-- For developers that build to hold, success is measured over the life of an asset rather than at a single sale. That long horizon shapes how capital is structured, deployed, and recycled, and it produces a disciplined, durable approach to value creation.
Value first, financing follows
The build-to-hold thesis rests on a clear sequence: create real underlying value, and let the capital structure follow from it.
"When you buy the land at the right price, entitle it well, put all the pieces together, and build something people want to live in, you create a value that is greater than the sum of its parts," says Yuval Shram, Founder and CEO of TAY Investments. "Once that value is there, the financing works itself out." The point is that a strong asset comes first, and financing simply monetizes it, an ordering that serves a portfolio well in any rate environment.
Disciplined leverage
TAY's site selection reflects steady underwriting discipline. The firm concentrates on New Jersey and targets the 100-to-400-unit range, where it operates at the top of its class. LAZUL WEST, a 202-unit project with reasonable per-door pricing and an approval already largely in place, fit that profile well.
On leverage, Shram is deliberately conservative during the build. "During construction, I like to keep leverage low, between 60 and 70 percent," he says. "That keeps a comfortable margin and gives us flexibility as the value comes together." After roughly a year of stabilization, once the thesis is proven, the firm recapitalizes to optimize returns for its partners.
Lease-up velocity as a planned outcome
Shram treats lease-up pace as something to engineer rather than hope for. "I usually plan a project with about a year of leasing," he says. "On 200 units, I want to see roughly 20 a month, which gets you there in about 10 months with room to spare." He also spreads lease-ups across the calendar so that future renewals and turnover stay smooth and predictable, a rhythm that supports steady occupancy over time.
Wellness as an NOI argument
TAY's wellness program is often described as an amenity package. Shram frames it as a retention and durability advantage.
"A good gym, healthy food on the ground floor, and outdoor space to clear your mind create a package that is good for the resident," he says. "A healthy resident is a happy, long-term resident." In a hold model, where the developer benefits directly from strong retention, that translates into steadier occupancy and net operating income over the life of the asset.
Building to keep
For TAY, holding is the intent. "We build every building as its own business," Shram says. "We build to keep, and we manage for the long term." The firm partners with what he calls semi-institutional capital, large enough to matter and closely aligned, and grows in a steady, sustainable way rather than chasing a unit-count target.
The through-line for investors is patience built into the structure itself: conservative construction leverage, value created before it is financed, and assets built to perform across cycles.
About TAY Investments: TAY Investments is a vertically integrated real estate development company headquartered in Hackensack, New Jersey, specializing in multifamily properties across the state. With in-house capabilities spanning development, general contracting, property management, and asset management, the company maintains a long-term holding strategy focused on creating exceptional residential communities in strategic locations throughout New Jersey. TAY Investments was founded by Yuval Shram, who serves as CEO.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any investment decisions.
Contact Info:
Name: Yuval Shram
Email: Send Email
Organization: TAY Investments
Website: https://www.tayinvestments.com
Release ID: 89201249
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