Core-Plus Fund · Stabilized Assets with Light Value-Add | TetraHomes
Core-Plus Fund · 2028 Vintage
Stabilized Assets with Light Value-Add
Core-Plus strategy targeting stabilized residential real estate with light value-add improvement plans and modest leverage. Bridges the risk profile between Core and Value-Add.
Fund Size
$1.149B
Target committed capital
Target Net IRR
13–18%
Objective, not a guarantee
Strategy
Where the fund invests
- Stabilized communities with clear light-touch improvement plans.
- Amenity, systems, and operating uplifts to lift NOI 100–200 bps.
- Modest leverage — 60–65% — supporting income and capital appreciation together.
- Sun Belt and Mountain West MHC, RV resort, and alternative housing.
- Mid-hold horizon with distribution start within 24 months of close.
Objectives
What the fund targets
Fund Size$1.149B
Target Net IRR13–18%
Target Multiple1.9–2.4x
SectorCore-Plus Residential Real Estate
Vintage2028
Terms
Core-Plus 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-Plus Fund?
Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.
Contact IR