Quality AFFORDABLE housing for working families in America
A New Paradigm
for Multifamily Housing
Investment
Our MISSION:
To acquire, renovate, and manage Affordable Small-Format Multifamily residential rental properties in secondary metropolitan areas in the U.S. - institutionalizing a generally disregarded, under-managed, and undervalued real estate sector in order to provide safe, comfortable, affordable housing for moderate-income families and compelling returns with limited risk to investors.
A social impact investment that does not sacrifice returns
Moderate-income ("MI") households earn 60%-80% of area median income and comprise 44 % of U.S. households. As the largest and least supported U.S. demographic segment, MI households have a minimal savings rate which prevents them from being able to accumulate the downpayment necessary to buy homes. they have become a permanent class of renters, almost 50% of whom are rent cost-burdened, paying over 30% of their gross annual income just for rent and utilities. MI families have also been subject to renting from many under-capitalized and unprofessional landlords, suffering poor residential maintenance and services. Allagash's objective of providing a safe, comfortable, affordable rental home managed in a respectful, reliable, and responsive manner aims to significantly improve quality-of-life for MI families.
Small-format multifamily ("SFM") rentals, on properties with 2-50 units, are the primary place of residence for MI households. SFM is not a new market but rather a long-standing yet institutionally disregarded real estate subsector totaling over 14 million units nationally. Primarily owned by local and regional high net worth investors, SFM has been under-managed and undervalued for years. As a result, the opportunity exists to accumulate SFM properties, institutionalize management, improve quality-of-life for MI households, and provide investors with compelling returns without excessive risk.
A repeatable investment process specifically designed for SFM
Rigorous, opportunistic sourcing
Allagash performs multiple visits to and conducts significant research on each market before beginning to source properties from their wide network of local property owners, property managers, contractors, lenders, government agencies, and nonprofits.
Thoughtful Renovations
At purchase and then regularly thereafter, each property is professionally assessed by our experienced and expert construction management team in order to make sure that Allagash can provide families with safe and comfortable homes.
Respectful, Responsive, and Reliable Management
Allagash installs and conscientiously oversees third-party regional and national property management companies to provide the high-quality service that should be expected by all tenants, irrespective of their level of rent.
Benefiting from the virtuous cycle
Recognizing the wealth of opportunities generated by the seemingly intractable and currently expanding shortage in rental housing, Founding CEO/Co-CIO Tony Barkan founded Allagash PERE Investment Management with the dual objectives of producing compelling returns without excessive risk for investors and safe, comfortable, affordable housing for moderate-income families.
Mr. Barkan also recognized that a virtuous cycle could be initiated between the firm's two objectives. As return-seeking capital invests in Affordable SFM property and empowers the institutionalization of SFM property management, quality-of-life improves for moderate-income families. When these families become motivated to transform our units into their long-term homes, property values increase leading to higher investment returns. Those returns lead to further investment into Affordable SFM properties, and the cycle begins again.
As a member of the first generation of investment managers targetting these objectives, Allagash seeks to achieve significant scale and create a new paradigm for socially impactful real estate investing.
Targeted Market Focus
Institutional-Grade Management
Social Impact with Strong Returns
the team
Our team of highly experienced partners lead Allagash in its mission.
Tony barkan
CEO/Co-CIO
38 years experience
From 2010-2015, as a Founder and Head of Real Estate at Seer Capital, designed and ran the purchase, renovation, and management of over 1,000 1-4-unit affordable rental homes across the southeast U.S.
As Founder/CIO at Sailfish Investment, became an early identifier of the “Big Short” and migrated position to 100% short by EOY 2006.
From 2007-2015, built and managed numerous alternative investment platforms with almost $20 billion peak portfolio size, $2 billion peak investor equity, and average returns of 25%.
From 1988-2007, served as a trader at ManGroup, Goldman Sachs, and Salomon Brothers
simon russell
COO/CO-CIO
27 years experience
From 2019-2025, developed the Fund’s investment strategy with Tony Barkan, a friend and colleague for over 20 years, and then invested personally until contributing the portfolio to the Fund at Initial Closing.
Developed strong operational, community, and tenant relationships proving the virtuous cycle paradigm can work for all stakeholders.
1997-2019, served as equity and equity derivatives trader, manager, and business builder for numerous banks and investment banks including Deutsche Bank, Rabobank, and Pali Capital.
david puchi
CBDO
35 years experience
Co-founded and co-managed Baceline Investments LLC, which holds a portfolio of over $800 million in necessity based shopping centers across the US.
Created and co-managed multiple private equity real estate partnerships and investment funds and has participated as a principal in over $1 billion of real estate transactions
Responsible for procuring approximately $500 million in capital for such investment vehicles
Contact Allagash
Please contact us regarding any SFM properties that may be for sale
or for further information on investing into Allagash's Affordable SFM strategy.
David Puchi
Chief Business Development Officer
877-240-9607
dpuchi@allagashpere.com
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