Who we are
Delphi’s principals have almost 40 years of combined 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, lenders, and contractors, 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
Property Management
Project and Risk Management
Investor Relations: Quarterly distributions, reporting & communications, finance & tax support
Dispositions
1031 Exchange facilitation
Current operations
Assets under management
Since its inception in 2012, Delphi has owned and managed approximately 300 units totaling over $40 million in value on behalf of over 60 unique investors. In the midst of the coronavirus pandemic, Delphi was able to provide average distributions of over 6.0% on equity, and to date, realized returns have averaged a 34.7% IRR and a 2.7x equity multiple. Currently, Delphi owns and manages 225 units across six properties in Arizona, Nevada, and Colorado.
Scaling up
Delphi’s current focus is to expand its operations, focusing on single-family rentals and small to midsize multifamily properties in high growth markets, including Arizona, Nevada, and Colorado among others. Targeted acquisitions generally range from 40 to 120 units and $5 to 20 million. Rather than luxury residential, the platform is centered on Workforce Housing, a highly inefficient market with less sophistication and institutional involvement compared to Class A product.
“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
Leadership
Bryan Graves, Managing Partner
Bryan has over 18 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 is licensed as a broker in both Arizona and California.
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 daughter and two sons. He is an avid A’s, Raiders, and Warriors fan.
Eric Leimbach, Managing Partner
Eric has over 20 years of experience in real estate investment, finance, asset management, and property management. Over his tenure with Citibank and Wells Fargo Commercial Real Estate platforms, Eric structured and originated financing for over $4.0 billion in residential housing projects, including construction, acquisition/rehabilitation, and permanent period loans.
At both Wells and Citi, Eric specialized in the finance of affordable and workforce housing using a variety of capital structures, including credit enhanced and non-credit enhanced private placements. In addition to loan structuring and originations, Eric was responsible for portfolio purchases and sales, loan underwriting, asset management, property management, and process & compliance 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 with his wife, daughter, and son in Berkeley.