MULTIFAMILY - WORKING AMERICA
Multifamily,
underwritten with
discipline.
acquires 10 to 100+ unit apartment buildings in America’s hardest-working growth markets — and pays
our limited partners quarterly. We invest where America works.
TARGET CASH-ON-CASH
6–10%
Stabilized · Years 3–7
Target IRR — Internal Rate of Return
15–20%
Annual
Distribution
Quarterly
Beginning Q+2
Minimum LP
$50k
Accredited investors only
01 · The Thesis
Working America never stopped.
Our buildings work with it.
We invest in Class B/C garden-style multifamily in U.S. MSAs of 80–
250K — markets anchored by jobs that don't telecommute and don't
get automated this cycle: logistics, healthcare, public infrastructure,
and the trades and services that keep the country running.
· 01
Consistent Income
Rental income from stabilized, professionally managed buildings — distributed quarterly to LPs, beginning the second quarter after acquisition.
· 02
Real-Asset Appreciation
Value-add improvements and disciplined operations grow NOI over the 5–7 year hold — the engine behind durable price appreciation.
· 03
Tax-Advantaged
Depreciation pass-through, mortgage-interest deductions, and the option to defer gains through a 1031 exchange at exit. Real-estate-specific advantages stocks don't offer.
· 04
Inflation Hedge
Rents reset on annual cycles; the asset reprices with replacement cost. Real estate has historically been one of the strongest inflation-protected income streams available.
· 05
Professional Management
Property management, capital improvements, lender relations, and LP reporting are handled by and our institutional bench. You wire capital; we run the building.
· 06
Transparent Reporting
Quarterly letters with property-level operating data. K-1s issued on schedule. A 24/7 investor portal for documents, statements, and distributions. No black boxes.
02 · How It Works
Four steps. One discipline.
Every deal moves through the same four-stage system. The discipline is the product. We do not skip steps. We do not chase markets. We do not change underwriting standards to make a deal pencil.
Step 01 · Source
Find the inefficient middle.
We hunt 10 to 100+ unit Class B/C properties in U.S. MSAs of 80–250K — too large for retail buyers, too small for the institutional funds. The competitive vacuum is the alpha.
Step 02 · Underwrite
Engineer the deal.
Conservative rent growth, market-tested cap rates, line-item operating budgets, and full third-party reports. The model has to hold up under the same scrutiny an institutional credit desk would apply.
Step 03 · Acquire
Close on our terms.
Capital structure is set before we offer. Debt placed through institutional lender relationships. LP commitments syndicated transparently, document-by-document, through our investor-relations platform.
Step 04 · Operate
Run the building.
Asset management is hands-on, with a professional property-management bench on every asset. Monthly internal review; quarterly LP letter; exit when the model says exit, not when the market is loud.
03 · Who We Are
Our goal is to deliver strong returns — and give back to our investors.
Representative image · not a -owned asset
was founded on the conviction that the most reliable real estate returns come from buildings most people overlook.
“The most dependable returns come from ordinary buildings in hardworking towns — the ones most investors drive right past. We do the unglamorous work, and we share the upside with the people who trusted us with their capital.”
— , Founder
01
Thorough due diligence
02
Full-service asset management
03
Transparent investor communication
04
Customized portfolio fit per LP
05
Conservative leverage discipline
06
Institutional underwriting bench
04 · Why
Four reasons LPs choose
over the platform.
There is no shortage of multifamily sponsors. There is a real shortage of
multifamily sponsors whose underwriting, operating discipline, and
investor reporting hold up under scrutiny. Here is how we hold up.
· Discipline
Institutional-grade underwriting.
Every deal model is built with redundant assumptions, stress-tested margins, and single-point-of-failure analysis. We don't pitch projections we can't defend — and we kill deals our own model can't survive.
· Geography
Working towns, durable jobs.
We invest where the economic base is logistics, healthcare, public infrastructure, and the trades — jobs that don't telecommute, don't get automated this cycle, and don't disappear when a single employer leaves.
· Platform
Institutional team, boutique alignment.
Every deal carries the same underwriting desk, securities counsel, and property-management infrastructure that supports far larger transactions. Institutional process, without the platform fees.
· Skin
We invest alongside you.
principals co-invest GP capital on every deal. Our incentive structure rewards stabilized cash flow, not transaction volume. We make money when you make money — and we wait the same five-to-seven years.
05 · The Founder
An owner's discipline,
an operator's experience.
Founder · General Partner
United States · Nationwide
Multifamily Acquisitions & Operations
Value-Add Repositioning
Long-Term Capital Stewardship
is an entrepreneur and real estate investor with hands-on experience owning and operating rental properties across multiple market cycles. He built his career around a simple conviction: dependable returns come from disciplined process, not market timing. That operator's rigor — a systems-driven mindset makes today.
Across his career, has earned his reputation on reliability, thoughtful execution, and solving real-world operational problems — from acquisition and renovation through stabilized operations. He is directly involved in every stage of the process: sourcing, underwriting, capital structure, and asset management. Nothing closes without his signature on the model.
As Founder of , combines operator-level analysis with long-term capital stewardship. Drawing on experience as both a landlord and an investor, he focuses on dependable value-add multifamily opportunities supported by durable economic demand, disciplined underwriting, and transparent investor communication.
“The best investments aren't the loudest ones. They're the buildings that quietly do their job, quarter after quarter, for the people who trusted you with their capital.”
—
06 · Strategic Partner
An institutional bench,
one disciplined standard.
is partnered with Justin Brennan for underwriting, lending
relationships, legal counsel, and property-management infrastructure.
The same desk that supports far larger transactions runs every
deal.
Co-General Partner
Justin Brennan
Multifamily & Syndication
Acquisitions · Operations · Finance
Institutional Underwriting Bench
Justin is a seasoned multifamily investor, blending years of experience across real estate, construction, land planning, and syndication. He helps lead day-to-day operations and strategic direction across the platform that underwrites and operates ’s deals.
Justin brings operational, legal, and capital-markets fluency to every transaction. He leads opportunity sourcing, operations setup, market and data evaluation, and finance — the same disciplines now applied to ’s nationwide working-market strategy. Debt placement, offering-document preparation, and property-management infrastructure all run through the institutional bench he helps direct.
Over the course of his career he has built a record of making investors money through disciplined growth, conservative leverage, and an operator’s eye for the unglamorous details that compound over decades.
“The value of hard work, cash flow, and a slow, disciplined approach to wealth-building is what ensures steady success in good times and bad.”
— Justin Brennan
07 · Advisory Board
The bench behind every transaction.
investors are protected by a professional advisory
infrastructure: securities counsel, audit-grade CPAs, entity-structuring
attorneys, and a dedicated investor-relations platform.
CPA · Tax Counsel
Khalsa McBrearty Accountancy, LLP
Audit-grade CPA support for syndicated real estate: tax preparation and review, cost-segregation coordination, on-schedule K-1 issuance, and complex financial modeling for every entity.
Securities Attorney
Eric Weingold
Experienced corporate securities counsel responsible for drafting the Private Placement Memoranda, subscription agreements, and Regulation D filings behind every offering.
Entity & Asset-Protection Counsel
Clint Coons
Entity-structuring specialists who design and maintain the holding structures that protect investor capital — drawing on direct real-estate investing experience, not just theory.
Investor Relations Platform
Syndication Pro
White-labeled, 24/7 investor portal. K-1s, subscription docs, distribution statements, property updates, and capital-call sequencing in one place — the same infrastructure used by institutional GPs.
08 · Current Opportunities
In the pipeline,
one underwriting standard.
Every deal is named by its unit count — SC24 is a 24-unit
property, SC31 is 31, and so on. Names stay confidential while each
acquisition is in diligence; full deal memos are released to accredited
LPs as each one closes.
SC24
· Pipeline
24-unit garden-style B/C in a target working-town MSA. Details released to accredited LPs at close.
Target IRR
TBA
Min. LP
$50k
Hold
5–7 yrs
SC18
· Pipeline
18-unit Class B in a supply-constrained, employment-resilient submarket. Details released to accredited LPs at close.
Target IRR
TBA
Min. LP
$50k
Hold
5–7 yrs
SC31
· Pipeline
31-unit Class B/C along a regional logistics corridor. Details released to accredited LPs at close.
Target IRR
TBA
Min. LP
$50k
Hold
5–7 yrs
Past performance of individual properties is not indicative of fund results. All targets reflect base-case underwriting. See PPM risk factors §11–§14.
09 · What Our LPs Say
From the people who wire the capital.
“
The underwriting package was the most thorough I've reviewed from any sponsor at this deal size. Every assumption was defensible.
R. M.
LIMITED PARTNER · TAMPA
“
Steady quarterly distributions and a quarterly letter that actually tells me what's happening at the property level. No black boxes.
D. K.
PHYSICIAN INVESTOR · CHARLOTTE
“
protects my downside before he talks about his upside. That ordering tells you everything about how the fund is run.
L. P.
ACCREDITED INVESTOR · COLUMBUS
10 · FAQ
The questions most often asked,
before the wire.
If you don't see your question here, ask it directly on the call. We
answer in writing whenever we can.
What types of investements do you offer?
Three structures. (1) Passive LP investment in a Salterstone-sponsored deal — the standard path. (2) Direct co-acquisition for accredited investors who want a larger position in a single asset. (3) Co-GP partnership for sophisticated investors who want an active role in sourcing and underwriting alongside Salterstone. Minimum LP investment starts at $50,000.
How do you decide which properties to buy?
We screen U.S. MSAs of 80–250K population, filtered by job composition (logistics, healthcare, public infrastructure, and skilled trades must anchor the employment base). Then we underwrite individual 10 to 100+ unit assets on cap rate, in-place cash-on-cash, value-add headroom, and debt-service coverage. We pass on the vast majority of properties we look at. Every deal that closes has been through the full institutional underwriting stack before a dollar of LP capital is committed.
What is the minimum to invest?
$50,000 for the standard Fund I LP position. Larger commitments are eligible for preferred LP class with additional reporting and a small fee discount. All Salterstone investments are offered under SEC Rule 506(c) of Regulation D and are limited to verified accredited investors.
How are these deals financed?
Conservatively. Typical capital stack is 60–65% senior debt placed through agency lenders (Fannie/Freddie small-balance), 35–40% LP equity, and 0–20% GP co-invest. We do not use mezzanine or preferred-equity layers on Fund I assets. Every deal is underwritten to debt-service coverage well above lender minimums in our base case, with stress cases that hold up at year-five-rate refinance.
What are the principal risks?
Multifamily real estate carries market risk (rent and cap-rate cycles), operating risk (tenant turnover, capex surprises), and financing risk (refinance market conditions). Salterstone mitigates these through geography selection, conservative underwriting, professional management, and disciplined leverage — but no investment is risk-free. The full risk discussion is in PPM §11–§14 and we walk through it on the call.
How is value created on this building?
Multifamily value is a direct function of net operating income. We grow NOI through three levers: (1) capex-driven rent premiums (unit refresh, amenity adds), (2) operating efficiency (utility separation, vendor consolidation, technology), and (3) ancillary revenue (trash valet, parking, storage). Properly executed, each lever compounds. Across our target markets, Salterstone targets year-over-year NOI growth of 4–6% during the value-add window.
What tax advantage does VPs receive?
LPs receive a K-1 each year capturing their pro-rata share of (1) depreciation pass-through — often substantial through cost-segregation studies in years 1–2; (2) mortgage-interest deductions on the senior debt; and (3) the option to defer gains via 1031 exchange at exit. Consult your tax advisor; we are happy to introduce you to our fund-accounting partners if you don't already have multifamily-experienced counsel.
How do I see what my investment is doing?
Every LP gets login credentials to our secure investor portal. The portal shows committed capital, paid distributions, property-level performance, documents (subscription agreement, PPM, K-1s, distribution statements), and quarterly letters. Distributions hit your linked account on the standard quarterly cadence beginning Q+2 after acquisition.
- SCHEDULE A 30-MINUTES CALL
Capital, where the jobs are
A short conversation with . We will walk through the
thesis, the current pipeline, and where fits inside
your portfolio. No deck, no pressure - just the numbers.
- DIRECT CONTACT
Founder, General Partner
Your reliable partner in working-town capital.
Built on reliability, discipline, and long-term
thinking.
- INVESTOR
- CONTACT
This website does not constitute an offer to sell or a solicitation of an offer to buy any security. Any such offer will be made only by the Confidential Private Placement Memorandum and subject to the qualifications and disclosures set forth in that document. Investments in real estate involve substantial risk, including loss of principal. Targets shown are based on 's base-case underwriting assumptions and are not guaranteed. Past performance of any individual asset, sponsor, or partner is not indicative of future results. investments are offered under Rule 506(c) of Regulation D and are limited to verified accredited investors. Consult your own tax, legal and financial advisors before investing.