I've recently gotten exposure to RE Military Housing deals. Coming from a traditional RE background (JV development then a REIT), I was surprised to learn all of the nuances and how the agreements are structured. My initial takeaway was that there are large Fees to be made running these projects...and that the AM platform for military is much more profitable than for traditional deals. Additionally, the whole Basic Housing Allowance aspect, and having the government essentially being the tenant who pays your rent, adds a level of credit strength typically not seen in your traditional RE deal.
Anyone have any meaningful experience working with these types of projects? Thoughts on the industry and the investment strategy??
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