What is the Capview Warehouse Fund?
The Fund is a investment vehicle designed to purchase communities of single-family homes directly from developers at wholesale discounts. It de-risks these assets by attaching 30-year absolute net leases (Appreciation Bonds) and then sells them at a premium to retail investors.
What is the target fund size?
The Fund has a target size of $10 million and a maximum size of $20 million.
Who is eligible to invest?
This offering is a Rule 506(c) Regulation D offering, intended only for accredited investors and qualified purchasers.
What is the minimum investment?
The minimum investment required is $10,000.
The Fund has a 3-year term, with a potential 1-year extension option at the General Partner's (GP) discretion.
What are "Appreciation Bonds"?
Appreciation Bonds are a proprietary asset class that introduces absolute net leases to the residential sector. Under this structure, an institutional tenant (Appreciation Homes) leases the home for 30 years and handles all property-related responsibilities
Who manages the properties?
Appreciation Homes Leasing LLC (AHC), a BBB+ credit-rated tenant, is responsible for all management, property taxes, insurance, maintenance, utilities, and capital expenditures.
What type of properties does the Fund target?
The Fund focuses on single-family rental (SFR) homes in the Midwest and Sunbelt markets with the following "Buy-Box" criteria:
- Size: 3–5 bedrooms, 2–4 bathrooms, and 1,200–2,500 square feet.
- Vintage: Built from 2015 to the present.
- Price Point: Generally between $250,000 and $500,000
What are the projected returns for investors?
- Projected Net IRR: 16.9%.
- Preferred Return: 10% (compounded monthly).
- Projected Net MOIC: 1.4x (Multiple of Invested Capital).
How often are distributions paid?
Distributions are intended to be paid to investors on a monthly basis
How does the Fund generate profit?
Profit is generated through "arbitrage": the Fund buys homes at wholesale prices, adds a credit-rated net lease to increase the home's value, and then sells the home at retail pricing.
What are the management fees?
The Fund charges an annual management fee of 0.5% on committed capital, paid quarterly.
There is a 2.0% acquisition fee.
How is the "Promote" (performance fee) structured?
The General Partner receives a 20% promote for returns over a 10% IRR, increasing to a 50% promote for returns over a 20% IRR.
Does the Fund use leverage?
No, the Fund terms state there is none.
How does the Fund exit its investments?
The Fund utilizes three main liquidation channels to sell homes to retail investors:
- Broker-Dealer Networks: Selling via Direct Title Security (DTS) or Delaware Statutory Trusts (DST) through a network of over 700,000 advisors.
- Rental Real Estate Market: Accessing the broader $5.5 trillion residential rental market through partners.
- Appreciation Homes REIT: Selling to a dedicated Residential Net Lease Trust planned for early 2026.