FUNDS

Fund Inception Asset Type Strategy Term Returns* Status
Opportunistic Fund I
2018
Single-Family
Opportunistic
5 Years
19%
Closed - Disposition
Opportunistic Fund II
2019
Single-Family
Opportunistic
5 Years
19.2%
Closed - Exited
Opportunistic Apartment Fund
2020
Small Apartment
Opportunistic
5 Years
22%
Closed - Fully Invested
Targeted Value I
2020
Single-Family
Small Apartment
Value-add
7 Years
15%
Closed - Fully Invested
Targeted Value II
2021
Single-Family
Small Apartment
Value-add
5 Years
15%
Closed - Full Invested
US Housing Fund I
2022
Single-Family
Core+
3 Years
15%
Closed - Fully Invested
US Housing Fund II
2024
Single-Family
Core+
5-10 Years
12 - 14%
Open - Pre-Investment
* Returns are gross of management fees and carry and may be estimated or projected for ongoing or future investments. Past performance is not indicative of future results. This information is not a solicitation of any security or offering and should not be relied upon for investment decisions.

INVESTMENT THESIS

The US single-family housing market is an attractive asset class for long-term investment. Demand for homes continues to increase due to population growth and millennial family formation, while supply has remained stagnant since the GFC of 2008. Housing starts have been consistently below historical levels, creating a deficit of 2-5 million single-family homes, and providing tailwinds for investors seeking above-market, inflation-protected returns.

Not all markets will share equally from the current supply/demand imbalance. In markets where speculators have already driven up home prices, future growth is likely priced in. In contrast, we believe in investing in strong secondary markets that have robust job and wage growth but where housing prices remain affordable.