Pennybacker Capital, LLC is an operationally intensive real estate private equity firm located in Austin, Texas. The firm invests in and operates middle market multifamily, office, and retail assets in sustainable U.S. growth markets. Pennybacker Capital, LLC seeks to generate favorable risk-adjusted returns for limited partners primarily by targeting investments that possess a margin of economic safety due to an attractive cost basis below historical replacement cost, and the ability to generate cash flow and residual value enhancement potential through active asset management, value-add capital improvements, lease-up, and identifying and creating operating efficiencies.