Bronx Multifamily Fund – HUD-VASH Income

Overview
This opportunity is a private real estate investment fund focused on acquiring and operating approximately 100 condominium units in Parkchester, The Bronx, New York. The units are leased primarily through the HUD-VASH program, which provides federally backed housing vouchers for U.S. military veterans.

Strategy
The fund targets stabilized, well-managed condominium assets at entry pricing materially below comparable New York City submarkets with similar long-term access to Manhattan. Rental income is anchored by government housing assistance payments, creating predictable cash flow, while long-term value is supported by amortization, rent growth, and portfolio-level operations.

The acquisition plan is staged over approximately 15–18 months, allowing capital to be deployed methodically without sacrificing underwriting discipline. Investors participate pro-rata in the entire portfolio rather than individual units.

Income Profile
Rental income is supported by local housing authority payments under HUD-VASH contracts. The program has a multi-decade operating history and is designed to reduce vacancy and collection risk. Conservative underwriting assumptions include vacancy reserves and operating buffers.

Capital Structure
The portfolio is financed with fixed-rate, amortizing debt, targeting a 65% baseline loan-to-value ratio with a hard cap at 70% LTV. This structure is intended to mitigate interest-rate volatility while steadily building equity over time.

Hold Period & Exit
The base investment term is 7 years, with up to three optional 1-year extensions to allow flexibility around market conditions. Exit strategies may include a portfolio sale, staged unit sales, or refinancing, depending on market dynamics at the time.

Target Returns
Based on internal modeling and historical comparables, the strategy targets high-teens net IRR and a multi-year equity multiple over a full cycle. Returns are projections only and are not guaranteed.

Investor Profile
The offering is structured for accredited U.S. investors and eligible non-U.S. investors, subject to applicable securities regulations. Minimum investment size is designed to allow diversification without requiring direct property ownership.