Always in the Market for the Right Multifamily Deal
Stellar acquires multifamily communities for its own portfolio: market-rate, tax credit, student, and senior housing, on-market and off. If you have a deal that fits, our team wants to see it.
Acquisitions is how new communities join the Stellar portfolio, the counterpart to Development, which builds them from the ground up. Finding the right opportunity runs on relationships we have spent decades earning: broker networks that go back a generation, off-market conversations that never reach a listing, and markets we know street by street. We follow the deals and go where the fundamentals hold up, which is how the portfolio spans 27 markets today. When something surfaces, we underwrite it ourselves rather than taking anyone else's word for it. We build the cash flow model in-house and test every assumption against what the property is actually leasing and collecting, not just what the seller's package projects. Then we put together a return picture we are willing to defend in front of our own investment committee, and whoever brought us the deal hears the answer quickly.
How We Evaluate
Two disciplines carry the work
PRISM™ is our research and investment-selection methodology, built to find assets whose value does not match their real potential, whether that gap comes from a shift in the broader market or something specific to one property.
Converg+™ is the ten-point analysis every opportunity runs through after that, weighing how an asset has performed, what conditions look like today, and where we expect the market to go before we commit anything.
From first look to keys, a deal moves through five steps, all of them in-house:
Sourcing
Broker relationships and off-market networks we have kept for decades. Most of what we buy reaches us before it ever reaches a listing.
Underwriting
The cash flow model, built in-house and run through Converg+™ before we commit to anything. Rent roll, expenses, and market data get tested against actual submarket evidence, not just the seller's projections.
Offer & Negotiation
A letter of intent with terms we mean to honor. We do not tie up a deal to renegotiate it later, which is one reason brokers keep bringing us the next one.
Due Diligence
The physical plant, walked by our own construction team. Leases, financials, and operations get verified line by line by the people who would actually run the community.
Closing & Financing
Debt structured to match the deal, agency or conventional. We work alongside legal to a close date both sides can rely on.
Get the Conversation Started
If you are working on a deal right now, it does not need to be polished before it reaches us. An address and a rent roll are enough to start the conversation.
What We Buy
Four product types, each bough for a reason
Market Rate
Conventional market-rate communities, the mainstay of the portfolio since 1989.
Tax Credit & Rent Restricted
Conventional market-rate communities, the mainstay of the portfolio since 1989.
Student Housing
Conventional market-rate communities, the mainstay of the portfolio since 1989.
Senior Housing
Conventional market-rate communities, the mainstay of the portfolio since 1989.
SIZE: Roughly 100 units and up, in transactions of $4M and above.
VINTAGE: From new construction to walk-up garden communities built in the 1970s through 1990s, with pitched roofs and individual HVAC, where the basis and the plan support the work.
MARKETS: Secondary markets and larger, in neighborhoods with real job and population growth, steady renter demand, and discipline in the supply pipeline.
STRATEGIES: Stabilized and core-plus assets where better management is the upside (ours is in-house), value-add deals where renovation and operations raise what the community earns, and opportunistic turnarounds, including distressed and lender-owned situations, where the basis and the plan make sense.
Bring Us a Deal
These criteria describe most of what we buy, not everything we would consider. If you have something close, we would rather take a look and give you an honest answer than have it never reach us.
For Brokers & Sellers
Bringing Stellar a deal comes with three commitments. A fast, straight answer, because our underwriting is in-house and the decision-makers are in the building, not on a committee calendar. Real diligence rather than a retrade strategy, because the same company that signs the contract will build on, renovate, or operate the asset. And a relationship that outlasts the deal, whether or not this one closes. If you are an owner weighing a sale, the conversation is confidential, and it tells you what your community is worth to a buyer who intends to keep it.
Team
The People Behind Every Stellar Development
Drew Gray
CHIEF INVESTMENT OFFICER
Pierce Stell
ACQUISITIONS ASSOCIATE
Chase Thompson
DEVELOPMENT ANALYST
Philip Martin
DIRECTOR OF RESEARCH
Bring Us a Deal.
We are in the market right now, for deals on-market and off. Whatever asset you are evaluating, we want to see it, and you will hear back from us either way.
Pierce D. Stell ACQUISITIONS ASSOCIATE
office location
Lubbock, TX