Repositioning & Operational Improvement

Value-Add strategy targeting residential real estate assets that require repositioning, operational improvement, or moderate physical investment. Moderate risk with meaningful capital appreciation.

Fund Size

$1.724B

Target committed capital

Target Net IRR

13–18%

Objective, not a guarantee

Investor Relations Back to Funds

Strategy

Where the fund invests

Under-managed or under-invested MHC and RV assets acquired below replacement cost.
Repositioning programs covering amenity, infrastructure, and community services.
Operational improvement through the shared TetraHomes operating platform.
Moderate leverage — 60–65% — matched to hold period and capex plan.
Value creation from occupancy lift, expense reset, and rent normalization.

Objectives

What the fund targets

Fund Size$1.724B

Target Net IRR13–18%

Target Multiple2.0–2.6x

SectorValue-Add Residential Real Estate

Vintage2028

Terms

Value-Add Fund terms

Vehicle

Delaware limited partnership

Investment Manager

TetraHomes Capital Management, LLC (SEC RIA, in filing)

Fund Term

12–15 years, plus two 1-year GP extensions

Investment Period

5–6 years

Waterfall

European whole-fund

LP Fees

None — 0%

Preferred Return

8% compounded annually

GP Catch-Up

100% until 20/80 restored

Carried Interest

20% above preferred

Carry Escrow

30% held through fund term

GP Commit

2% of fund size

Minimum LP Commit

$2,000,000

Recycling

Up to 20% of aggregate commitments

Leverage

60–65% D/E; stabilized 65% LTV; development 50–55% LTC

Auditor

PricewaterhouseCoopers

Fund Counsel

LePore Law Group

Definitive terms are set out in the Fund’s Private Placement Memorandum, Limited Partnership Agreement, and Subscription Agreement. Please consult the fund materials and legal counsel before subscribing.

Interested in the Value-Add Fund?

Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.

Contact IR