Quality AFFORDABLE housing for working families in America

A New Paradigm

for  Multifamily Housing

Investment

Our MISSION:

To acquire, renovate, and manage Affordable Small-Format Multifamily ("SFM") residential rental properties in secondary metropolitan areas in the eastern U.S. - institutionalizing a generally disregarded, under-managed, and undervalued real estate sector in order to:


* Produce compelling returns with limited risk for investors.


* Provide safe, comfortable, affordable housing managed in a

   respectful, reliable, and responsive manner for moderate-

   income families.

A two-story red brick apartment building with black window frames, a black door, and green shrubs lining the walkway.
A family preparing a meal together in a bright kitchen, with pasta, salad, and fresh ingredients on the granite island.
A real estate agent with a clipboard speaks to three people in front of a brick apartment building.
A two-story house with white and dark red siding, a front porch, and a hedge in the front yard.

A Mission-DRIVEN Investment that does not sacrifice returns

Moderate-income ("MI") households earn 60%-120% of area median income and comprise 44% of U.S. households. As the single largest and least supported U.S. demographic segment, MI households are also highly rent cost-burdened with over have paying above 30% of their gross annual income just for rent and utilities. As a result, MI households have a minimal savings rate which prevents them from being able to accumulate the downpayment necessary to buy homes. They have become "Forever Renters."


Small-format multifamily ("SFM"), rental properties with 3-50 units, is not a new market but rather a long-standing yet institutionally disregarded real estate subsector totaling over 14 million units nationally with a cumulative market value of approximately $2.5 trillion. SFM properties are the primary source of rental housing for MI households, whose under-appreciated stability and loyalty make the sector exceptionally resilient. Multifamily has generally been shown to hold value better and rebounded faster than other real estate sectors in periods of economic and market stress. During the Global Financial Crisis, the single most challenging stress test in generations, multifamily serving moderate-income households were shown to have even outperformed both the luxury and low-income multifamily segments.


Despite the performance of IM tenants, SFM continues to be a real estate sector primarily owned by smaller scale and often undercapitalized local individual owners who tend to prioritize free cashflow generation over providing institutional- quality property management and comprehensive maintenance. Consequently, substandard housing diminishes quality-of-life for many already financially-stressed MI households. Additionally, both the economic value and availability within the housing stock is being compromised by SFM's poor maintenance and management. As a result, the SFM properties have unfortunately and mistakenly garnered the reputation of being a difficult to manage, especially for institutional investors.


Not surprisingly, this institutionally disregarded and chronically under-managed with an erroneously under-appreciated tenant base is also severely undervalued and has been for many years. As a result, a significant opportunity exists to accumulate SFM properties and institutionalize management thereby improving quality-of-life and stabilizing affordable housing stock for MI households - all while providing investors with compelling returns without excessive risk.

Benefiting from the virtuous cycle

Recognizing the wealth of opportunities generated by the seemingly intractable and currently expanding shortage in rental housing affordable to moderate-income households, Founding CEO/Co-CIO Tony Barkan founded Allagash PERE Investment Management with the dual objectives of producing compelling returns without excessive risk for investors and providing safe, comfortable, affordable housing for MI families.


Mr. Barkan also recognized that Allagash's two objective should create a virtuous cycle. As return-seeking capital invests in affordable SFM property initiating the institutionalization of SFM property management, quality-of-life improves for moderate-income families. When these families become motivated to transform our units into their long-term homes, property values increase leading to higher investment returns. Those returns lead to further investment, and the cycle begins again.


As an emerging manager targetting these objectives, Allagash seeks to achieve significant scale and create a new paradigm for mission-driven real estate investing.

the team

Allagash is led by five partners with almost 150 years of combined experience. The firm’s three Founding Co-Managing Principals, who have full responsibility for managing Allagash and its real estate investments, consult with the other two partners, the Heads of Construction Management and of Property Management, in directing the renovation and operation of the properties owned by the Fund and any separately managed accounts.


The Founding Co-Managing Principals

A person with a shaved head wearing a light blue dress shirt and a dark blazer against a plain dark background.

Tony barkan

CEO/Co-CIO

38 years experience

After becoming a Founding Principal and Head of Real Estate at Seer Capital Management in 2008, designed and ran two programs from 2010-2015  leading directly to Allagash’s SFM strategy: the first purchased, renovated, and managed over 1,000   1-4-unit affordable rental homes across the southeast U.S. and the second became the second largest global investor into Commercial Mortgage-Backed Securities B-Pieces, effectively sponsoring over $20 billion in commercial property mortgages allowing Mr. Barkan to review and analyze hundreds of SFM properties. 

As Founder/CIO at Sailfish Investment Management ("S4") from 2005-2007, became an early identifier of the “Big Short” trade and migrated position to 100% short by EOY 2006.


From 1997-2015, built and managed numerous traditional and alternative investment platforms with almost $20 billion peak portfolio size and $2 billion peak investor equity.


From 1988-1997, served as a trader and trading desk manager of currencies, commodities, and mortgage-backed securities at Man Group, Goldman Sachs, and Salomon Brothers.

A professional headshot of a person wearing glasses and a dark blue blazer over a white dress shirt, smiling at camera.

simon russell

COO/CO-CIO

27 years experience

From 2019-2025, developed the Fund’s investment strategy with Tony Barkan, a friend and colleague for over 20 years, and then invested personally until contributing the portfolio to the Fund at Initial Closing.


Developed strong operational, community, and tenant relationships illustrating that the virtuous cycle paradigm can work for all stakeholders.


Began investing into commercial and residential real estate almost 30 years ago.


From 1993-2019, served in both client-facing and proprietary roles as an equity and equity derivatives trader, manager, and business builder for numerous banks and investment banks including Deutsche Bank, Rabobank, and Pali Capital.

A professional headshot of a smiling person wearing glasses, a patterned button-up shirt, and a dark plaid blazer.

david puchi

CBDO

35 years experience

From 2003-2022, co-founded and co-managed Baceline Investments LLC, which purchases and manages necessity-based shopping centers across the U.S. Baceline recognized an undervalued and institutionally underinvested real estate sector performing a necessary function for  local communities and worked to institutionalize its portfolio, which is currently valued at $800 million.


Created and co-managed multiple private equity real estate partnerships and investment funds and has participated as a principal in over $1 billion of real estate transactions.


Primarily responsible for procuring over $500 million in capital for Baceline's investment vehicles.


From 1994-2003, founded a commercial real estate property management business as well as the predecessor investment entities to Baceline.


From 1987-1994, was a practicing commercial real estate attorney both at a law firm and within a regional bank.

A repeatable investment process specifically designed for SFM

Rigorous, opportunistic sourcing


Allagash conducts significant research on and performs multiple visits to each market, the submarkets in each market, and the specific property locations within each submarket before beginning to source properties from their wide network of local property owners, property managers, contractors, lenders,  government agencies, and nonprofits.

An aerial view of a tropical city featuring a stadium with red seats surrounded by residential buildings and lush trees.
A person uses a red spirit level to check the alignment of beige tiles on a wall during a home renovation.

Thoughtful Renovations


At purchase and then regularly thereafter, each property is professionally assessed by our experienced and expert construction management team in order to make sure that Allagash can provide families with safe and comfortable long-term homes. 



A family of three walks together on a sidewalk past a white picket fence.

Respectful, Responsive, and Reliable Management


Allagash installs and conscientiously oversees  third-party regional and national property management companies to provide the respectful, reliable, and responsive service that should be expected by all tenants, irrespective of their level of rent.


The first mover advantage

Pre-institutional asset classes can experience extremely significant appreciation if they are adopted for inclusion into institutional portfolios. "First Movers," investors who recognize these sectors and invest before this appreciation occurs, can be highly rewarded for their participation. Allagash believes that our SFM strategy offers a very significant "First Mover" opportunity for both high net worth and institutional investors.

Targeted Market Focus

A three-story apartment building with red brick and tan stucco siding, featuring small balconies and green landscaping.
We concentrate on small-format rental properties in secondary metro markets, unlocking value where institutional investors rarely operate.

Institutional-Grade Management

A professional holding a clipboard stands in a modern, sunlit living area, looking down while taking notes.
Our team applies rigorous underwriting, professional renovations, and responsive management to enhance property performance and tenant satisfaction.

Social Impact with Strong Returns

A family sits together in a bright, modern living room, working on laptops and talking on a beige sofa.
We maintain affordable rents for working families while delivering consistent, risk-adjusted returns through a disciplined investment approach.

Contact Allagash

Please contact us regarding any SFM properties that may be for sale

or for further information on investing into Allagash's Affordable SFM strategy.


David Puchi

Chief Business Development Officer

877-240-9607

dpuchi@allagashpere.com

Message Allagash

Contact Us