Who we are
Delphi’s principals have a combined 30 years of experience across real estate investment, finance, development, brokerage, & asset management. Over the course of our careers, we have managed or financed approximately $5 billion of residential real estate across 300 properties in 15 states.
What we do
Delphi has a deep understanding of how to extract maximum value from residential real estate. Our approach is characterized by:
A defined, tailored, and measurable strategy for each property
Exhaustive due diligence and detailed underwriting
A systematic approach to monitoring property performance, seeking opportunities to improve net operating income and value at every step
A constant fixation on minimizing downside risk, be it through preventative maintenance, documentation, insurance, or other means
Intense focus not just on historical data but forward-looking indicators
Maintaining strong relationships with local market participants, including brokers and lenders, in striving to be local market experts
Keeping up with industry trends & the latest developments in Proptech
Delphi provides the following expertise and services as sponsor:
Acquisitions: Macro and micro market analysis, project due diligence, cash flow modeling, contract negotiation
Capital Raising & Syndication
Debt Placement (new financing and refinancing)
Asset Management
Project and Risk Management
Investor Relations: Quarterly distributions, reporting & communications, finance & tax support
Dispositions
1031 Exchange facilitation
“Having known Delphi for many years, I can say that they work tirelessly to leave as little to chance as possible. ”
— Mike Goldblatt, logistics professional and accredited investor
Current operations
Assets under management
Delphi has owned and managed 75 units totaling approximately $10 million in value on behalf of 40 unique investors. Realized returns to date average a 25% IRR and a 2x equity multiple. Currently, Delphi owns and manages 70 units across three properties in the Southwest, providing average distributions of 6.0% on equity in the midst of the coronavirus pandemic.
Scaling up
Delphi’s current focus is to expand its operations, focusing on small to mid-size multifamily properties in Arizona and Nevada. Targeted acquisitions generally range from 50 to 120 units and $5 to 20 million. The platform is centered on Class B/C Workforce Housing, a highly inefficient market with less sophistication and institutional involvement compared to Class A product.
Our team
Bryan Graves, Managing Partner
Bryan has 15 years of wide-ranging experience in real estate, including investment, development, finance, brokerage, and asset management. Prior to founding Delphi, Bryan worked as an Asset Manager with Hamilton Zanze (HZ) where he managed over 5,000 units totaling over $1 billion in asset value. Prior to HZ, Bryan worked as Vice President with srmErnst Development Partners where he directed teams of consultants in the design, planning, and entitlement of four large-scale commercial projects in the East Bay.
Bryan started his career in construction lending at Wells Fargo, and thereafter, worked as a Bay area real estate sales professional focusing on multifamily properties under 50 units. He continues to hold a California Broker license.
Bryan received his B.A. in Philosophy, Political Science, and Economics from the University of Pennsylvania and his M.B.A. in Real Estate from UCLA Anderson. Outside of work, Bryan enjoys spending quality time with his wife and embarrassing his two sons. He is an avid A’s, Raiders, and Warriors fan.
Eric Leimbach, Managing Partner
Prior to founding Delphi, Eric worked as a Senior Vice President on Wells Fargo's Commercial Real Estate platform. At Wells, Eric was responsible for originating construction and permanent period mortgage loans and related structured financings with a specialty in multifamily affordable housing. He has financed new construction and acquisition/rehabilitation projects using a variety of capital structures, including credit enhanced and non-credit enhanced private placements.
Over the past 16 years, Eric has structured and originated financing for over $3.5 billion in multifamily housing. In addition to originating all loans, Eric's other responsibilities have included portfolio purchases and sales, loan underwriting, asset management, property management and process management.
Eric graduated from the University of Pennsylvania with a B.S. in Economics and minor in Chemistry. In his spare time, he enjoys cycling, hiking, and river rafting as well as cheering on the San Francisco Giants and 49ers. Eric lives wth his wife and young daughter in Berkeley.