Syndicator's customer segment

[Charlotte Dunford]

As a Multi-Family syndicator, who do you consider to be your customer base? Is it the investors who provide you equity? or the tenants? I can see them both being your customer as you are providing a product that is a good return on your investors' money. You are also delivering a good product for your tenants to live in. The tenants are the ones who pay you, so they are your customers too. My question is: Who do you consider to be your primary customer? Who do you focus on delivering value to?

[Sam Grooms]

@Charlotte Dunford, You're right that they're both our customers. We focus on delivering value to our tenants, so that they'll pay us more for that value. That in turn brings value to our investors. 

However, our primary customer has to be the investor. At the end of the day, we're a private equity firm.