In the world of multifamily, 80% of total units are in buildings with fewer than 50 units. This represents a big opportunity for buyers, because these buildings are mostly too large for most smaller operators to acquire, and too small for institutional buyers. Ray Heimann, Managing Director of Terra Capital, specializes in acquiring properties in this smaller range. These buildings are mostly older properties in gentrifying neighborhoods in midwestern cities with strong job and population growth. Terra Capital has in-house property management that leverages technology, which brings management costs down and the tenant experience up.