We invest alongside proven operators where value is created before stabilization—at entitlement, design,
capitalization, and operational handoff. Our edge is not leverage or cap-rate arbitrage. It is early,
informed conviction paired with hands-on underwriting and governance.
Summary only. Any offer is made solely through the Fund’s official offering documents.
The Unifying Thesis
We underwrite real estate where complexity deters passive capital but rewards experienced builders.
Across our target strategies, the through-line is consistent: regulatory friction, design and sequencing decisions,
and operator judgment drive outcomes more than “cheap debt” ever will.
Multiple exits (sell, hold, recap, operate) modeled under stress.
Operator control over entitlement path, construction scope, and governance.
Entry points where design, timing, and structure can shift results.
What We Avoid
Speculative land without a clear entitlement pathway or sponsor control.
Projects that require perfect markets to survive.
Cap-rate-only deals with no operational lever and no margin of safety.
Over-levered capital stacks that eliminate optionality.
Strategies We Underwrite
These are not “silos.” They are formats where operator competence, sequencing discipline,
and governance rights create repeatable advantage.
Entitlement and Land Value Creation
Rezoning, permitted land, and entitlement unlocks where approvals are the asset. We underwrite timeline risk,
political path, and exit options as primary variables.
Niche Income Real Estate
Self-storage and select light industrial when entry basis is protected, competition is rational, and multiple exit paths exist.
Workforce and Manufactured Housing
Essential housing formats where demand is behavior-anchored, and the operator can manage regulatory and operating risk without relying on leverage.
Senior Housing and Age-in-Place Communities
Select opportunities where operator quality, care model integrity, and downside controls can be verified and governed.
Resort and Master-Planned Development
Projects where entitlement sequencing, design, pricing discipline, and operational alignment determine absorption and durability across cycles.
Special Situations
Distressed or mispositioned assets where judgment, redesign, and governance can convert uncertainty into financeable, institutional-quality outcomes.
Underwriting and Governance
Our Underwriting Posture
Downside-first valuation work and conservative leverage assumptions.
Collateral value under stress; multiple exit routes are required.
Milestone-based pacing: de-risk progress, then scale.
Walk-away discipline is a feature, not a failure.
Governance Rights We Want
Authority, reporting cadence, and decision rights defined before funding.
Budgets, draws, and change orders treated as controlled risk.
Alignment: meaningful GP co-invest and transparent incentives.
Documented escalation paths for conflicts and material deviations.
In real estate, large losses often come from a handful of early decisions: entitlement sequencing, design errors, and capital stack fragility.
Our job is to identify those failure modes before the first dollar is committed.