Read our thinking
Strategy

Institutional underwriting. Entrepreneurial execution.

01

The Midwest

We invest where we live and operate. Steady demand, durable cash flow, and neighborhoods we know street by street.

02

Below replacement cost

We buy below replacement cost, locking in a strategically advantaged basis on all of our properties.

03

Proprietary deal flow

After years in these markets, deals find us first. Long relationships with owners and brokers give us looks the open market never sees.

04

Conservative underwriting

We underwrite conservatively, with rents already being achieved in the market, as if the property were fully stabilized today, not at some point in the future. We underwrite property tax increases going in and going out, and insurance premiums based on the premiums we are receiving in the marketplace today.

05

Respect for residents

We love and respect the people who call our communities home. Our residents are why we do what we do, and giving them beautiful homes is what makes all of it possible.

How It Works

Turning idle cash flow into consistent returns.

We put idle capital to work through a disciplined, professional process, and turn it into consistent returns.

Track Record

A decade of closed loops.

Headquartered in Columbus, OH MSA, LOCKER is a real estate investment firm focused on multifamily real estate investments in Ohio and the Midwest. Our partners have owned over $150M of multifamily and industrial assets, with our leadership team having led asset management of over $300M AUM, including 2,500 residential units, resulting in over ten full cycle realizations.

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Let’s Talk

We love answering questions.

Let’s chat

Let’s Talk

We love answering questions.

Let’s chat