About Appian Capital

We target markets with strong growth characteristics, however, we pursue property level business plans that do not depend on an appreciating real estate market. Our investment focus is in middle market transactions—properties valued between $8 million and $80 million. Investment strategies include value-add acquisitions, opportunistic joint venture developments and build-to-core transactions.


Strong, long-term relationships are a cornerstone to our business philosophy. We have earned a reputation of integrity and results and believe our emphasis on building trusted relationships will continue to produce superior risk-balanced returns for our investors.


With over 50 combined years of experience, Appian Capital has the expertise and track record to consistently yield successful returns on your investments.

Jonathan Lotter
Raymond Hedrick
Jim Burck
David Estes

Track Record

Our ability to execute in all market environments has been reflected in our delivery of above-market, risk adjusted returns over the past 18 years.


of equity invested


Investments Made to Date


SQ FT of Commercial Property


Residential Units


Over the past 18 years, Appian Capital has been investing in well-conceived, efficiently executed real estate investment strategies. Specializing in opportunistic real estate investments, we partner with local operating partners possessing significant local market knowledge and a demonstrated track record of operating success.


We focus on properties where repositioning, recapitalization strategies, and superior management create value over the holding period.  Prioritizing capital preservation, we structure investments that can weather varied economic environments while maintaining exposure to significant upside potential.


Our strategy focuses on investment opportunities that require between $5-25 million of equity capital. We believe this lower middle market segment is underserved and inefficient.  We implement a hands-on approach and target assets with a high potential to enhance value through repositioning, improved asset management, and development. While favoring growth markets, we do not endorse business plans which rely on cap rate compression or financial engineering to generate yield.

Appian invests across varied asset types throughout the Western United States. Through a disciplined investment approach, we target value-add opportunities in growth-oriented markets providing our investors with a balanced investment portfolio not prone to the fluctuations of a single market or asset class.


San Francisco

900 Larkspur Landing, Suite 100
Larkspur, California 94939
(415) 464-9469

San Diego

12520 High Bluff Drive Ste 285
San Diego, California 92130
(858) 430-0430

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