Our investment strategy is designed to generate strong, risk-adjusted returns across real estate cycles. Through a diversified approach and disciplined underwriting, we target development, acquisition, and preferred equity opportunities in high-growth U.S. markets—especially in the Intermountain West and Southwest.
Strategic investment targets across development, acquisition, and preferred equity—focused on high-growth markets, strong returns, and long-term value creation.
We focus on fast-growing, economically strong markets in the Intermountain West and Southwest.
Target Preferred Equity MSAs
Target Development MSAs
Target Acquisition MSAs
A top boomtown with exceptional livability, steady population growth, and a diversifying economy driving demand for modern housing.
Celebrated for exceptional quality of life, nation-leading job growth, and a thriving tech and business ecosystem that continues to attract talent and investment.
A high-growth metro supported by a diverse economy, strong employment fundamentals, and consistent demand from an active, outdoor-oriented population.
A fast-growing, business-friendly metro with strong job growth, rising in-migration, and year-round outdoor appeal.
A high-growth, cost-advantaged metro with strong in-migration and a rapidly diversifying economy.
See how our opportunities stack up—compare structure, returns, and flexibility to find the right fit for your investment goals.
| Preferred Equity Fund I | Income Producing | Opportunistic / Development | |
|---|---|---|---|
| Strategy | Provide rescue or growth capital to quality sponsors/projects with downside protection. | Reposition undervalued multifamily assets in high-growth markets. | Develop a range of product types, with a focus on multifamily mixed-use in urban and suburban infill locations. |
| Risk Profile | Low to moderate. | Moderate. | Moderate to high. |
| Investment Objective | Strong current cash flow with significant downside protection. | Generate value through renovations, improved operations, and rent growth. | Long-term value creation via new development and risk premium over existing market. |
| Structure | Preferred equity with favorable position in capital stack – not greater than 80-85%. | Joint venture LP equity. | Joint venture LP equity or sole sponsor. |
| Availability | Open-ended evergreen fund. | Deal-by-deal. | Deal-by-deal. |
| Minimum Investment | $ 100,000 | $ 250,000 | $ 250,000 |
| Liquidity | Quarterly redemption available after 12-month hold. | Illiquid during hold period. | Illiquid during hold period. |
| Target Return
(Net of Fees) | 12%-15% IRR | 12–18% IRR | 15–25% IRR |
| Net Distribution Yield | 7% preferred return on called capital, 85% share of excess distributions after 12-month hold. | Varies by deal; focus on stabilized yield post-repositioning. | Varies by deal; targeting 150-200 basis point yield on cost spread. |
| Typical Hold Period | 1-3 years | 3-5 years | Varies by deal |
| Distribution Cadence | Quarterly. | Typically quarterly or semiannually, post-stabilization. | Typically deferred until stabilization, then quarterly or semiannually. |
| GP Commitment | GP and affiliates will invest alongside LPs on substantially similar terms. | GP and affiliates will invest alongside LPs on substantially similar terms. | GP and affiliates will invest alongside LPs on substantially similar terms. |
| Tax Reporting | K-1 | K-1 | K-1 |
| Management Fee | 1.75% on called capital. | Typically 1.5 - 2.0% asset management fee on revenue. | Typically 1.5 - 2.0% asset management fee on revenue. |
| Performance Fee | 15% promote above preferred return. | Tiered promote structure. Promotes evaluated deal-by-deal based on risk and deal complexity. | Tiered promote structure. Promotes evaluated deal-by-deal based on risk and deal complexity. |
| IRAs | Yes, allowed through self-directed IRAs. | Yes, if structured through IRA-eligible vehicles. | Yes, if structured through IRA-eligible vehicles. |
