Stabilized, Income-Producing Residential Real Estate

Second-vintage Core Fund extending the stabilized-asset strategy into new markets and sourcing channels. Same low-leverage, income-first mandate as Core I.

Fund Size

$1.724B

Target committed capital

Target Net IRR

13–18%

Objective, not a guarantee

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Strategy

Where the fund invests

Stabilized manufactured housing communities in adjacent geographies to the Core I portfolio.
Portfolio-scale acquisitions from institutional and public-market sellers.
Income-producing residential assets with three-year predictable NOI profile.
Low leverage — 60% or less — with laddered maturities.
Cash-yield-focused underwriting with modest disciplined capital appreciation.

Objectives

What the fund targets

Fund Size$1.724B

Target Net IRR13–18%

Target Multiple1.8–2.3x

SectorCore Residential Real Estate

Vintage2028

Terms

Core II 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 Core II Fund?

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

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