Last updated: 9/14/2025
Summary
We are building a platform to back small-scale (10-100 unit) infill multifamily sponsors scaling from “friends & family plus” to professional outside capital. By providing operators with working capital, GP co-investment, LP equity, credit enhancement, and institutional infrastructure, we can deliver unique upside and enhanced returns to our LPs while still providing downside protection via physical assets.
Our initial focus is deep value-add acquisitions in supply-constrained markets: buying below replacement cost from motivated sellers and returning unoccupied units to market. We remain positioned to expand selectively into ground-up projects as rates and costs improve, especially where subsidies enhance returns.
Our long-term goal is to build a platform that funds and empowers the next generation of developers, especially those tackling infill, missing-middle, and workforce housing, directly addressing the housing-supply gap.
Strategy - Small Infill Multifamily
- Assets have started trading at significant discounts, often motivated by sellers hitting debt maturity and/or having gone through 1+ rounds of lender extensions or “rescue financing” (from expensive private debt funds) and no longer being able to carry that cost. The long-discussed debt maturity wall is starting to come to fruition.
- These conditions create attractive acquisition opportunities, especially in smaller (<$10M purchase price) assets without competition from institutional buyers → as demonstrated in our first few deals, below. At the same time, there is a market gap: deals in the $3-10M equity range are too large for friends/family fundraising, yet too small for institutional capital
- Opportunistic strategies: target deep value-add (returning units to habitability), open to ground-up where subsidies and credits help deals pencil. Build the machinery around value-add now with an eye toward ground-up as rates/costs improve.
- Geographies: high barrier to entry, supply-constrained geos with loosening zoning regimes, job growth, buying/renting cost imbalance
Deals & Pipeline
I’ve recently invested personally in the deals below to learn and support. Not all are exactly on-thesis, but are examples of higher yields achievable at smaller scale.
25 Frog Alley, Kingston, NY
Ground-Up Development | Coby Lefkowitz & Roee Gold | $12M TDC
- Full deal memo here
- 46-unit, $11M workforce/affordable housing project (non-LIHTC)
- 6.6% unlevered yield, 20%+ levered IRR over 10 year hold, 25% stabilized dividends post-refi
- 90% LTC state-sponsored debt automatically converting to perm
- Strong market fundamentals: 2% vacancy rate in market-rate buildings, softening regulatory environment for development & rent restrictions