Investment strategies
Three complementary approaches to creating and preserving affordable housing in the Pacific Northwest.
Preservation
We acquire underperforming or under-managed affordable housing assets, creating value at purchase through operational improvements and targeted capital expenditure.
Rehabilitation & Adaptive Reuse
We transform obsolete or vacant buildings into quality affordable housing, delivering units faster than new construction while preserving embodied carbon.
Ground-Up Development
We develop transit-oriented infill housing in Opportunity Zones and tax-advantaged locations, creating durable assets with long-term affordability.
Our investment thesis
Below-market rents for residents. Above-market returns for investors.
Most affordable housing is financed with tax credit equity and government subsidies. Most real estate firms at our scale either develop or operate — not both. Great Expectations is different.
We combine mission-driven affordable housing strategies with institutional private capital, and we integrate development expertise with hands-on property operations. This approach is uncommon — and it's our competitive advantage.
The result: we control costs, accelerate execution, and manage risk across the entire asset lifecycle. That translates to stable cash flow, protected downside, and meaningful upside for investors — while creating housing that actually serves working families.
Workforce housing is structurally undersupplied in strong job markets.
Demand is durable across economic cycles.
Operational excellence matters more than financial engineering.
Mission-aligned execution creates long-term value.
Preservation
We acquire underperforming or under-managed affordable housing assets, creating value at purchase through operational improvements and targeted capital expenditure.
- Underperforming or under-managed assets
- Value created at purchase
- Light capex, operational upgrades
- Rapid stabilization timeline
Case Studies
Corylus
120 units
Post year 15 LIHTC properties providing critical family housing rescued from severe compliance and physical distress through comprehensive capital improvements and professional management.
Rose City Flats
91 units
Distressed property stabilized after owner default and management collapse, with cash-out refinancing securing 80% AMI affordability restrictions.
Rehabilitation & Adaptive Reuse
We transform obsolete or vacant buildings into quality affordable housing, delivering units faster than new construction while preserving embodied carbon.
- Obsolete or vacant buildings
- Faster delivery than new construction
- Sustainability and embodied carbon benefits
- Creative problem-solving
Case Studies
Crossroads Garden
108 units
Ambitious adaptive reuse of a distressed assisted living facility into 108 units of affordable housing, completed with no local subsidy using Washington State's innovative Recycled Private Activity Bond program.
Rialto Collection
79 units
Distressed 100% Section 8 property transformed from 70% occupancy to fully stabilized affordable housing for seniors, with commercial revitalization achieving 10 minority and woman-owned businesses.
Honeysuckle Apartments
In Progress38 units
Adaptive reuse with sustainability and embodied carbon benefits.
Ground-Up Development
We develop transit-oriented infill housing in Opportunity Zones and tax-advantaged locations, creating durable assets with long-term affordability.
- Opportunity Zones and tax-advantaged locations
- Transit-oriented infill
- Long-term affordability covenants
- Durable, high-quality assets
Case Studies
Cornus House
199 units
Ground-up Opportunity Zone development delivering 199 units of transit-oriented affordable housing, completed ahead of schedule with $2M in savings using innovative C-PACE financing.
Acer House
In Progress121 units
Ground-up Opportunity Zone investment in Seattle's historic Central District, representing one of the city's first truly anti-racist, equitable developments with afro-futurist design and 99-year affordability covenant.
Our dual mission
Below-market rents for residents. Above-market returns for investors.
The Pacific Northwest faces a housing crisis that government programs and nonprofit models alone cannot solve. Only private capital can deliver the speed and scale required to make a meaningful difference.
Our three strategies — Preservation, Adaptive Reuse, and Development — are united by a single conviction: that affordable housing can and should generate strong risk-adjusted returns for investors.
We are pioneering investment models that prove this is possible. Models that we and others can replicate and scale. Models that attract institutional capital to a problem that desperately needs it.
Faster execution
Aligned incentives across development, construction, and management
Lower lifecycle costs
Operational feedback improves underwriting and reduces surprises
Better resident experience
End-to-end ownership ensures accountability and quality
Higher risk-adjusted returns
Cost certainty and operational control protect downside
Our vertical integration — combining in-house property management, construction, and asset management — is how we deliver on both sides of this mission. It's how we control costs, manage risk, and ensure execution. And it's fundamental to how we protect and grow investor capital.
Learn more about our platform