Since 2001, Key Property Services has purchased over 6,700 properties across 10 states and 16 cities for its own funds or its clients, achieving cumulative arithmetic and weighted IRRs of 71.3% and 84.7% (respectively) over 9 funds since 2003.
KPS management has collectively acquired more than 9000 single-family residential properties across the U.S.
KPS is the nation’s 7th largest active single-family home aggregator and has been hired to acquire properties or provide related services for 7 of the top 10 aggregators.
We buy with an exit in mind, managing acquisitions to targeted net yields, and particular sales prices, cap rates, and IRRs for each asset type.
A diversified sourcing strategy for distressed homes and non-performing loans gives KPS the continued ability to underwrite, bid on and buy a large number of homes at low prices.
|DISTRESSED HOMES: BULK PURCHASES
||DISTRESSED HOMES: SINGLE ASSETS
|Trustee or Private Auctions
|Pools from a Single Seller
|Government-Sponsored Entities (GSEs)
||KPS’s Broker Network
||Government-Sponsored Entities (GSEs)
The Underwriting Process
We evaluate markets and individual assets for investment suitability based on a number of criteria, including but not limited to Market Segment, Location Attributes, Property Type, Acquisition Price, Acquisition Value and Target Net Operating Yield.
After performing an initial screen of properties in a desired market through our ADAPT software, KPS performs a physical inspection to verify rehabilitation and rental expectations prior to bidding and acquisition.
KPS utilizes a robust, highly quantitative and data-centered due diligence process, with multiple reputable sources of market data for cross-checking and verification purposes.
An efficient infrastructure and experienced team – with an office and local vendors established in each geographic market – enable us to underwrite 80-120 properties per day per analyst on average.
Key Property Services underwrites more than 20,000 homes per month.
Physical inspections and title searches are performed on all auction properties (when possible) in advance of bidding, along with an analysis of attributes and pricing or rent amounts for the 20 most comparable properties.
KPS operates a live auction “war room”at its headquarters to communicate in real-time with its on-site teams and to adjust its bid prices as needed throughout the day.