We have acquired The Woodspire, a 64-unit multifamily community in Eau Claire, Wisconsin and closed August 5, 2026.
Most of our track record is ground-up. Twenty-six completed developments across roughly two million square feet, nearly all of them built from raw land on our own platform. The Woodspire is a different kind of deal, and it is one we expect to do more of.
The Acquisition Thesis
The Woodspire came to us as an operating asset with an amenity package built for a rent tier above the Eau Claire average: pool, sauna, fitness center, and pickleball courts. That matters for underwriting. Amenity depth of that kind is expensive to add after the fact and difficult to replicate at 64 units, which means the asset carries a competitive position that a new entrant in the submarket would struggle to build to.
We underwrote it on three things. First, a product position we could hold without significant capital reinvestment. Second, an Eau Claire submarket we have operated in since 1997 and understand at a level of granularity no acquisition model can supply. Third, physical adjacency to expansion land, which is the part of this deal that changes its shape entirely.
Why This Was a Fit for a Developer
Buying an operating asset is a different discipline than building one, and firms that do both well are less common than the category would suggest. Developers tend to underwrite acquisitions like construction projects and miss the operating detail. Acquirers tend to buy well and then have no capacity to add units.
Our platform is built for the second half of that. We manage what we own, so The Woodspire moves onto systems we already run rather than into a third-party contract with different incentives. And because we develop, an operating asset with adjacent land is not a stabilized hold, it is a phased development site with 64 units of income already in place.
That is the actual thesis. The Woodspire was not underwritten as a 64-unit acquisition. It was underwritten as the first phase of a 192-unit community that happens to be cash-flowing on day one.
The Expansion: 128 Additional Units
We will be adding 128 units to The Woodspire across two additional buildings, bringing the community to 192 units in 2027.
Phasing onto a known asset removes a large share of the risk that normally sits in a ground-up program. The market test has already been run. We know what the existing units rent for, how quickly they turn, what the resident profile looks like, and which unit types move fastest. The expansion gets underwritten against observed performance rather than comparables, and the amenity base that supports 64 units supports 192 without proportional reinvestment.
That is a materially different risk profile than a greenfield 128-unit project in the same submarket, and it is why adjacency was worth paying for.
The Bluffs: 36 Townhomes Overlooking Lowes Creek
Alongside the Woodspire expansion, we are developing The Bluffs, a separate 36-unit townhome-style community overlooking Lowes Creek. Construction is underway, with delivery targeted for spring 2027.
Townhomes are a product type we have built repeatedly in this region. Whisper Ridge in Menomonie is 71 units. Willow Creek in Chippewa Falls is 72. Settlers Ridge in Elk Mound is 36, the same count as The Bluffs. This is not a new format for us, and the operating economics are well understood across our portfolio.
With The Woodspire at 192 units and The Bluffs at 36, that is 228 units across two communities in one Eau Claire submarket, staged across several years rather than delivered at once.
What We Look For
We are actively acquiring in Wisconsin, Colorado, and Montana, and we are open to any market where it makes sense to acquire, develop, or build. The profile that fits our platform:
- Multifamily and senior living, roughly 50 units and up
- Assets with adjacent or contiguous land that supports phased expansion
- Submarkets with durable demand fundamentals rather than momentum pricing
- Situations where vertically integrated management improves the operating line
We close on our own balance sheet and manage what we buy, which means a shorter path from LOI to close than a syndicated buyer can offer.
Property management at The Woodspire transitioned to Rooney Property Management (RPM) at closing on August 5, 2026.
If you have multifamily product or a development site in a market that fits, we would like to see it. Contact our team to discuss acquisition and development opportunities.
