Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
3.43x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
6.14x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund II
Wyndemere, St. Cloud, MN
France 98, Bloomington, MN
The Lakes, Tulsa, OK
Thrive Luxury Apartments, Davenport, FL
Trails at Cahaba River, Birmingham, AL
Inception
12/22/10
$12,600,000
Investment Base
15.67%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
2.37x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
4.92x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund III
The Bowie, Springdale, AR
The Carrington at Four Corners, Clermont, FL
The Overlook, Topeka, KS
Westbury, Howell, MI
Willowbend, Town & Country, MO
Inception
8/31/2012
$17,075,000
Investment Base
22.18%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
2.83x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
6.09x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund IV
Green Meadows, Belleville, MI
Renaissance at Norman, Norman, OK
Reserve at Moonlight, Gardner, KS
Riverchase, Tulsa, OK
Rya, Richfield, MN
The Park at Olathe Station, Olathe, KS
The Solstice, Lake St. Louis, MO
Towne Park, Troy, OH
Inception
11/27/2013
$25,425,000
Investment Base
21.77%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
2.28x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
5.35x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund V
Arcadia at Overland Park, Overland Park, KS
Forestlake, Daytona Beach, FL
Latigo 27, Ocala, FL
Legacy Village, Springfield, TN
Pelican Cove, Florissant, MO
Prairie Lakes, Ankeny, IA
Quail Hollow at the Lakes, Holland, OH
South Pointe, Southgate, MI
South Pointe, Southgate, MI
Woodland Park at Soldier Creek, Topeka, KS
Inception
6/30/2015
$38,650,000
Investment Base
18.59%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
1.41x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
4.10x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
White Bear Woods
White Bear Woods, White Bear Lake, MN
Inception
10/3/2016
$8,200,000
Investment Base
14.01%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
1.07x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
2.16x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Nashville 3
Falls at 109, Lebanon, TN
Fountains at Meadow Wood, Clarksville, TN
Lakes of Columbia, Columbia, TN
Inception
12/1/2016
$20,000,000
Investment Base
19.13%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.86x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
3.91x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund VI
Ashley Square, Des Moines, IA
Brookes Edge, Cleveland, TN
Green Mount Lakes, O’Fallon, IL
Huntington at Sundance, Mulberry, FL
Retreat of Shawnee, Shawnee, KS
Vance Station, Valley Park, MO
Villas at Oak Crest, Chattanooga, TN
Inception
9/13/2017
$51,450,000
Investment Base
19.28%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
1.13x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
3.27x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Arkansas I
Sullivan Square, Bentonville, AR
Inception
3/7/2019
$17,500,000
Investment Base
24.61%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
1.45x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
3.73x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Parkway Lakeside
Parkway Lakeside, O’Fallon, IL
Inception
3/7/19
$12,800,000
Investment Base
21.88%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.75x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
3.25x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Timberland STL
The Finn, Hazelwood, MO
Inception
5/30/2019
$11,425,000
Investment Base
14.63%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.55x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
2.20x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund VII
Capital Park at 72 West, Huntsville, AL
Encore Memorial, Bixby, OK
Heritage Lake, Knoxville, TN
Isles of Gateway, St. Petersburg
Meadowridge, St. Peters, MO
The Meridian at Walnut Creek, Rogers, AR
Preserve on Maine, Rochester, MN
Synergy at the Meadows, Lake St. Louis, MO
The Halston, Birmingham, AL
Trails at Cahaba River, Birmingham, AL
The Vista at South Broadway, Rochester, MN
Inception
1/24/2020
$80,000,000
Investment Base
13.13%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.48x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
1.77x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund VIII
Grand Central at the Junction, Wentzville, MO
Oak Ridge at Pelham, Greenville, SC
The Aria, Tulsa, OK
The Halston, Birmingham, AL
Villas at Park Avenue, Pooler, GA
Inception
5/4/2021
$58,000,000
Investment Base
8.61%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.27x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
1.40x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Missouri 3
The Avery, Farmington, MO
Inception
1/4/2022
$17,000,000
Investment Base
10.37%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.34x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
1.41x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Multi-asset
Fund IX
Highland Lakes, Prattville, AL
Maple Village, Pell City, AL
The Element, Kansas City, MO
Thrive Luxury Apartments, Davenport, FL
Inception
2/9/2022
$85,000,000
Investment Base
-3.74%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.09x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
0.87x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Timberland Indigo
Indigo Apartments, Bloomington, MN
Indigo Apartments, Bloomington, MN
Inception
10/7/2024
$26,700,000
Investment Base
7.19%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.09x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
1.09x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Knoxville Pointe
Knoxville Pointe, Dunlap, IL
Inception
3/25/2025
$10,750,000
Investment Base
7.18%
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
0.05x
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
1.05x
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Single-asset
Emblem
Elwood Apartment Homes, Shakopee, MN
Inception
6/25/2025
$25,675,000
Investment Base
NA
Estimated Net IRR
Net Internal Rate of Return (IRR): An expression of the total return to the partners, net of carried interest, based on the timing and size of the investment amount, all distributions, and current terminal valuation.
NA
DPI
Distributions to Paid-In-Capital (DPI): A return metric that shows the number of times the investment entity has returned partner capital either through operating distributions, refinance proceeds, or liquidating asset sales.
NA
Estimated Net EM
Estimated Net Equity Multiple (EM): A return metric expressed as a multiple of the number of times the investment entity would return capital, net of carried interest, if liquidated at fair-market-value today. It includes all realized distributions and proceeds from a hypotheical sale of assets at current market value(s).
Active Partnership Entities
Realized Returns
To view the performance and realized returns of sold communities, click the button below and fill out the required information. Please contact us if you have any questions about the historical performance of sold entities.
Individuals (i.e., natural persons) may qualify as accredited investors based on wealth and income thresholds, as well as other measures of financial sophistication.
Financial Criteria
Net worth over $1 million, excluding primary residence (individually or with spouse or partner), or;
Income over $200,000 (individually) or $300,000 (with spouse or partner) in each of the prior two years, and reasonably expects the same for the current year
Professional Criteria
Investment professionals in good standing holding the general securities representative license (Series 7), the investment adviser representative license (Series 65), or the private securities offerings representative license (Series 82)
For further specifications please refer to the SEC website
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