ABOUT US
Thomas Hickey, Managing Partner- Thomas has a background in property management beginning in 2011 with United Dominion Realty (“UDR”), the 3rd largest REIT in the U.S. The leasing and management responsibilities of 446 units North of Boston with United Dominion Realty provided valuable experience in executing all phases of a value-add strategy with multifamily properties. This experience combined with the desire & passion to ultimately invest in multifamily real estate led him to acquire, reposition and manage a successful multifamily portfolio of 221 units.
Currently, Mr. Hickey’s strategy is to continue to hold onto his current assets in the Boston Area in order to take advantage of their excellent multifamily market dynamics and the increasing free cash flow they will continue to generate going forward. In addition, Thomas is simultaneously exploring and investing (both with & without partners) into larger multifamily assets that offer outsized returns in attractive markets in the Southeast (Alabama in particular).
In the Boston area, Thomas has acquired, repositioned and renovated a total of 11 units comprised of 3 properties. His management experience from UDR has allowed him to offer professional management to this portfolio, which had previously been under “mom & pop” type management with limited experience. Upon acquiring each respective property, he utilized his established relationships with local contractors to renovate the building exteriors and renovate units quickly as they turned and on a tight, reasonable budget. Each property was targeted due to the tired nature of the existing units and value-add upside in driving rents post-renovation significantly higher than those in place at the time of each respective acquisition. While the current strategy is to raise rents 3-5% upon lease renewal, there is the potential to raise rents even further to the respective market rents, but Thomas prefers to be conservative and run the portfolio at 100% occupancy. Mr. Hickey is currently looking for future Boston acquisitions that meet his very conservative underwriting standards.
In the Alabama area, Thomas has partnered with Caleb Bryant of Relentless Investments LLC on 210 units in Alabama. Thomas Hickey and Caleb Bryant’s partnership is aggressively seeking new opportunities within the state of Alabama, targeting deals that are 40+ units with a total deal size greater than $1MM. The multifamily market demographics including population & job growth are currently very favorable in the desirable Alabama markets they are targeting. These attractive market dynamics combined with fact that per unit sales prices have not skyrocketed in similar attractive markets such as in Atlanta & Dallas, make investment returns in these Alabama markets very compelling.