Case studies
The silver lining,
documented.
Three closed positions across our tiers. Each one shows the basis we bought at, the work we sequenced, and the number we actually realized — not a projection.
- Positions realized
- 3 of 27 shown
- Value created
- $6.14M
- Capital impaired
- None to date
SC-012 · Entry-Level
Brambleton Cottages
Winston-Salem, NC · Duplex · 2021 – 2024
Realized ROI
22.4%
Cap rate at exit
6.6%
Exit value
$468K
Hold period
38 months
The position
A deferred-maintenance duplex two owners removed from any professional management, listed after a failed retail sale.
Our action
Acquired all-cash in nine days, then rebuilt to a single specification so both units could command identical premium rents.
The outcome
Refinanced at month 14, returning 78% of partner capital while the asset continued to distribute.
Renovation process
Phase I
Foundation stabilization, new roof
Weeks 1–6
Phase II
Interior rebuild across both units
Weeks 5–14
Phase III
Exterior, landscape, lease-up
Weeks 13–18
Basis to exit
- Acquisition$268,000
- Renovation$71,000
- Value created$129,000
- Rent lift
- +64%
- Capital returned by month 14
- 78%
- Days on market at exit
- 11
SC-019 · Medium
Sedgewick Terrace
Columbia, SC · Multifamily · 2020 – 2025
Realized ROI
27.9%
Cap rate at exit
7.2%
Exit value
$2.76M
Hold period
54 months
The position
Twelve units at 91% occupancy but 31% under market, with utilities bundled into rent and no expense discipline.
Our action
Held every tenant through the work, turned units only at natural expiry, and separated utilities to shift $41K of annual expense.
The outcome
Never dropped below 83% occupancy during construction. Sold to a regional operator in an off-market process.
Renovation process
Phase I
Mechanical replacement, envelope repair
Weeks 1–9
Phase II
Rolling turns as leases expired
Weeks 8–34
Phase III
Sub-metering, management transition
Weeks 32–46
Basis to exit
- Acquisition$1,420,000
- Renovation$385,000
- Value created$955,000
- NOI growth
- +91%
- Occupancy floor during works
- 83%
- Expense ratio improvement
- −14 pts
SC-026 · High-End
Thornbury Exchange
Nashville, TN · Mixed-use · 2019 – 2025
Realized ROI
31.6%
Cap rate at exit
6.8%
Exit value
$12.9M
Hold period
71 months
The position
A 1920s corner building with a failing anchor tenant, unpermitted residential conversions, and a lender pressing for resolution.
Our action
Negotiated a discounted payoff, legalized the residential floors, and replaced the anchor with a covenant-grade operator on a 12-year term.
The outcome
Held through the 2022 rate reset without a capital call, then exited into an institutional bid.
Renovation process
Phase I
Structural, elevator, and facade restoration
Months 1–8
Phase II
Residential floors rebuilt in three tranches
Months 7–22
Phase III
Retail repositioning and anchor lease
Months 20–32
Basis to exit
- Acquisition$6,100,000
- Renovation$1,740,000
- Value created$5,060,000
- Value created
- $5.1M
- Capital calls beyond plan
- None
- Anchor lease term
- 12 years
Twenty-four more on file
Every position we have ever closed is documented.
Verified partners receive the complete track record — including the deals that underperformed and what we learned from them.