we specialize in acquiring, rehabilitating, and operating multifamily assets
We invest only in FLORIDA with a focus on the tampa bay region
class b | multifamily | florida
Maintaining a narrow geographic focus - no asset is more than a 4-hour drive from our headquarters in Tampa - ensures superior execution as we renovate & reposition assets and unrivaled property management excellence over the life of the investment
THE THREE PHASES OF OUR STRATEGY
identify AND ACQUIRE deep value ASSETS
We define “deep value” as apartments where property-level mismanagement has kept rents far lower than market rents for elevated workforce housing. Such artificially low revenue is typically paired with inconsistent rents for similar units across a particular property.
A decades-long lack of cosmetic improvements, growing deferred maintenance schedules, and a poor leasing strategy define these properties. More often than not, such properties have an appearance that is far inferior to the surrounding housing stock, making them quintessential candidates for the Driftwood value-add program.
RENOVATE THE PRODUCT TO MEET THE MARKET
The dislocations we determine to be attractive are not ones where the market has underappreciated future rents, but where the market has underappreciated current rents.
We apply very conservative assumptions to future rent growth and the terminal cap rate. Our conviction must by narrowly focused on the dislocation that our execution can exploit, not market forces which we cannot control.
Our principal metric for valuing any value-add opportunity (at a specific price) is a >7.5% yield on cost within 36 months. If unattainable with conservative assumptions, then we reduce our price.
mID-TERM HOLD
In order to maximize returns to investors, and minimize tax burdens, we aim to execute at least one refinancing over the life of the investment. This refinancing, taking place approximately 26 months after acquisition, is intended to return at least 40% of investors’ capital.
Our superior leasing and overall property management operation is due to our close proximity to the assets we own. Whereas large fund managers that own out-of-state properties will conduct in-person tours quarterly (at most), we visit our assets biweekly.
Leadership
current holdings
$45M AUM
Miles Kass is the CEO and Founder of Driftwood Real Estate Holdings LLC. The firm was established in 2022 with the formation of Portfolio A (aka Fund A), a four-property portfolio comprised of Class-C value-add multifamily assets. In January of 2025, the firm acquired its largest asset to date, KC Flats (formerly Ashford Bayside), a 189-unit apartment in Pinellas County.
Prior to moving to Tampa in 2020 to work for an investment firm specializing in mobile home and RV parks, Miles served in the armed services for a decade: Marine Corps Infantry/Reconnaissance and Army Special Forces (Green Berets).
Miles holds a B.S. in Finance from Georgetown University (McDonough School of Business) and an MBA from the MIT Sloan School of Management.