Saratoga Capital Partners

What Saratoga Capital Partners does

Saratoga Capital Partners is a privately held, vertically integrated real estate investment firm founded in July 2012 and headquartered at 7 Pennsylvania Plaza in New York. The firm acquires, manages, and disposes of middle-market apartment communities (typically 150-350 units) in the Southeast US sunbelt, including North Carolina, South Carolina, Southern Virginia, Georgia, Northern Florida, Tennessee, and Alabama. Since inception it has acquired 35 properties and currently owns 27 comprising more than 5,000 units across 9 cities and 3 primary states; stated growth ambition is to add approximately 4,000 additional units over the next 3-4 years.

The firm's operational platform is anchored by ML Property Group, an affiliated property management company formed in 2017 and headquartered in Atlanta that completed the firm's transition to self-management by 2021. ML Property Group runs a 120-person staff across 20+ sites handling day-to-day operations including accounting, risk, maintenance, compliance, and capital projects, supported by a 16-person corporate team. Saratoga targets investments in Class A, B, and C properties as well as Conventional, LIHTC, Senior, and Student Housing built between the 1980s and 2000s.

Saratoga generates returns through acquisition, value-enhancement asset management, and eventual disposition, targeting 7-9% equity yields, a 2x equity multiplier, and 20% IRR for investors. Deal sourcing is research-driven via broker relationships and off-market transactions. Investment opportunities are offered to accredited investors through private placements. The firm is owned and controlled by its two founding principals, Matt Millman (Managing Member) and Len Novick, each with 20+ years of direct property investment experience. In 2024 the firm refinanced five properties and recapitalized a sixth to admit a non-for-profit entity for tax abatements, reflecting an evolving capital structure toolkit.

Name

Saratoga Capital Partners

Legal name

Saratoga Capital Partners

Website

https://saratogacp.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Saratoga Capital Partners is a privately held, vertically integrated real estate investment firm that acquires, manages, and disposes of middle-market apartment communities in the Southeast US sunbelt for accredited investors, operating through its affiliated management company ML Property Group.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Opportunistic / Development (FSANAEAI)

akta.pro secondary industries

Real Estate Capital Markets Brokerage (Debt & Equity Placement) (FSAEAJAK), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Multifamily real estate investment
• Apartment community acquisitions
• Property asset management
• Real estate private equity
• Multifamily property management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Others, Infrastructure

Revenue model

1. Apartment Community Investment Returns: Generates returns through acquisition, value enhancement, and eventual disposition of apartment communities. Revenue derived from equity yields (7-9%), equity multipliers (2x), and IRR (20%) on invested capital.
2. Property Management Fees: Revenue from managing owned assets through affiliated management company ML Property Group which has 120 person staff overseeing 20+ sites

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Saratoga Capital Partners is a vertically integrated real estate investment firm that acquires, owns, manages, and dispositions middle-market apartment communities (75-350 units) in the Southeast US Sunbelt. It sources deals through brokers and off-market transactions, performs due diligence and asset management in-house, and exits investments including via 1031 exchanges, targeting 7-9% equity yields, 2x equity multiplier, and 20% IRR. Property operations are executed through affiliated management company ML Property Group.

Product overview

Saratoga Capital Partners operates as a vertically integrated apartment investment management firm offering a unified investment platform. The core offering comprises apartment community investment management encompassing acquisition, due diligence, ownership, asset management, and disposition services. The firm is supported by its affiliated management company, ML Property Group (MLPG), which handles all day-to-day property operations including accounting, risk, maintenance, compliance, and capital projects. The investment product focuses on middle-market apartment communities (75-250 units) in the Southeast US Sunbelt markets, including Class A, B, and C properties as well as Historic and LIHTC housing. The two entities work in coordination: Saratoga Capital Partners manages the investment lifecycle while MLPG executes property operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Apartment Community Investment Management Full-service apartment community investment management spanning acquisition, due diligence, ownership, asset management, and disposition of middle-market apartment communities (75-350 units) in Southeast US Sunbelt markets; offered to accredited investors.
• ML Property Group Property Management Affiliated property management services for Saratoga's owned portfolio, handling day-to-day operations including accounting, risk, maintenance, compliance, and capital projects across 20+ sites with a 120-person staff.

Quantifiable outcome

• 35 properties acquired since inception
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• ML Property GroupcoreStrategic or Co-development Partner · 1 January 2017Affiliated management company that handles day-to-day operations of the portfolio. Formed in 2017 when Saratoga transitioned from investor model to self-management. Has 120 person staff overseeing 20+ sites, handling operations, capital projects, risk, compliance, and accounting.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• JLB Partners: Southeast-focused multifamily developer and operator with LIHTC and market-rate exposure. Comparable on target region, property type, and integrated investment-to-management workflow.
• Dominium: Acquires, develops, and manages affordable and market-rate apartment communities nationwide with deep LIHTC expertise, overlapping with Saratoga's LIHTC, Senior, and conventional middle-market apartment focus and vertically integrated operating model.
• Hawthorne Residential Partners: Multifamily investment and third-party property manager focused on the Southeast, acquiring and operating garden-style apartment communities of similar size profile. Overlaps directly on target geography, unit count, and integrated management.
• Arium Real Estate: Acquires, operates, and manages multifamily apartment communities across the Southeast and Mid-Atlantic, with similar middle-market focus and self-management model. Direct competitor for sub-institutional apartment assets.
• RangeWater Real Estate: Vertically integrated multifamily investment and management firm operating in the Southeast and Sunbelt, acquiring middle-market apartment communities. Directly comparable in target geography, unit count, and operator-investor model.

Broad incumbents

• Camden Property Trust: Multifamily REIT with Sunbelt concentration. Comparable property type and broad-based multifamily operating expertise, but larger scale and publicly traded relative to Saratoga's private, sub-institutional positioning.
• Walker & Dunlop: Multifamily-focused commercial real estate finance and investment sales firm. Compares on the debt and equity capital markets side of Saratoga's business, particularly relevant to Len Novick's financing background and the firm's 2024 refinancing activity.
• Mid-America Apartment Communities (MAA): Large-cap multifamily REIT concentrated in the Sunbelt. Overlaps on geography and property type but operates at public-market scale with a fully institutional capital base, providing a public-market comparable for Sunbelt apartment fundamentals.

Others

• Estreich and Company: New York-based real estate capital advisory firm where Saratoga's co-founder Len Novick is Principal. Provides indirect comparability on the real estate capital advisory/placement side of Saratoga's business and the source of much of the firm's debt and equity capital relationships.

Emerging players

• Pretium Partners: Large alternative asset manager with significant Sunbelt residential exposure including single-family rental and multifamily. Overlaps in Sunbelt residential theme but operates at substantially larger scale and via institutional capital vehicles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saratoga Capital Partners