Investment Philosophy
Many owners provide an unsatisfactory product with inefficient
operations amidst a significant housing shortage
Repositioning these assets creates a better product for our
residents and provides attractive returns to investors
Tack utilizes institutional investment and operating experience
to underwrite accurately and manage rigorously
Tack focuses on <$25mm transactions, where there
are often more upside opportunities and fewer institutional buyers
Brand Inspiration
Tack's name and logo originate from the sailing term "tacking," which describes the strategic maneuver of changing direction to reach a desired destination
Managing Partner Bio
-
Tucker began his career in investment banking at J.P. Morgan in 2015, where he worked on multibillion dollar M&A transactions
-
In 2018, he joined Gryphon Investors, a $9bn private equity firm where he completed five platform investments totaling $625mm
-
From 2021 to 2023, he was a strategy lead at Faire, a $12bn venture backed startup, where he led several growth initiatives
-
In 2021, Tucker co-founded Sweetbay Capital, a real estate investment firm where he co-led six investments totaling $30mm, including one ~1.9x MOIC exit
-
Tucker founded Tack Capital in 2025 and continues to manage several of Sweetbay’s investments, which have consistently surpassed their underwritten Net Operating Income targets
Investment Offering and Strategy
Deal Criteria
• Type: Market Rate, Affordable, Student
• Size: 50-250 units / $5-25mm
• Geography: VA, NC, TN
• Hold Period: 3-10 Years
• Yield on Cost: 6-8%+
• IRR Target: 14%+ Net Leveraged IRRs
• Cash Yield: 6%+ Average Cash Yields
• Equity Multiple: 1.75x+ Net MOIC
• Opportunity: Clear drivers to grow NOI through operations or capital improvements
Market Factors
• Demand Balance: Absorption >= supply
• Supply Constraints: Markets where supply is constrained or difficult to build
• Demographics: Positive population growth or a regional population center
• Employment: Diverse and growing employment base in proximity to property
• Transportation: Access to public transportation or nearby thoroughfares
• Regulatory: Local laws are balanced towards renters and landlords
Investment Strategy
• Sourcing: Off-market opportunities
with a reason to win
• Comparable Sales: Purchase price at a discount to current comparable properties
• Yield Spread: Pro Forma Yield on Cost >50bps higher than market cap rates
• Leverage: Used prudently with higher leverage balanced by higher cash reserves
• Clear Opportunities: Below market rent, unrenovated units, missing amenities, or operating cost savings
• Capital Protection: Conservative underwriting and stress tests used to prevent capital loss