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The X Deck
Scroll to Discover Exec Summary
Scroll to Discover Acquisitions
Exec Summary

Summary

What makes X Co., X Co.?

It’s simple. A belief that...
1. Better processes, leads to...
2. Better buildings, leads to...  
3. Better experience.

That better experience is what creates more
1. Value for customers, which then leads to...
2. More value created for X Co. and its Investors.

This cycle is summarized in our flywheel.

Scroll to Discover Design
Better Process

Acquisitions

The Acquisition team is responsible for maintaining X Co.’s development pipeline and securing capital sources.

Superscore
Superscore
Rank
Superscore
(Lowest=best)
Net Migration
Rank
Rent burden
Rank
Job/Wage
Growth Rank
Legalization
of Marijuana rank
Orlando - Kissimme - Sanford, FL.
1
8.1
8
9
6
16
San Francisco-Oakland-Hayward, CA
2
8.8
6
59
1
1
Austin-Round Rock, TX
3
13.0
3
50
4
52
Tampa-St. Petersburg-Clearwater, FL
4
14.3
11
19
16
16
Portland-Vancouver-Hillsboro, OR-WA
5
15.1
10
26
21
1
Riverside-San Bernardino-Ontario, CA
6
15.1
28
10
7
1
Dallas-Fort Worth-Arlington, TX
7
16.7
1
71
10
52
San Diego-Carlsbad, CA
8
16.9
20
32
14
1
Denver-Aurora-Lakewood, CO
9
16.9
9
64
17
1
San Jose-Sunnyvale-Santa Clara, CA
10
17.0
29
41
3
1
Charlotte-Concord-Gastonia, NC-SC
11
18.5
13
56
8
45
Nashville-Davidson–Murfreesboro–Franklin, TN
12
18.9
17
47
2
66
Seattle-Tacoma-Bellevue, WA
13
19.0
4
61
28
1
Jacksonville, FL
14
19.9
14
31
24
16
North Port-Sarasota-Bradenton, FL
15
20.7
22
11
23
16
Atlanta-Sandy Springs-Roswell, GA
16
21.6
5
43
27
45
Sacramento–Roseville–Arden-Arcade, CA
17
22.2
19
21
31
1
Charleston-North Charleston, SC
18
23.6
24
28
15
52
Boston-Cambridge-Newton, MA-NH
19
24.1
18
52
29
1
Indianapolis-Carmel-Anderson, IN
20
25.3
32
44
9
45
Miami-Fort Lauderdale-West Palm Beach, FL
21
25.4
7
2
52
16
San Antonio-New Braunfels, TX
22
26.1
16
69
19
52
Phoenix-Mesa-Scottsdale, AZ
23
26.7
12
51
38
16
Salt Lake City, UT
24
27.0
31
60
5
66
Grand Rapids-Wyoming, MI
25
28.8
46
40
12
16
1
X Co. employs a proprietary acquisition criteria called the Superscope. The Superscore ranks every MSA in the country against a set of parameters that measure the below criteria. The model weight seach parameter differently and generates a unique Superscope for each MSA.
Net out of state migration
Rent burden
Jobs/wage growth
Pending marijuana legalization
2
X Co. is currently focused on eight markets. We decided to focus on expansion efforts on a set number of markets because it allows us to deploy resources more efficiently and effectively, it decreases operational risk, and it allows us to deploy complimentary products within a single market which boosts our market share and flexibility upon exit.
3
Current target markets:
Oakland (own land, pipeline)
Phoenix (under construction)
Denver (under construction)
Dallas
Houston (own land, pipeline)
Chicago (own land, pipeline)
Tampa
Orlando
Off-Market Strategy
1
Over the last cycle, we saw an aggressive increase in land prices in our target markets. In order to keep our pipeline stocked and avoid overpaying for land, we employ an off-market acquisition strategy.
2
Instead of competing for publicly marketed land with merchant builders or institutions with a lower cost of capital, we put in the work, pounding the pavement, calling landowners and building relationships on the ground.
3
The first step in this process is creating the market map. X Co.’s Acquisition team assess every site in a market or sub-market and only focuses on those sites that meet a certain set of criteria, including lot area, minimum width and length parameters, and in place zoning. Then the team inputs ownership information and start making unsolicited offers.
Yield Analysis
1
Before putting a site under contract, the Acq team performs a thorough massing study. This is done in house, with no involvement from an architecture or outside consultants, using 3D modeling software.
2
This provides a very high level of clarity around what the site can yield from a density perspective.
3
The team uses our internal planning documents and applies all applicable zoning and land use regulations to lay out the typical parking floor plate, the residential floor plate(s), with our X Spec unit modules, places stairs and elevators, etc...
4
This internal skill set allows us to put sites under contract more confidently in our business plan and move quicker once we do.
Scroll to Discover Development
Better Process

Design

The Design team is responsible for maintaining X Co.’s brand standards and incorporating operational intent into the plans.

1
At X Co., we strive for perfect construction documentation. The better our documentation, the less construction execution risk there is and the more effective and efficient our construction management can be.
2
The Design team achieves this primarily thru the creation and maintenance of two documents, the X Intro Package and the X Spec.
X Intro package
The X Intro package is given to the design team at the project kick off meeting and includes all the information required to move as quickly as possible from massing to schematic design, including...
1
Target and minimum floor to floor heights
2
Metrics used for calculating the size of common areas (for example, determining the size of the Fitness Studio by calculating the demand and cross-referencing ideal class sizes and the required spaces between yoga mats.
3
Logic for common area adjacencies, showing past projects to describe the logic (X Phoenix shown).
X Spec package
The X Spec is given to the design team at the project kick off meeting and it is also referenced and attached to our GMP construction contract, superseding all other documentation and qualifications in the agreement. This structure allows for the following benefits:
1
Build to spec – helps ensure product quality and consistency across projects, for tenants, for Operations, and for investors.
2
Procurement – all materials and fixtures are selected in advance, which allows X Co. to streamline the procurement process during construction and negotiate national pricing agreements with our vendors. X Co.’s negotiated pricing, spec information, and vendor point of contact info our included in the X Spec.
3
Efficiency – allows X Co. to minimize on going drawing issuance review and QC by providing all required information to the design team in advance of production documentation. Also, because the X Spec is an Exhibit to the GMP contract that supersedes the project specific drawings, XCo. is able to hold the GC accountable to our standards independent of what theArchitect and design team draws.
Scroll to Discover Sales and Marketing
Better Process

Development

X Co. has standardized its development and construction management process around a set of documents and meeting schedules that are easily replicable across markets and development team members.

Development Process Team and Process
Documents
X Intro package
What: Describes important brand design concepts, building scale
When: Pipeline
Who: A&E team
Why: Reduces administration, allows the team to move more quickly
Form: PDF
X Spec
What: Describes important brand design concepts, finishes, specification, and systems
When: Pre-development
Who: A&E and GC team
Why: Reduces administration, allows the team to move more quickly, ensure brand consistency, and national pricing contracts
Form: BIM (In process)
Form GMP Design Build Contract
What: Describes important contract terms and structures
When: Pre-development
Who: GC
Why: Reduces administration, streamlines contract negotiation and execution
Form: Word document
Development Checklist
What: X project handbook, all items required to management a construction project
When: Construction
Who: DA's and PM's
Why: Allows inexperienced team members to get up to speed quickly
Form: Asana
Action Item List
What: Critical item tracking
When: Construction
Who: Full team
Why: Serves as meeting agenda for OAC and SPS meetings, repository for real time issues and site walk notes
Form: Asana
Cost Tracker (ACR)
What: Forward-looking budget projection
When: Construction
Who: Dev team
Why: Allows for real time decision making based on imperfect information
Form: Northspyer
Scheduled meetings
Onsite
PM site walk
When: Three (3) times per month
Who: PM
Why: QA/QC, conformance with contract documents (plans and schedule)
How: Development checklist
What: Action item tracker
DA site walk
When: Two (2) times per month
Who: DA
Why: Uncover deal risk, conformance with business plan, cost tracker, loan agreements
How: Development checklist
What: Action item tracker
Lender walk
When: Monthly
Who: DA, PM, Lender consultant
Why: Review monthly pay application, on site progress
In office
OAC (Owner Architect Contractor) Meetings
When: Weekly
Who: DA/PM, A&E team, Contractor
Why: General coordination, schedule review, direction-giving
What: Action item tracker
SPS (Strategic Planning Sessions)
When: Weekly
Who: Dir. Dev, DA, PM
Why: Internal prioritization, decision making
What: Action item tracker
Dev Team Meeting
When: Monthly
Who: Exec team, Dir. Dev, DA, PM
Why: Review of Dev checklist milestones, deep dive on budget and schedule, status update
How: Development checklist, Cost tracker
Development Process Monthly Schedule
Development Team Roles and RESPONSIBILITIES
Partner
Responsible for development risk management and pipeline execution, GC selection and contract structure
Director of Development
Responsible of deal-level development management and execution, along with relationship management of all vendors including key GC and A&E team relationships
Development Associate
Responsible for setting up the project for success and then executing on it.
Includes design, development, and construction project management.
Each DA is assigned to two projects.
DA's most often come from a design or engineering background, with specific focus on drawing documentation and coordination.
25-50% travel expectation.
Project Manager
Responsible for construction management, with specific focus on QA/QC and ensuring that progress is in conformance with contract documents (drawings and schedule), and the punch process.
Each PM is assigned to a city, not a specific number of projects. A PM will not be brought on board until there are at least two projects in a city.
PM's most often come from a construction background.
50-75% travel expectation.
Scroll to Discover Operations
Better Process

Sales and Marketing

X Co. is fundamentally disrupting the traditional landlord tenant relationship and that starts with leasing. We enable our customers with streamlined information and technology, removing unnecessary interactions and layers of administration from the process. The goal is to remove friction and make the purchase decision and actual lease signing as easy as possible.

Lead funnel
The first step to achieve our above goal is to define the lead funnel.
1
Top of funnel, Awareness – fill the funnel with leads from both traditional (ILS’s, paid media, paid search, etc...) and non-traditional (events and programming) sources. The goal of top of funnel activities is to collect a lead’s contact information.
2
Middle of funnel, Engagement – the goal of the middle of the funnel is to get leads to schedule and then take a tour (either virtual or in person) with automated tools / tech touch. A lead only becomes qualified and is reached out to by a leasing team member if they respond to the automated communications.
3
Bottom of funnel, Conversion – finally, the goal of the bottom of the funnel is to sign leases.
Lead Funnel
Centralized sales team
The secret sauce that facilitates the lead funnel is our centralized sales team. The purpose of the sales team is two-fold:
1
Push prospects through the funnel as efficiently as possible
2
Create as much capacity to give tours (either virtually or in person) as possible.
This is accomplished by defining and differentiating leasing roles and by using technology to streamline a prospects path through the funnel
Leasing Specialists are highly trained and are 100% focused on touring. The time spent touring is the bottleneck in the standard leasing process. The centralized sales teams frees up as much touring capacity as possible.
Leasing Associates manage the technology tools that push prospects through the funnel; their goal is to get people to sign up for tours. Leasing Associates can be located at the property, in the corporate office, or anywhere in the world and work across properties.
Lead to lease process
The third pillar of our Sales and Marketing efforts is our proprietary lead to lease process.
1
In hopes of removing as much friction from the leasing process as possible, everyone that schedules a tour, also submits an application and that application is approved or denied within seconds without submitting a SSN or needing to pull on credit.
2
Most Class A properties have a 48 hour gap between application and leasing signing, X Co.’s properties only have a matter of seconds. No paper forms. No income verification (unless initial application is denied). No hard pull on a prospects credit. All you need is a form of ID.
Conventional Tour-To-Workflow
X Co. Tour-to-Workflow
Touring
1
Touring is the most important activity in the lead funnel. Even before the pandemic, we have been investing in our touring technology and infrastructure based on a belief that the future was virtual. If hotels can book for days, and Airbnb can book for weeks (or months) without someone ever stepping foot onto the property, so can the multifamily industry.
2
X Co. employs a series of tools to make touring the best possible experience it can be:
Physical, in person (link to Centralized SalesTeam)
Virtual
X Denver Virtual Tour
LEasing Metrics
Typical Building
X Denver
Typical number of tours per month
29
102*
Typical number of leases per month
6
26
* X Denver data starting 1/10/21, during pre-leasing, without ability to in-person tour
Scroll to Discover Residences
Better Process

Operations

The Operations team is responsible for delivering X Co.’s vision to our customers and for ensuring that back of house operations run smoothly.

X Standard Operating Procedure (SOP)
1
X Co. standardizes how we operate the property using its X SOP manual.  The X SOP is meant to serve as a thorough but easy-to-follow user guide for Asset and Property Managers, providing a complete toolkit for executing on X Co.’s best-in-class resident operations from pre-launch through stabilization and beyond.
2
The X SOP chapters include fundamentals such as ‘X’ branding guidelines and media, coliving education, and property staff hiring.  Additional resources linked to the manual include marketing and maintenance checklists and training for the technology package utilized at the property.
Technology
PropTech is the buzzword in the Class A multifamily industry.  Unlike our industry peers, however, X Co’s suite of technology adds value both for the residents and property management.
X Co. mobile app
Residents can unlock their doors
Issue guest access
View programming & events calendar and RSVP
Book a conference room in the coworking space
Chat directly with management and maintenance teams.
Integration with Nexudus
Supports the coworking office reservation system, offering residents the work-from-home convenience in such high demand today.
No management assistance is involved.
Integration with Intercom
Provides the most customer-success oriented solution to resident issues.
Custom-built chat bot directs questions to the right building representative – community management, maintenance, or X club – for quicker response time and more efficient handling of issues.
Easy messaging between resident and PM benefits both parties.
Data & The Feedback Loop
1
X Co’s systems and technology allow ownership to answer key questions that other owners cannot (at least not as well), which results in improved operational performance.
2
The best way to service our current customers is to create a system for measuring KPIs and making strategic decisions there upon.
What is our cost of customer acquisition, particularly from non-ILS lead sources?
What is the reason why prospects are choosing to rent elsewhere?
What is the reason existing tenants are choosing not to renew?
3
The best way to service our future customers is to gather data and feedback to provide to our development lifecycle predecessors: acquisitions, design, and development.
Which unit types or unit features yield the best absorption and rental rates?
Are the amenity spaces designed and sized optimally based on utilization?
Does certain amenity space usage predict renewal success?
Scroll to Discover Coliving
Better Building

Residences

Studio
X Spec Studio 1 of 8
473 SF
One Bedroom
X Spec 1BD 2 of 4
621 SF
Four Bedroom
4 Bedroom
X Spec 4BD 2 of 4
Scroll to Discover Walk-in Closets
Better Building

Coliving

What is coliving?

There are lots of different versions of coliving out there... X Co.’s version is simply signing individual leases for individual bedrooms within a unit with multiple bedrooms.
Each coliving suite (“Bedroom A”) includes:
A bedroom with a queen bed and nightstand, which is separately access controlled from the rest of the unit
En-suite bathroom, with hotel-style X Spec standard bathroom
Walk-in closet with high-end millwork, including drawers, shelves, and ample hanging area
Each coliving lease includes:
A separate lease
A private coliving suite, within a larger multi-bedroom unit
Furnished unit package, including all furniture and kitchen supplies
Access to the unit’s common area, the kitchen, living room, and dining room
Bi-monthly cleaning service for all common areas in the unit
Access to the building amenities / club spaces

Why coliving?

Tenant benefits
Lower chunk rent price
Landlord benefits
Higher price per SF
Better spreads
Scroll to Discover Bathrooms
Better Building

Walk-in Closets

Scroll to Discover Kitchens
Better Building

Bathrooms

Scroll to Discover Workspace
Better Building

Kitchens

Scroll to Discover Fitness
Better Building

Workspace - "The Study"

Professional quality workspace, a true work from home solution
Scroll to Discover X App
Better Building

Fitness - "The Gym", "The Studio"

State of the art gym and fitness studio designed around class-based fitness activation
Scroll to Discover Access Control
Better Building

X App

In order for a feature to make it into the X App, it needs to satisfy all of the below criteria:
1
Provide convenience – make our customers lives better / easier
2
Capture engagement – the more we learn about our customers, the better we can make the product
3
Deliver efficiency, reduce costs, and increase real estate value – the more we can streamline and automate processes, the more value is generated

Mobile Key Access
Access every door, from your bedroom the garage.

In-app Chat & Support
The goal is to make it as quick and easy to get in touch as possible.

Browse Events & RSVP
Reserve and invite friends to carefully curated events.

Visitors + Remote Unlock
Grant temporary and secure access to friends, family and your dog walker.
Scroll to Discover Furnished units
Better Building

Access Control

1
In general, we believe in investing in software over hardware. Software can be updated; hardware needs to be replaced. The only place we really invest in hardware is access control. But we choose hardware makers that are open source and cloud based.
2
We have standardized around Salto KS and Openpath
3
Every door in the project, from front of house common area doors, to back of house doors, to bedroom doors to conference room doors are access controlled.
4
Access control and visitor management are done from the X App, so tenants do not need to manage carrying a fob or keycard (although a back up card is provided).
5
Primarybenefits:
Improves tenant experience
Provides physical infrastructure for learning more about our customers and how our spaces are used
Lowers cost by removing key management, visitor management, and extra management trips

Modern Hardware

Cloud-based Software

Encrypted Credentials

Open API
Scroll to Discover Brand
Better Building

Furnished units

1
All coliving units come fully furnished
2
Some portion of the private residences come furnished as well (proportion is market dependent)
3
Units come with everything you need, just bring sheets and clothes
4
Includes dishes, glasses, silverware, bakeware and serve-ware
Cost
Sofa
$850
Bed Frame + Mattress
$800
TV + Credenza
$650
Dining Table + Chairs
$420
Night Stand + Lamp
$230
Kitchenware
$200
Coffee Table
$150
Waste Bins, Hangers, Misc
$125
Mirror
$75
TOTAL SAVINGS
$3,500
Scroll to Discover Connection
Better Experience

Brand

Why brand matters

Consumers are shying away from the perception of a commoditized product and towards products that help them build their own identity. You can see this in hospitality and in consumer and packaged goods, but not in multifamily, yet.
For us, brand is the way we plan to derive greater lifetime value from our customers. We will know when we succeed when someone moves to a new city and says, “I want to live at X,” in the same way a business traveler says, “I want to stay at the Marriott.”
Brand
1
What is X Co.? The X is an unconventional social club. It’s your new network, workspace, yoga studio, and neighborhood bar. Sign a lease and it’s your home base, too.
2
Mission: Create unprecedented experiences, communities, and spaces brick by brick.
3
Vision: X Co. exists to improve the way we interact.
Brand Pillars
Resourceful
Creative, Innovative, Clever
Unconventional
Imperfect, Disruptive, Surprising
Elevated
Thoughtful, Intentional, Curated
Dynamic
Vibrant, Energizing, Flexible
Attainable
Transparent, Accessible, Open-minded

Is / Is Not

Another way of looking at the brand is through what it is and isn’t. The following list gives an overall feeling of what the X Co. brand is in terms of familiar objects, places, ideas, and experiences.
X Co. is...
is not...
Tesla Cybertruck
GMC Hummer
Organic Shape
Perfect Circle
Supper Club
Formal Dinner
Questions
Answers
Road Trip
Yachting in the Hamptons
James Turrel Installation
The Mona Lisa
Lively Debate
Long-winded Monologue
Democracy
Anarchy
Jeans
Slacks
Phoebe
Monica
Le Labo
Axe Body Spray
Seltzer
Fanta

Voice & Tone

When X Co. speaks, it sounds...
1
WITTY without being COMICAL
2
CASUAL without being BLASÉ
3
ENIGMATIC without being WHIMSICAL
4
CURIOUS without being NOSEY
5
CONFIDENT without being BOASTFUL
6
THOUGHTFUL without being SERIOUS
Scroll to Discover About
Better Experience

Connection

Programming and Events

What is it?
1
Programming is regularly scheduled activities or series of activities (yoga, 10 times per week)
2
Events are one off, typically larger attendance than Programming
Purpose
1
X Co. believes that social connectivity is the most powerful leasing tool.
2
Where traditional apartment owners see their amenity spaces and programming efforts as a way to increase satisfaction among their existing tenants, X Co. sees them primarily as a tool to market to its future customers.
3
By inviting a catered public into the buildings and offering curated experiences, X Co. is able to fundamentally alter the supply demand dynamics that drive rent growth in the markets it does business in.
Case study: Charity events
1
We intend to host large charity events, offering our space free of charge to local non-profits, replacing the need for them to spend $10k for a hotel ballroom.
2
If we host one per month and there are 500 attendees per event, that’s 6,000 additional people per year that we get into the building.
3
If we convert just 1% of those attendees into our future customers, or their friends become our future customers, that’s 60 additional leases that we would not have had otherwise, while also providing valuable experiences to our existing customers.
Mon
7:30a X Flow
9a Total Body Conditioning
5:15p X Gainz
Tue
6:30a Mat Pilates
7:45a Strength X
12p Athletic Conditioning
5:30p Kettlebell Conditioning
Wed
6:15a X Bootcamp
7:30a X Hitters
9a X Flow
12p Restorative Yoga / Meditation
5:15p Barre
Thu
6:30a Mat Pilates
7:45a Athletic Conditioning
12p X Gainz
5:30p Hatha Flow
Fri
6:30a X Bootcamp
7:45a Barre
9a Strength X
4:15p Total Body Conditioning
Sat
8a X Flow
9:15a X Gainz
10:30a X Hitters
Sun
9:15a Mat Pilates
10:30a Kettlebell Conditioning
Tech enablement
1
App: The X App is the primary way residents, members, and guests will browse, RSVP, and share events.
2
Nexudus: Nexudus is the backend event management platform and club CRM
3
Content capture: Creating content of our programming and events is foundational to our customer acquisition strategy. The goal is to help our members crate the best user generated content possible. And then to leverage that content to fill the top of the funnel.

The Club

What is it?
The X is an unconventional social club. It’s your new network, workspace, yoga studio, and neighborhood bar. Sign a lease and it’s your home base, too.
Purpose
1
Customer acquisition: get more people into the building, experiencing our physical spaces and programming and events.
2
Customer retention / success: increase lifetime value of customers by providing different way for members to interact with our buildings / brands as well as additional review streams.
This is all a show
1
The is all a Show is a big idea that is physically embedded in all the common area spaces in the projects. The idea is to set up the spaces in such a way that facilitates the creation of both professional and user generated content.
2
Depending on the specific space and the programming or event, the approaches vary, for example:
3
X Co. brings influencers in to use the physical spaces as a backdrop to build their brand as well as attract new members to X.
4
There are also producers on staff that are available to help train members on the equipment and leverage opportunity to create high-quality content.
5
The end goal is to use X as a platform for generating, producing, and distributing content to both facilitate our member’s personal / professional goals as well as feed the top of the X Co. lead funnel.