Image 14

Investment Strategy


Opportunistic ground-up development where our vertical integration drives exceptional value.

Opportunistically following the path of progress in expanding gateway cities and emerging markets across the Eastern and Southern United States.

Key Market and Submarket Identification

We consistently ask the following questions to reframe our thinking and ensure our focus on the highest value opportunities:

  • What national growth markets will prove to be the leaders of the American economy over the next decade?
  • What local submarkets are best positioned to be in the path of progress?
  • What local economic drivers are in place to favor strong demographics and housing demand? Over what timeline?
  • What local or macro disruption can we identify and capitalize on?
  • What shifting tax, regulatory and policy risk factors are impactful in the local submarkets, and are new opportunities being created in response?
Strong Demand and Favorable Demographics

Rising population and urbanization trends continue to drive strong demand for multifamily housing, and our outlook for the next decade is that these trends accelerate.

Millennials, Gen Z and Boomer’s, the largest demographic groups, are increasingly choosing a rent-by-choice lifestyle for convenience and flexibility, creating increased and sustainable demand.

Market Fundamentals & Long-term Growth

Supply-demand imbalances in many core markets create opportunities for multifamily development, especially in areas with limited housing inventory and high barriers to entry in the Northeast.

Long-term demographic shifts, including an aging population and increasing urbanization, suggest sustained growth potential for multifamily assets.

Superior Risk-Adjusted Returns

Historically, multifamily rental property investments have offered competitive risk-adjusted returns compared to other real estate asset classes.

The potential for capital appreciation, combined with consistent cash flow, provides a compelling investment opportunity.

Resilience During Economic Uncertainty

Multifamily has historically demonstrated resilience during economic downturns, offering more stability and better risk-adjusted returns than other asset classes.

The rental market historically tends to be less volatile, as housing ranks at the top of the hierarchy of needs, despite macro-economic uncertainty, and the ability to reset rent rolls to market annually provides a baseline of economic performance across varying seasons of stability.

The Numbers

Impactful assets, impressive returns.

Our experience syndicating private capital, coupled with our experience managing institutional capital and joint ventures provides the foundation for how we manage and deploy capital into our real estate investments, with a focus on transparency and clear communication with our LP's and capital partners.


Average Net Investor IRR 1

SF Developed

Targeted Project Level IRR

% +
Targeted Yield on Cost
Targeted Units by 2032

Capital Deployed 2


Avg Institutional LP Net IRR 2


OZ Capital Deployed 2

(1) Includes actual exited IRRs, projected IRR’s for under-contract assets based on purchase price and projected closing dates, and projected IRR’s for held-assets based on book value if the assets were to have been liquidated on 12/31/2023.
(2) As of 12/31/2023
Why Multifamily?

Multifamily leads the way

Our deep conviction in multifamily is supported by strong population and migration trends, including a growing preference for renting over homeownership across all demographics, and the potential for superior risk-adjusted returns for our investors.

Massive & Systemic Undersupply of Housing Across the United States

The United States is facing a significant shortage of housing, which is driving up demand for multifamily units. According to data from the National Association of Realtors, the country has been underbuilding housing for years, and is currently short 4,300,000 housing units, failing to keep pace with population growth and household formation. This undersupply is particularly acute in urban areas where land is scarce and development regulations are stringent, leading to a surge in demand for multifamily housing solutions as people seek affordable and convenient living options.

Housing Cost Inflation being Driven by Undersupply and Increased Demand

The undersupply of housing, combined with increased demand, has fueled inflation in housing costs across the United States. Data from the Federal Reserve Bank of St. Louis shows a steady rise in home prices over the past decade, outpacing income growth and making homeownership increasingly unattainable for many Americans. In such a market environment, multifamily housing presents an attractive alternative, offering more affordable rental options and flexibility for individuals and families facing escalating housing costs.

Loss of Affordable Units

The loss of affordable housing units due to factors such as gentrification, urban redevelopment, and natural disasters has exacerbated the need for multifamily housing options. Research by organizations like the Urban Institute highlights the growing gap between supply and demand for affordable housing, with millions of low-income households spending more than half of their income on rent. Multifamily developments, including subsidized and mixed-income projects, play a crucial role in addressing this affordability crisis by providing diverse housing options that cater to a range of income levels.

Immigration and Domestic Migration

Immigration and domestic migration patterns contribute to the increased demand for multifamily housing in the United States. Census Bureau data shows that both international migration and internal migration from rural to urban areas continue to drive population growth in cities across the country. As newcomers and migrants seek housing in urban centers, multifamily developments offer an attractive solution due to their affordability, proximity to employment opportunities, and amenities tailored to diverse lifestyles.

Market Specific Demand: Texas, Florida & California

States like Texas, Florida, and California experience particularly high demand for multifamily housing due to population growth, economic vitality, and demographic trends. These three states alone will account for 40% of the future demand, and will require 1,500,000 additional housing units by 2035. Data from real estate analytics firms such as CBRE and Zillow indicates robust demand for multifamily units in major metropolitan areas like Dallas, Miami, and Los Angeles, driven by factors such as job creation, lifestyle preferences, and urbanization. These markets benefit from diverse rental demand, including young professionals, retirees, and families, making multifamily developments a lucrative investment opportunity for developers and investors alike.

Why Multifamily?

Multifamily units needed by 2035.

Amidst demographic shifts and lingering pandemic-impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC). (1)

















(1) NMHC:
Our People

Industry leaders are at the helm.

The Procopio Companies leadership and investments team is uniquely suited to lead through the next phase of our growth and are each personally financially invested in every project that the firm invests in, and in the general partner position of our funds.

Michael procopio
Michael Procopio
Chief Executive Officer
Shad brook
Shad Brook
Chief Operating Officer
Greg procopio
Greg Procopio
EVP, Construction
Bryan vitale
Bryan Vitale
SVP, Investments
David roache
David Roache
VP, Development
Shelby procopio
Shelby Procopio
Director, People & Culture
Angelo antidormi
Angelo Antidormi
Director, Acquisitions
Aaron ravenelle
Aaron Ravenelle
Project Executive
Andrew cogliano
Andrew Cogliano
General Superintendent

Award-winning expertise.

Since 2020, our team and projects have received dozens of industry awards and national accolades for everything from design and technology to leadership and sustainability.

Individual Team Member Awards
NAHB One-to-Watch
Building Design + Construction 40 Under 40
ConnectCRE Emerging Leader Award
PRISM Rising Star
PRM Superintendent of the Year
PRISM Project Manager of the Year
MAA Associate of the Year Finalist
NEREJ One-to-Watch
Project Level Awards
ENR Best Project Award (Residential)
Largest LEED Platinum Certified Multifamily in NE
ENR Best Project (Mixed Use)
PRISM Best Use of Technology in Multifamily
PRISM Best Community Website
PRISM Best Clubhouse Design
NAHB Best in American Living
NAHB Best Green Community
PRISM Best Landscape Design
PRISM Best Smart Home
Hermes Best Marketing Campaign
Hatch Branding Award
WCC Visual Achievement Award
NAA Community of the Year Finalist
PRISM Best Attached Home
Our Partners

Relationships matter.

Our relationships are the bedrock of our business, and we are privileged to work with some of the world's best known private equity and institutional banking firms.

Our investments aren't made with a one-and-done approach, but with a clear focus on value alignment in order to form deep and ongoing relationships, suitable for long-term investing.