The Fund has focused its investment strategy in the New York metropolitan area since its inception in 2011. Within the New York metropolitan area, the Fund focuses on investing within undervalued neighbourhoods experiencing growth and gentrification, specifically in Brooklyn, Manhattan and Queens, New York and Hudson County, New Jersey.

Location of our properties:

Portfolio composition1:

Area Number of properties Value (US$ million) % of portfolio (by value)
New York Premium 133 407.2 50%
New Jersey Premium 97 195.7 24%
New Jersey Workforce2 332 184.6 23%
Total freestanding 562 787.5 98%
Multi-family3 4 19.1 2%
TOTAL3 566 806.6 100%

The Responsible Entity believes the initial target investment area of the New York metropolitan area has a number of favourable characteristics which make it attractive for investment.

  • Strong economic fundamentals – investing in the largest and fastest growing city in the US, with a GDP roughly equivalent to Australia.
  • Highly favourable economic dynamics – constrained housing supply and high rental demand.
  • Attractive valuations and high quality housing stock – exceptional quality houses able to be purchased at or below replacement cost.
  • Urban, high density market – targeted geographic footprint provides the Fund with significant scale economies.
  • Urban growth revival – strong demographic, economic, and social trends driving urban growth revival.
  • Excellent mass transit systems – all investment properties are within a one hour mass transit commute time to mid-town Manhattan.

Sample our properties:

1. Portfolio composition as at 31 March 2020. Number of properties does not represent total number of units.

2. Includes three properties from the adjoining Essex County.

3. Includes URF’s exposure to all JV multi-family properties. Value represents URF’s proportionate share of the JV’s at book value as at 31 December 2019.