Real estate capital, run with a builder’s discipline.
We invest in United States real estate as the general partner, with the construction executed by our own builder. Control over cost, over schedule and over what gets reported to you.
Diagram of the process. It does not represent a live deal or a projection of returns.
Six theses, one standard
We do not chase whatever asset class is fashionable. We buy where we can create the value with construction, management or structure.
Residential value-add
We buy assets priced below the market because of their condition, fix them, and re-rate them.
- Purchase below market value
- Renovation with our own crew
- Reappraisal and refinance
- Rent or sell depending on the cycle
Build-to-rent
New construction designed from day one to be rented, not flipped.
- Land in proven rental demand
- Built by M&D Buildings LLC
- Lease-up to stabilization
- Monthly cash flow to the vehicle
Small multifamily
Buildings of 4 to 20 units, the segment large funds ignore.
- Professional operations
- Maintenance economies of scale
- Staggered lease expirations
- Exit to an institutional buyer
Fix and flip
Short cycles of buy, renovate and sell to recycle capital.
- 6 to 12 month horizon
- Fixed construction budget
- Exit defined before we buy
- Capital back sooner
Land and development
Parcels with rezoning or subdivision potential.
- Zoning study
- Permit management
- Subdivision or development
- Sale by lot or self-development
Secured private lending
We lend against real property, with a real lien and a short term.
- First-position mortgage
- Conservative loan-to-value
- Periodic interest payments
- Lower exposure to the cycle
The partnership, without the fine print
LP/GP structure
Investors come in as limited partners: they contribute capital and their liability is limited to that contribution. M&D acts as general partner: we source, execute and answer for the deal.
Due diligence
Before a dollar is committed we review title, zoning, physical condition, market comps and the construction budget. If a number does not hold up, we walk.
Reporting
A quarterly report with asset status, construction progress, budget-to-actual and expected distributions. No brochure language.
Exit
Every deal is bought with a defined exit: sale, refinance or stabilized rent. Distributions follow the waterfall set out in the partnership agreement.
Three things not everyone can say
We build what we buy
M&D Buildings LLC does the construction. We do not depend on a third party for cost or schedule, which is exactly where returns are usually lost.
The GP has skin in the game
M&D contributes its own capital to the deals. If a deal goes badly we lose alongside the limited partner, not just the fee.
Numbers, not adjectives
Every quarter you get real budget-to-actual against the original model, variances included.
From the first coffee to the distribution
First conversation
We understand your horizon, your risk tolerance and what size of commitment actually makes sense for you.
Deal materials
You receive the memorandum, the financial model and the partnership agreement to review with your own advisers.
Subscription and KYC
Document signing, identity verification and source-of-funds checks as required by applicable rules.
Capital contribution
Funds go to the vehicle’s account and the contribution is recorded in the partner register.
Execution and reports
We operate the asset and report every quarter with figures, not adjectives.
Exit and distribution
At the end of the cycle the deal is liquidated and proceeds are distributed per the waterfall.
The kind of deal we do
Single-family value-add
Bought at a discount for condition, fully renovated and refinanced.
Build-to-rent duplex
Two new units designed for long-term rent, built by M&D Buildings.
8-unit building
Acquisition, rent repositioning and professional property management.
Three ways in
The right vehicle depends on your horizon and on how much volatility you are willing to carry.
Deal-by-deal co-investment
Investors who want to pick each deal
- You enter one specific asset
- Horizon set by that project
- Asset-level reporting
- Exit at the close of the deal
Participation in the vehicle
Investors who want to diversify inside the LP
- Exposure to several deals
- Risk spread across assets
- Consolidated quarterly report
- Distributions per the waterfall
- Optional reinvestment
Private lending
Investors who prioritize predictability over upside
- Mortgage collateral
- Defined short term
- Periodic interest payments
- No share in the appreciation
These descriptions are informational. They are not an offer of securities. Any investment is made solely through the offering documents for a specific deal. See Important Disclosures.
What every partner asks
What exactly is a Limited Partnership?
It is a partnership with two kinds of partner. The general partner (GP) manages the business and answers for it; the limited partners (LPs) contribute capital and their liability is limited to that contribution. M&D is the GP.
Who can invest?
We apply identity and source-of-funds verification, plus whatever eligibility requirements apply to each offering. We walk you through them before anything is committed.
What is the minimum?
It depends on the vehicle and the deal. We discuss it in the first conversation, along with horizon and risk profile.
When are distributions paid?
As set out in the partnership agreement for each deal: periodically for rental and lending assets, or at the close for sale-driven deals.
What do I receive while the investment is running?
A quarterly report with asset status, construction progress, budget-to-actual against the model and the expected exit.
What are the risks?
The usual ones for the sector: price swings, interest rates, vacancy, construction overruns, permitting delays and illiquidity. The investment is not guaranteed and can be lost in whole or in part.
How does this relate to M&D Buildings LLC?
They are sister brands in the same group. The LP invests, the LLC builds. That integration is what gives us control over cost and schedule.
Let us talk before there is a deal on the table
The best investment decisions are made with time. Tell us your horizon and we will reach out when something fits.