Our Investment Strategy

Disciplined Criteria. Strategic Markets. Repeatable Results.

We invest where housing demand meets pricing inefficiency—focusing on properties that qualify for adaptive reuse, in micro-markets primed for growth, and underwritten with institutional rigor.

how We Invest

Strategic Filters That Drive Performance

At SPG, our investment criteria are the product of decades of real-world execution—not theoretical models. We’ve spent over 30 years developing, converting, and repositioning residential assets across the country, and our approach reflects that hard-earned discipline.

Every acquisition is screened through a refined set of filters focused on market dynamics, zoning feasibility, asset efficiency, and long-term value creation. These are the criteria that have produced over 5,000 converted units, more than $1 billion in value, and some of the fastest lease-ups in the markets we serve.

Past performance

5,000+
Resi Units Converted

Low Entry Basis

30-50%
Below Replacement Cost

Backed by Results

$1B+
Conversion Value Created

Highly Selective

95%
Deals We Reject

Built-In Efficiency

10-20%
Construction Cost Savings
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What We Look For

Disciplined Criteria. Distinct Results.

We use a clear set of disciplined filters to evaluate every opportunity. These are the criteria that ensure our fund’s capital is deployed efficiently, our risk is mitigated up front, and our investments can be executed with speed and precision.

Criteria #1

Conversion Potential


Assets with a Clear Path to Residential

We target hotels and offices that can be efficiently reconfigured into modern housing, often acquired at a 30–50% discount to replacement cost. Properties must support layouts and infrastructure compatible with our design and entitlement objectives.
Our Investment thesis
Criteria #3

High-Demand, Supply-Constrained


Migration-Driven, Underserved Locations

We focus on coastal metro micromarkets—like San Mateo, Merritt Island, and Hancock Park—where high-income migration, limited development capacity, and changing use patterns create asymmetric demand for residential housing​.
the micromarket strategy
Criteria #4

Strong Entry Basis & Cost Control Levers


Value Before the First Nail

All SPG projects are underwritten to deliver a low cost basis, enhanced by in-house sourcing and procurement strategies that reduce total construction budgets by 10–20%. We avoid market-priced land, speculative zoning, and high entitlement risk​.
Benefits of Adaptive Reuse
Criteria #5

Multiple Exit Paths


Rental. Condo. Portfolio Sale.

Each acquisition is evaluated for its ability to support either long-term rental hold, individual unit sales, or institutional portfolio exits. This embedded flexibility provides downside protection and allows SPG to optimize timing across cycles​.
Experts in Condo Conversion
Criteria #2

Favorable Zoning & Permitting Conditions


Low Friction, High Speed-to-Market

We pursue properties with either by-right zoning or a short, clear entitlement path. SPG’s team has decades of experience with adaptive reuse ordinances, change-of-use applications, and public approvals across California and Florida.
About Our Team

where We Invest

Target Micromarkets with Hidden Value

Still Property Group targets “micromarkets” within major coastal metros—urban-adjacent neighborhoods where housing demand is rising, development capacity is limited, and commercial property pricing is dislocated. We invest where migration, affordability, and municipal policy converge to create an ideal adaptive reuse environment.

Merritt Island, FL (Space Coast)

Space Coast's Residential Expansion
Minutes from SpaceX and Blue Origin, Merritt Island captures Florida’s Space Coast growth while offering cost-effective conversions. SPG is converting an aging 158-key hotel into workforce-aligned Class-A rentals​.
Proximity to Aerospace Industry
Near major employers like SpaceX and NASA, driving housing demand
Lifestlye Appeal
Coastal living with access to beaches and recreational activities
The Jade Merritt Island

A hotel-to-residential conversion currently under contract with projected 2.4x MOIC

Investment Opportunity →

San Mateo, CA

Thriving Tech Hub, AI Boom, Exceptionally Limited Housing
With office vacancies up and commercial sales at a 12-year low, San Mateo offers a rare entry point for high-income residential conversions. Proximity to tech employment and limited zoning flexibility make demand stable and rising​.
Economic Growth
The home of tech, driving robust economic expansion, with the AI-boom leading the charge
Housing Demand
High demand due to proximity to Silicon Valley, coupled with extremely limited housing and high median income levels
Pioneer Vista Townhomes

A luxury townhome conversion catering to the area's professional population.

Investment Opportunity →

Winter Haven, Florida

Central Florida's Quiet Housing Boom
Polk County has been the fastest-growing county in America for four years straight. With affordability pushing renters from Tampa and Orlando into this corridor, demand continues to outpace supply​.
Population Growth
Rapidly growing area attracting both families and retirees
Affordable Living
Offers a cost-effective alternative to nearby urban centers
The Jade Apartments

A 238-unit hotel-to-multifamily conversion. Phase 1 leased 90%+ in under 9 months.

View Project →

Hancock Park, Los Angeles, CA

Historic Neighborhood with Modern Amenities
Hancock Park remains one of L.A.’s most desirable neighborhoods, but its vacant office inventory offers high-impact reuse potential. Thanks to L.A.'s revised Adaptive Reuse Ordinance (ARO), SPG is in contract to acquire The Hancock at ~40% of replacement cost with zoning pre-approved​.
Cultural Significance
Known for its historic architecture and affluent community
Adaptive Reuse Potential
Oppportunities to convert underutilized properties into high-demand residential units
The Hancock

A planned office-to-residential conversion enhancing the neighborhood's housing options.

Investment Opportunity →

Some Key Market Filters We Use for Selection


Criterion What It Means Why It Matters Example
Housing Supply Gap > 2:1 Demand Outpaces Supply by 2x+ Targets areas where housing is most constrained Polk County, FL: 6,000 new residents/year, <3,000 units delivered
Commercial Vacancy > 20% Stranded Office & Hotel Inventory Supports adaptive reuse over ground-up development San Mateo, CA: 23.4% Office Vacancy (Q1 2024, CBRE)
Population Growth > 2.5% Migration-Driven Market Expansion Ensures long-term rental demand stability Polk & Brevard among top U.S. counties for net in-migration
Rent Backed by Income > $2.25 PSF Affordability Matched to Market De-risks leasing strategy and underwrites conservatively SPG projects: $1.95–2.35 PSF in $80K+ median income markets