Downside protection first.
Everything else follows.
We don't pursue deals that require things to go right. We structure for what happens when they don't. That discipline is the foundation of every acquisition, every partnership, and every capital structure we build.
"If a deal does not show a clear margin of safety, it does not move forward."
Three ways we engage on a deal
Afiwi Capital participates across the capital stack — as a direct buyer, a distressed debt acquirer, and a co-GP partner. Each engagement is anchored to the same underwriting standard.
Acquisitions
Source, underwrite, structure, and co-sponsor 12–60 unit value-add and stable-yield acquisitions in Florida suburban corridors and approved Georgia markets — Greater Atlanta metro, Newnan, and suburban Gwinnett and Clayton corridors.
Note & NPL Situations
Acquire non-performing loans and legal claims at steep discounts to underlying collateral value. Drive resolution through foreclosure, modification, deed-in-lieu, or REO exit. Basis and legal position first — always.
Co-GP & JV Execution
Bring underwriting discipline, capital coordination, and operator-level asset management to each transaction as co-sponsor or joint venture partner. Sponsor economics tied to performance — not upfront fees.
Class B-/C+ workforce housing in markets that matter
Afiwi Capital focuses on 12–60 unit multifamily in Florida secondary and suburban corridors and select Georgia markets. This is not a compromise — it is a deliberate choice based on where real pricing inefficiency lives.
Institutional buyers ignore this segment. Most retail investors lack the underwriting discipline to navigate it. That creates a durable window for operators who can read a deal correctly and move with confidence.
Afiwi's property management arm, Afiwi Property Management LLC, provides direct operational insight into what these buildings actually cost to run — before a counter-offer is ever submitted.
Buy Box Criteria
Four principles that never move
Every deal runs through the same filter — not because it's policy, but because these are the things that have cost people money when they skipped them.
Insurance-Aware From Day One
Florida insurance costs are not a line item — they are a deal-breaker or deal-maker. We apply actual market insurance costs before anything else moves.
Stressed DSCR Floor
We require a minimum 1.30x DSCR after insurance stress — not the broker's pro forma number. If it doesn't clear that bar, the price has to come down.
Vacancy & Tax Reality
We stress vacancy to 15% and account for post-sale tax reassessments embedded in seller projections. Most OM numbers don't survive these adjustments.
Operator-Level Cost Basis
Two decades in property operations and HVAC contracting in South Florida means deferred maintenance estimates come from experience — not a third-party formula.
The segment institutions skip and retail gets wrong
The 12–60 unit workforce housing segment in Florida and suburban Atlanta sits in a persistent gap. Too small for institutional capital. Too complex for most retail investors who rely on broker projections instead of doing their own recast.
That creates a durable pricing inefficiency — one that rewards operators who underwrite correctly, understand actual operating costs, and can move with speed when the right deal appears.
Essential housing for working families doesn't go away. The demand is structural. The supply gap is real. And the capital gap in this size range continues to create acquisition opportunities for disciplined sponsors.
Who we work best with
Afiwi Capital is best aligned with accredited investors and JV partners who share a common view on what matters in a deal.
Conservative Underwriters
Partners who prefer stress-tested projections over aggressive assumptions. If the deal only works in the best case, it doesn't work for us.
Real Asset Focus
Investors who want direct exposure to physical real estate with full operational visibility — not a black box fund structure.
Performance-Aligned Structures
Co-GP and JV partners who expect sponsor economics tied to actual deal performance. We don't charge upfront fees on deals we haven't earned.
Special Situation Capital
Partners who understand that speed and legal clarity in distressed situations create advantage not available in marketed deal flow.
Ready to explore a deal
or partnership?
Deal-specific financials, underwriting models, and data room access are available to qualified accredited investors and JV partners under confidentiality.
Connect with Kevin