Since forming its first institutional fund in 1992, Acacia Capital Corporation has managed a series of commingled investment funds that have acquired both debt and equity positions in real estate with a primary focus on residential property. Our development, finance and real estate operating expertise have allowed us to deliver attractive risk adjusted returns over an extended period of time. While the majority of capital managed by Acacia is institutional, we also serve a select group of wealthy individual and family investors.
Since its founding in 1986, Acacia has been an active participant in the residential land business. Our involvement has included land entitlement, development and financing. Acacia is a well recognized provider of off balance sheet lot financing for publicly traded homebuilders and has financed in excess of 41,000 residential lots across the country.
From inception, Acacia has been an active investor and manager of income producing properties with a focus on multifamily. In aggregate, Acacia's apartment investing activity includes investments in over 20,000 units. Acacia's investment strategy has evolved over the years as market conditions have changed. We have been a provider of mezzanine debt, a joint venture equity investor and a direct owner and operator. For the past several years our focus has been the acquisition of middle market properties with the potential for increased income through renovation and improved management.
As real estate and capital markets conditions evolve, Acacia continues to develop investment platforms designed to capitalize on market inefficiencies and areas of illiquidity. Our extended presence in the industry allows us to draw on our experience from prior downturns to shape our approach to the current environment. Our modest use of leverage and disciplined underwriting over the years has positioned Acacia to take advantage of current market conditions.