Diablo Investment Advisors

Investment decisions are centralized under Michael J. Kelly, the firm's founder, President, and Chief Investment Officer. Kelly is supported by a senior acquisitions and asset management team. The structure vests final approval authority in Kelly, consistent with the firm's operator-investor governance model.

The firm relies heavily on long-standing relationships with regional commercial brokers, property owners, and lenders in California, Arizona, and Washington. It targets off-market and lightly marketed properties where operational complexity — deferred maintenance, vacancy, mismanagement — discourages broader bidding processes. This sourcing model depends on the team's multi-decade presence in specific submarkets.

Diablo manages both commingled real estate funds and single-investor separate accounts. The separate account structures are often tailored for institutional LPs, including public pension funds, that require custom fee arrangements and investment policy compliance. The commingled vehicles serve a mix of family offices and smaller institutions.

The firm focuses on multifamily apartment communities, neighborhood and community retail centers, and industrial warehouse properties. Its investments typically fall into the value-add or core-plus risk spectrum, involving assets that require capital improvements, lease-up programs, or repositioning.

No. Diablo Investment Advisors is a third-party real estate investment manager, registered with the SEC as an investment adviser. It manages capital for external clients including pension funds, high-net-worth individuals, and family offices, rather than managing a single family's wealth.

The firm's investment footprint is concentrated in the Western United States, primarily California, Arizona, and Washington. It does not pursue national or coastal diversification, instead focusing on acquiring operational density within a handful of target metropolitan areas.

The firm primarily acquires existing income-producing properties and does not emphasize ground-up development as a core activity. Its value-add approach involves renovating, re-tenanting, and repositioning standing assets rather than bearing construction and entitlement risk from a vacant site.