Investment Strategy
Investment Strategy
Value created through entitlement, not leverage.
LimeStone's strategy is grounded in a repeatable land value-creation lifecycle: acquire ahead of growth, entitle with discipline, and deliver development-ready land to a verified demand base.
In the Field
Positions assembled ahead of infrastructure and rooftops.
The Lifecycle
Five stages of land value creation.
Raw Land Acquisition
Assemble positions in the path of growth at the lowest possible basis, before infrastructure and rooftops arrive.
Pre-Entitlement
Complete diligence, define zoning strategy, and align municipal and community stakeholders.
Active Entitlement
Execute rezoning, platting, and approvals — the core value-creation engine.
Finished Lots
Deliver approved, development-ready lots and commercial pads to builders and developers.
Underwriting Discipline
Every position must earn its place.
LimeStone underwrites to a conservative base case and only advances positions that clear a rigorous screen before capital is committed.
- 3.0x return on cost in the base case before an acquisition proceeds.
- 24–60 month entitlement horizon with carry cost fully budgeted.
- Verified builder and end-user demand for the finished product.
- Confirmed infrastructure access — roads, water, sewer, and power.
- Disciplined leverage at 40–55% LTV on raw land, 50–60% once entitled.
- Durable market fundamentals and an integrated ESG screen.
Geographic Focus
Where LimeStone invests.
LimeStone concentrates capital in eight fast-growing Sun Belt markets where population migration, employment growth, and constrained buildable-land supply converge. Our teams underwrite each parcel with a decade-forward view of infrastructure delivery and municipal entitlement risk.
Forest circle = Active market · Pulsing = Fastest growth · Shaded state = Priority region
| Market | State | Focus Sectors | Team Presence |
|---|---|---|---|
| Dallas–Fort Worth | TX | Master-Planned Residential, Commercial, Industrial | Headquarters |
| Austin | TX | Transit-Oriented, Residential, Mixed-Use | Coverage Team |
| San Antonio | TX | Residential, Industrial Logistics | Coverage Team |
| Phoenix | AZ | Master-Planned Residential, Industrial | Coverage Team |
| Tampa Bay | FL | Waterfront & Resort, Residential | Coverage Team |
| Charlotte | NC | Commercial, Transit-Oriented | Coverage Team |
| Atlanta | GA | Industrial Logistics, Commercial | Coverage Team |
| Nashville | TN | Mixed-Use, Residential | Coverage Team |
Portfolio Construction
Diversified across land type, geography, and stage.
Capital is deployed across eight complementary strategies across eight priority Sun Belt markets, balancing entitlement timelines and demand drivers.