Multifamily Reposition

Westwinds Place

ACQUIRED, OPERATING

DJR Cos. acquired an underperforming multifamily asset with strong fundamentals in a San Diego coastal submarket.

For 2025-2026 acquisitions, sponsors seem to be deploying capital into newer multifamily (<10 years told), as opposed to new (market rate multifamily*) development or lower-quality value-add deals. As others shy away from them, DJR Cos. is targeting uniquely higher-quality value-add opportunities with additional development potential that are therefore well priced, in coastal high end or smaller yet growing communities.

We intend to reposition the property through targeted value-add refurbishments aimed at enhancing resident experience and driving rental income growth. DJR partnered with a multifamily operator (Bear Capital / Holdings) bringing decades of experience in apartment acquisition, rehabilitation, construction, investment, finance, and conversion.

A little different than the infill land developments DJR loves to target, this partnership — with Bear augmenting DJR’s development, mapping, and project management experience along with DJR’s acute marketing, sales, and financial management abilities — creates upside potential to unlock additional value over a typical “value-add”.

This photo is from around the time of acquisition, pre-refurb.

*There is plenty of subsidized or “affordable” multifamily development in the San Diego region. (Single family home development is a different story, thus our continued targeting of land for our SFH developments in often different markets from our MF strategy.)