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 ConvertedLow Entry Basis
30-50%
Below Replacement CostBacked by Results
$1B+
Conversion Value CreatedHighly Selective
95%
Deals We RejectBuilt-In Efficiency
10-20%
Construction Cost Savings
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 demandLifestlye Appeal
Coastal living with access to beaches and recreational activitiesThe 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 chargeHousing Demand
High demand due to proximity to Silicon Valley, coupled with extremely limited housing and high median income levelsPioneer 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 retireesAffordable Living
Offers a cost-effective alternative to nearby urban centersThe 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 communityAdaptive Reuse Potential
Oppportunities to convert underutilized properties into high-demand residential unitsThe 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 |