Joe Sullivan and Bernard Pierson lead EHP Capital’s community-first KC housing vision.

Co-founders Joe Sullivan and Bernard Pierson bring extreme accountability and a community-first ethos to Kansas City’s multifamily real estate market.

Kansas City’s housing market is heating up, and EHP Capital—a firm with local roots and national vision—is emerging as a change-maker. Founded three years ago by Kansas City native Joe Sullivan and Miami-based partner Bernard Pierson, EHP Capital is a vertically integrated real estate investment company focused on high-quality multifamily properties. From its Kansas City office (and a second office in Miami) the team has quietly amassed hundreds of apartment units, even as it pledges “extreme accountability” and transparency to investors and residents[1][2]. By hiring on-site managers, upgrading homes, and insisting on rigorous underwriting, EHP blends strong returns with genuine community impact across the KC metro.

Co-Founders Joe Sullivan and Bernard Pierson

Joe Sullivan’s journey is a Kansas City success story. After 12 years in operations with Fortune 500 companies,

Joe’s local roots are central to EHP’s story. “We buy in Kansas and Missouri, and preferably Kansas City,” he emphasizes, adding “we know the market… I’ve been here my whole life”[7]. That hands-on, hometown perspective means Joe and team are often the first to see everyday needs in their neighborhoods. His wife Tonya (now EHP’s Director of Property Management) and their four daughters live in KC, underlining the family stake in the city’s future[8]. Joe even coaches new investors in the Jake & Gino community, “helping them overcome obstacles” and “lead with love,” his stated guiding principle[9].

Extreme Accountability and Transparent Culture

From the outset, Sullivan and Pierson made “extreme accountability” a core value[2]. EHP’s About Us page puts it bluntly: “no excuses, just teamwork and ownership… we invest alongside our investors in every venture”[2]. In practice this means EHP never blames outside managers if things go wrong—if it’s their deal, it’s their responsibility. Joe explains, “we don’t do any third-party management… we only manage our properties, and the reason is… we want to have complete ownership and control of what’s going on… we don’t want any excuses. So our extreme ownership, I think, really separates us”[10]. In other words, if an apartment complex has a problem, the EHP team solves it directly.

Transparency is another hallmark. EHP promises “frequent, open” communication with investors and residents[11]. Joe notes that unlike stocks, real estate is “tangible” — investors can actually visit the properties. “A lot of our investors want to see the property…they want to understand what their money’s going into,” he says[12]. This hands-on ethos extends to residents as well: EHP surveys tenants and monitors online reviews to ensure tenants are satisfied. As Joe puts it, “we really strive to provide clean, safe, affordable housing… one of our key KPIs is making sure that it’s a safe place to live, and clean too”[13]. By cleaning up neglected properties and adding services (like on-site managers and emergency maintenance), EHP aims to lift entire neighborhoods and “improve residents’ quality of life,” just as its corporate mission states[14][13].

Rigorous Investment Philosophy

At EHP Capital, deals must clear a high bar to move forward. The founders say their underwriting has a ~99% rejection rate; virtually every proposed acquisition is scrutinized to protect investor capital. Their process considers every detail, from market demographics to loan terms. Joe explains that in practice, many deals “pencil out as 3.5 times” the rent-to-income ratio, but EHP aims for around five times the monthly rent as the neighborhood’s median income – a level they’ve found yields the strongest outcomes[15]. “Any time we’ve tried an exception [to this rule], it hasn’t gone as well,” he admits[16]. Key metrics are non-negotiable. A summary of their criteria:

·         School District: Only top school districts qualify. “We want it to be in a good school district, because… families are gonna live there… and they’re gonna stay for a while. We call them sticky residents”[17]. This almost always means suburban locations (KC’s strong school zones).

·         Property Age & Condition: No pre-1960s complexes. EHP targets properties built since the 1970s (with 1980s+ being ideal)[18]. Properties must be structurally sound; heavily deferred-maintenance deals are usually passed.

·         Household Income: EHP looks for neighborhoods where median household income is about 5× the monthly market rent[15]. Areas that fall short (e.g. only 3-4×) are usually skipped, since tenants might struggle with rent hikes.

·         Location & Safety: The team avoids flood-prone zones and high-crime areas[19][20]. Flood insurance volatility is a deal-breaker, and good school neighborhoods typically correlate with low crime – but EHP still does “deep, deep dives” on crime stats[20].

This checklist aligns with EHP’s own public FAQ: they explicitly list “demographics of the area, median household income, crime rates, population growth, [and] job growth” as factors in site selection[21]. Behind the scenes, the team also models exits using conservative financing assumptions (they avoid dependency on spikes in interest rates or rents, keeping stress-test assumptions in check). In short, EHP underwrites for capital preservation first, then growth.

Vertically Integrated Operations

EHP’s business model is fully in-house, a strategy Joe calls “extreme ownership.” The firm has no outside property managers or leasing agents; all asset management, development, and property operations are handled by EHP’s employees and contractors. In Kansas City, EHP employs local on-site managers and maintenance staff for each complex. A separate centralized team in Miami provides high-level oversight and back-office support[22]. As Joe describes, “we’re vertically integrated… we also have a project manager that managed [each renovation]… supported by [the Miami] asset management team… making sure we stayed on budget. It’s a cohesive team, lots of checks and balances”[23]. This layered approach means investments are closely monitored: no single person can over-promise or hide problems. It also provides “peace of mind” to investors, who know every aspect of operations is under EHP’s control.

Being local also helps. When bad weather, plumbing issues, or management questions arise, EHP’s Kansas City staff responds immediately. As Joe notes, “If anyone’s to blame, it’s us… we don’t want to have any excuses”[10]. And because the company’s leadership lives in KC, they share neighborhood concerns. Tonya Sullivan (Joe’s wife) leads EHP’s property management division, overseeing hundreds of units in the Midwest. Mateo Buitrago (an acquisition/analyst) and others round out a team dedicated to “delivering value and achieving” the investment goals[24]. Investors frequently tour the properties themselves; EHP sends photos and videos to help them “familiarize” themselves with each deal[25].

From Neglect to Renewal: Summit Point Success Story

A perfect example of EHP’s approach is Summit Point Apartments in Lee’s Summit (Leawood back-yard of KC). Purchased about three years ago, the 1980s-built, 200+ unit complex had never seen major reinvestment. It checked off all of EHP’s boxes – great school district (Lee’s Summit R-VII), high local income, and no flood issues[26][27]. But it showed its age. After closing, the EHP team launched an “outside-in” renovation program: they painted every exterior surface, replaced rotting wood and siding, and upgraded common areas and apartments.[28][29]

Joe describes the transformation: “We cleaned up the property, painted it…it looks like a new property now… occupancy is 97%… We have a waitlist. People love to live there.”[30]. By contrast, the previous owner had no full-time on-site manager – a fatal flaw. EHP installed dedicated management at Summit Point, improving service and upkeep. The effect rippled through the community: neighboring properties noticed the curb appeal lift, and residents provided overwhelmingly positive feedback. The entire complex now feels “like a new property,” Joe says[29].

On the investment side, the results are equally impressive. Rents at Summit Point have risen, driving higher net operating income. The acquisition is already delivering “a spectacular ROI” for EHP’s investors[31]. All the more striking is how these gains came while providing better living conditions. As Joe puts it, the project outcome was not just higher cash flow, but “the impact to the community and to the residents… it’s like a new property”[31]. In short, Summit Point became both a financial winner and a neighborhood success story.

Expanding the Model: Hunters Glen and Beyond

EHP’s latest deals show the same pattern. In September 2025 the firm partnered with Aspen Funds to acquire

Hunters Glen Apartments, a 253-unit complex in Platte County (north Kansas City) for about $27 million[32]. Though built in 1975, Hunters Glen is well-located near I-29 and major retail centers. EHP’s plan is a textbook value-add: modernize units and add amenities. Bernard Pierson summed it up for the press: “Hunters Glen represents the type of value-add multifamily asset that aligns with our mission to deliver safe, affordable housing while preserving and growing investor capital”[33]. In other words, even a dated 70s property can be revitalized to both raise returns and serve the local market.

Across metro KC, EHP has quietly accumulated hundreds of units in this way – double-digit deals each year. As Joe told a local audience, “we acquired just over 250 units this year… our goal next year will be 500 units… we really love Kansas City. We plan on doubling down here and really make this city be a part of this great city we live in”[34]. Every acquisition is chosen not just for cash flow but for “critical thinking about risk and deal selection,” he noted[35]. For example, EHP recently passed on a downtown proposal, preferring family-friendly suburbs that support long-term rents. The result: a portfolio of properties with stable fundamentals (low vacancies, strong schools, solid tenant incomes), set up for steady appreciation.

Investor Relations and Benefits

EHP’s culture extends to how they treat investors. Many of their backers are first-time multifamily investors from the Kansas City business community, wary after the volatile markets of recent years. To win trust, EHP emphasizes education and transparency. Investors are shown every property in advance (address, photos, market data) and can even visit the site if desired[25][12]. Joe explains that this tangibility is a selling point: “with a stock, sometimes you don’t have that same feeling… If you’re local, you can come out, you can look at it, you can touch it. I think that’s the biggest difference”[12].

Communication is frequent and detailed. EHP provides quarterly reports, financial statements, and customer metrics. Joe says he strives for “transparent, frequent” updates to keep investors informed[11]. This openness helps new investors shift mindset from worrying about a faceless fund to seeing a concrete asset. And the returns are appealing: beyond cash flow, EHP projects “plus-size returns” and emphasizes tax advantages[36].

For example, EHP orders cost-segregation studies on every acquisition to accelerate depreciation deductions. Thanks to current tax law, Joe notes, investors can write off nearly 50–80% of their initial equity in the first year[37][38]. “It’s massive,” he says of the 100%-bonus depreciation currently allowed[37]. In practice, many passive investors report zero taxable rental income in year one due to these deductions[38][39]. In short, Kansas City professionals investing in EHP deals enjoy the dual benefits of growing equity and potentially large tax shelters. (Of course, Joe always reminds listeners to consult their CPAs for individual situations[40].)

Despite the technical detail, EHP keeps things approachable. Minimum investments start at $75K, and the partnership model is deal-by-deal (not a blind fund) so investors always know exactly where their money goes[41][25]. As Joe says, they even handle all the paperwork and due diligence: investors just sign documents and sit back to collect distributions[42].

Community Impact and Kansas City Vision

Above all, EHP measures its success by the positive changes on the ground. The company’s mission statement captures it: to acquire and manage apartments that “improve residents’ quality of life” and build a “clean, safe, affordable place to live”[14]. In practice, EHP tracks resident satisfaction through surveys and online reviews, tying these scores to management bonuses. “We provide clean, safe, affordable housing,” Joe reiterates, “and that helps the community and the surrounding properties too”[13][43]. Summit Point is testimony: neighbors told EHP they loved the makeover, and crime reports fell after the property improved[43].

The Thrive podcast host summed it up: for someone “born and bred here in the Kansas City backyard,” Joe’s work is “lifting the economic class” and neighborhood quality. Sullivan and Pierson take that to heart. They envision EHP as a “great place to work” with a reputation for integrity[44]. They promise to grow cautiously—doubling their holdings in KC but never compromising underwriting discipline. By combining investor upside with local stewardship, EHP Capital looks to cement a legacy both financial and civic: strengthening Kansas City’s neighborhoods while delivering reliable wealth-building to its investors.

Sources: EHP Capital interview on Kansas City Thrive[4][13]; EHP Capital website (About Us, Team, FAQ)[2][6][21]; ConnectCRE news (Hunters Glen acquisition)[33]. (Images: Kansas City skyline and EHP-managed apartments.)

[1] [4] [5] [7] [10] [11] [12] [13] [15] [16] [17] [18] [19] [20] [22] [23] [26] [27] [28] [29] [30] [31] [34] [35] [36] [37] [38] [39] [40] [43] [44] Audio Interview Podcast 20251212

[2] [14] About Us — EHP CAPITAL | Invest in Real Estate

https://www.ehpcapital.com/about-us

[3] [6] [8] [9] [24] Team — EHP CAPITAL | Invest in Real Estate

https://www.ehpcapital.com/team

[21] [25] [41] [42] FAQ — EHP CAPITAL | Invest in Real Estate

https://www.ehpcapital.com/faq

[32] [33] EHP Capital, Aspen Funds Close Acquisition of KC Apartments - Connect CRE

https://www.connectcre.com/stories/ehp-capital-aspen-funds-close-acquisition-of-kc-apartments/