Real estate private equity
Acquiring and recapitalizing affordable and workforce housing in the Midwest and Appalachia
Mile Deep Impact Investors is a real estate private equity firm based in Pittsburgh. Our business is acquiring established affordable housing companies, recapitalizing tax credit partnerships, and buying and renovating workforce apartment communities. We invest alongside institutional capital partners.
Pittsburgh, Pennsylvania
- Company acquisitions
- 500 to 2,500 units
- Financing
- Housing tax credits and tax-exempt bonds
- Footprint
- PA, OH, MI, IN, KY, TN
Strategy
What we acquire
Four kinds of investment, all in the six states where we work.
- 01
Affordable housing companies
Regional owner-operators and developers with a development record their state housing agency recognizes. We are a buyer for founders planning a succession and for partners who want liquidity while the company and its people continue.
5 to 20 properties, 500 to 2,500 units
- 02
General partner interests and year-15 recapitalizations
General partner and limited partner interests in tax credit partnerships, especially properties at or near the end of their initial compliance period. We recapitalize them with new tax credits and tax-exempt bonds, which pays for renovation and renews the affordability commitment.
4 percent credits and tax-exempt bonds
- 03
General partner replacements and workouts
Affordable properties in financial or operating difficulty that need a new general partner. We work with the investor, the lender and the agency to stabilize the property and bring the partnership back into good standing.
Replacement general partner
- 04
Workforce apartment communities
Existing apartment communities for households earning roughly 60 to 120 percent of area median income: teachers, nurses, tradespeople and others who earn too much for subsidized housing and are priced out of new construction. We buy and renovate them where the price is well below what the same housing would cost to build today.
Basis below replacement cost
Strategy
How we invest
We invest alongside institutional capital partners and family offices, through joint ventures and co-investments structured for each investment.
Financing
Acquisitions and recapitalizations are financed with 4 percent housing tax credits and tax-exempt bonds. New development is financed with 9 percent credits, alongside established developers.
Underwriting
Every investment is underwritten to the same written standard. We buy at a basis below replacement cost, and we do not rely on rent growth or a rising market to make an investment work.
Preservation
Affordable housing we acquire stays affordable. A recapitalization funds the repairs a property needs and extends its affordability commitment. We plan renovations so that residents can stay in their homes, and we work with each state housing agency to keep every property in compliance.
Local partners and operations
We work with local partners who know each property’s neighborhood, municipality and construction market, and we manage every property to a written plan that is reviewed on a regular schedule.
For owners and general partners
If you own an affordable housing company or hold general partner interests, and you are weighing a sale, a recapitalization, a partner buyout or a succession plan, we would like to talk. You will speak directly with a principal, and the conversation is confidential.
South Side Flats, Pittsburgh
For tax credit investors and syndicators
Where a partnership needs a new general partner, or a property is approaching year 15 and needs a plan, we are glad to review it with you.
Footprint
Six states in the Midwest and Appalachia
We concentrate on Pennsylvania, Ohio and Michigan, and also invest in Indiana, Kentucky and Tennessee. These are markets we know, where existing housing can be bought for less than it costs to build. Our name describes how we work: we learn a small number of cities and neighborhoods thoroughly before we invest in them. The firm is headquartered in Pittsburgh.
- Core states
- Pennsylvania, Ohio, Michigan
- Also
- Indiana, Kentucky, Tennessee
Leadership
The principals
The firm is led by its two co-founders.
-
Anthony J. Bellino
Co-Founder and Partner
Tony co-leads firm strategy and leads underwriting, transaction structuring and legal. He co-founded the investment banking firm Capital Foundry. Earlier he practiced in the mergers and acquisitions and private equity group at Jones Day, and he began his career as a law clerk to Judge D. Michael Fisher of the U.S. Court of Appeals for the Third Circuit. J.D., cum laude, University of Notre Dame; B.A., Economics, Yale University.
-
Wesley P. Easly
Co-Founder and Partner
Wes co-leads firm strategy and leads seller origination, counterparty relationships and capital partner coverage. He brings nearly 30 years of experience across commercial real estate, principal property ownership and advisory work across the Greater Pittsburgh and Midwest commercial corridors. Prior to co-founding Mile Deep, he advised real estate operating companies and family offices nationally on capital formation, asset management and organizational scale.
Contact
Speak with the principals
We welcome conversations with owners, general partners, investors, capital partners and lenders. Inquiries are held in confidence.
- Headquarters
- 5933 Baum Blvd.
Pittsburgh, PA 15206 - Telephone
- 412.709.6966
- General inquiries
- info@miledeepimpact.com
- Capital partners and investors
- investors@miledeepimpact.com