Aukeo
Aukeo
Adaptive reuse of hotels and historic buildings into luxury residences and boutique hotels.
Investment thesis
Aukeo is a real estate development and investment firm specializing in the adaptive reuse and transformation of hotels and historic buildings into luxury residences and boutique hotels. The company gives new life to underused historic properties, converting them into sustainable living and hospitality spaces that preserve architectural heritage while meeting modern demand. Adaptive reuse limits new-build cost and captures value from well-located but underperforming assets. As a higher-risk position, returns reflect development and repositioning execution, underwritten through disciplined design, planning, and capital management. The strategy compounds by converting overlooked buildings into institutional-quality assets.
What Aukeo operates
- Develops boutique hotels within existing historic structures
- Converts hotels and offices into high-end residential space
- Consults on energy-efficient, sustainable building systems
- Repositions properties to capture value from underused assets
- Manages full design, planning, and execution of conversions
Fund architecture
Aukeo deploys investment capital through a consolidated stack of 10 platform funds, anchored by an originating Fund 0 vehicle and built out across Fund I through Fund X. Each fund targets a distinct sub-strategy within adaptive reuse & repositioning, while operations and reserve funds provide platform infrastructure, liquidity, and co-investment capacity. The architecture concentrates capital in scaled vehicles and aligns terms to the cash-flow durability of each strategy.
| Fund | Strategy | Target size | Target return |
|---|---|---|---|
| Fund I | Hotel and Office to Residential Conversion | $3.90B | 7% pref |
| Fund II | Retail to Mixed-Use Adaptive Reuse | $2.00B | 7% pref |
| Fund III | Industrial and Warehouse Creative Workspace | $4.00B | 7% pref |
| Fund IV | Civic, Institutional and Historic Preservation | $8.00B | 7% pref |
| Fund V | Hospital to Senior Living Conversion | $2.00B | 7% pref |
| Fund VI | Theater and Entertainment Venue Adaptive Reuse | $2.00B | 7% pref |
| Fund VII | Urban Infill Mixed-Use Development | $2.00B | 7% pref |
| Fund VIII | Parking Structure Adaptive Reuse | $2.00B | 7% pref |
| Fund IX | Transit-Oriented Mixed-Use Development | $2.00B | 7% pref |
| Fund X | University District Mixed-Use | $6.46B | 7% pref |
In Aukeo we backed durable demand and disciplined operations. The thesis is simple: own essential assets, underwrite conservatively, and let recurring income compound.Slate Blue Capital Investment Committee
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For fund materials, capital account information, and partnership inquiries, reach Slate Blue Capital directly.
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