Dale Browne, founder and Chief Investment Officer. Ten years operating value-add residential in the New York metro through Dappered Pads, his prior renovation and resale business, sourcing off-market, managing renovation directly, and selling into retail channels. This is a first-time fund. It is not a first-time strategy, but the distinction matters and we're not going to blur it: prior deals were executed on personal and small-partnership capital, not in a fund structure with institutional reporting and third-party audit. Qualified investors get the full deal-by-deal operating history in the data room, and you should read it before you form a view.

1.5% annual management fee on committed capital. 30% carried interest, taken deal by deal, with no preferred return and no clawback. That is more sponsor-favorable than the 20-and-8-with-clawback structure common in larger funds, and we'd rather you hear it from us than find it on page 40. The reasoning is that this strategy generates returns through execution velocity rather than leverage or market beta, and carry is earned as each property closes. What it means for you practically is that we collect on profitable deals as they exit, and there's no mechanism that returns that carry if later deals underperform. If a preferred return is a requirement for you, this fund will not clear your screen, and that's a legitimate place to land.

Fair question, and it's the first one a sophisticated investor should ask. Individual properties turn in six to nine months. The fund term is longer because capital gets recycled into new acquisitions during the investment period, and because a wind-down window protects against being a forced seller into a bad market at a fixed date. There is no interim liquidity, no redemption right, and no secondary market. If you need this capital inside seven years, do not commit it. The specific investment period, extension mechanics, and distribution timing are in the operating agreement, and the deployment and recycling assumptions behind the return model are in the data room.

It compresses exit prices and lengthens holds, and both hit returns. Our underwriting response is to price dispositions below recent comparable sales rather than at them, cap renovation scope so we're not carrying open-ended construction risk, and underwrite a nine-month hold on a six-month target. We model downside, recession, and severe scenarios, and we'll show you all of them, including the ones where returns land in low single digits. A real downside case in this strategy isn't dramatic — it's an ordinary house that takes five extra months to sell for eight percent less than modeled, repeated across a portfolio. That's what you're underwriting.

Direct relationships, not listings. Estate and probate attorneys with sellers who need a clean, fast close. Contractors who see distressed properties on adjacent jobs. Smaller operators moving inventory off their balance sheet. Direct outreach to absentee and estate-held properties in specific neighborhoods. This is the part of the strategy that doesn't scale by writing a bigger check — it scales by being in one market long enough that people call you first, which is why the fund is concentrated rather than spread thin.

Accredited investors only, $100,000 minimum. Because this is a Rule 506(c) offering, we're required to take reasonable steps to verify accreditation — a self-certification checkbox isn't enough. That means tax documents, brokerage or bank statements, or written confirmation from your CPA, attorney, or registered broker-dealer. From there: investor questionnaire and verification, then NDA and data room access to the PPM, operating agreement, financial model, and operating history, then subscription documents and funding. Closings occur monthly through final close.