All Forum Posts by: Robert Ellis

🏡 What We’re Working On

We’re deep into infill plays on Columbus’ Near East Side (43205 and 43203), where demand is heating up. Our newest two-story floor plan—complete with walk-in closets, rear porch overlays, and an attached garage—is already approved and moving forward.

• 🏗️ Buy-right zoning

• 📐 Full plan set: front/side elevations, structural, electrical, and truss drawings

• 📍 Prime lot secured on Miller Ave, surrounded by high-dollar comps

• 🏘️ Additional land for sale now available—perfect for rear-load garages with alley access

💡 Why It Matters

We aren’t just selling lots—we’re designing efficient, profitable builds with strong curb appeal and walkability. Our team prefers full-length, alley-loaded lots (30x120+) to streamline construction and meet modern buyer demands.

This area is still slightly under market compared to its upside potential, which means there’s room for strong margin if you build smart.

🤝 Let’s Connect

Whether you’re a builder looking for shovel-ready lots, a designer exploring infill potential, or just curious about how we’re structuring land deals—we’d love to connect.

No pitch. Just real projects, real plans, and real returns.

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.

🚀 Investment Opportunity: Midwest Residential Growth Fund I

Discover a structured LP equity offering designed for institutional investors seeking short-duration, high-return opportunities in the Build-to-Rent (BTR) sector.​

Project Snapshot:

• Location: Heath, Ohio (Enterprise Zone)

• Project Size: 88 Gross Acres / 66 Net Usable Acres

• Estimated Lots: 374 Single-Family Residences

• Product Alignment: DR Horton Express Series

• Exit Strategy: Paper lot sale to institutional BTR buyer​MDPI

Investment Highlights:

• Equity Type: Structured LP Equity / Soft Preferred Equity

• Hold Period: 12–14 months (max 18 months)

• Preferred Return: 10–12% (soft pay, accrual permitted)

• Minimum Return Hurdle: 1.5x multiple on invested capital

• Promote Split: 70% Investor / 30% Sponsor above hurdle

• Sponsor Fees: None (no acquisition, AM, or entitlement fees)

• Sponsor Compensation: Promote only

• Exit Valuation: $20K–$25K per platted lot​

Modeled Returns:

• Total Capital Required: $1.8M

• Total Gross Revenue: $7.48M

• Fund Gross Profit: $5.68M

• Investor Equity Multiple: ~3.36x

• Investor IRR (14 months): ~170–180%​

  
  If you’re exploring capital-efficient ways to enter the BTR space—or just want to trade notes on entitlement strategies and deal structure—let’s connect.

We’re always open to conversations with developers, fund managers, and experienced LPs who see the opportunity in purpose-built rental communities.

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.

Hey BP community,

I’m curious to hear how others are structuring equity for build-to-rent (BTR) developments—whether you're doing scattered site infill, horizontal apartments, or full-scale BTR communities.

There’s a growing appetite from both institutional and private capital in this space, but the equity stack seems to vary a lot depending on:

• Project size (10–20 units vs. 100+ unit communities)

• Location (urban infill vs. suburban greenfield)

• Exit strategy (hold and cashflow vs. sell stabilized)

A few questions for the group:

• Are you raising through syndications, SPVs, or forming long-term funds?

• How do you structure LP/GP splits, preferred returns, or promote waterfalls on smaller BTR deals?

• Anyone seeing success with institutional equity or family office partners on these deals?

• Are you using phased development models to de-risk construction and lease-up?

• How do you pitch the long-term value of BTR vs. traditional multifamily to investors?

I'm working on a few BTR projects where we’re building single-family and townhome-style rentals as a product that competes with Class A apartments—but with more space, garages, and no shared walls.

Would love to hear how others are thinking about capital stack, returns, and partnership structures in this niche. Let’s share ideas and experiences—who knows, maybe even find opportunities to collaborate.

Hey BP community,

Curious to connect with others who are actively working on or exploring land development projects—especially those who’ve gone through the entitlement process, rezoning, or leveraged incentives like LIHTC, TIF, or new zoning overlays.

I’m currently working on a large-scale mixed-use project that includes affordable housing, senior housing, retail, and commercial components. We’re in the early stages of rezoning agricultural land into a mixed-use district and building strong relationships with local municipalities.

A few questions for the group:

• How are you approaching feasibility studies before you tie up land?

• What’s been your experience navigating the entitlement process or working with planning commissions?

• Have you used any creative structures like ground leases, public-private partnerships, or SPVs to reduce upfront capital risk?

• For those who’ve done horizontal development, how are you managing infrastructure costs and timelines?

Also curious how others are balancing community engagement with maximizing density and ROI.

Across the United States, especially in the Sunbelt region, master-planned communities (MPCs) are not just trending—they're redefining how America lives, works, and plays. In states like Florida, Texas, Arizona, Nevada, and the Carolinas, massive land developments are giving rise to lifestyle-centric, multigenerational neighborhoods that consistently outperform their metro areas in sales, rent growth, and demographic strength.

These communities aren’t your average suburban sprawl. Instead, they offer:

✔️ Diverse housing options – from entry-level homes and luxury estates to build-to-rent (BTR) properties, 55+ active adult units, and multifamily apartments
✔️ Integrated amenities – think sparkling lagoons, fitness trails, pickleball courts, co-working cafes, dog parks, and even schools, retail villages, and community farms
✔️ Scalable sales velocity – top MPCs like Lakewood Ranch (FL) and Eastmark (AZ) are selling 1,000–2,200+ homes per year, with some builders moving 30+ units monthly

These projects are often led by national developers such as Hines, Taylor Morrison, and Howard Hughes, and increasingly backed by institutional capital (Trez Capital, Starwood, etc.), highlighting their low-risk, high-yield profile for real estate investors.

📊 The numbers speak volumes:

• Median household incomes in MPCs are 63% higher than their metro average

• Bachelor’s degree attainment averages 63% (vs. 41% regionally)

• Retail vacancy in top MPCs is under 1%, and multifamily rents can run 15–20% higher than nearby cities

🏡 Why the Surge?
With remote work reshaping buyer priorities, Americans are leaving cramped urban cores for walkable, community-driven suburbs that don’t sacrifice connection or convenience. MPCs check all the boxes—modern homes, tech-ready infrastructure, green space, and a true sense of place.

🌐 From Houston’s 3,000-acre Verdancia to Orlando’s top-selling Wellen Park, the MPC model is thriving—providing builders and investors with a proven formula in uncertain times.

📌 Looking to build or invest?
The Sunbelt is your launchpad.
Explore land deals, joint ventures, and development-ready communities that are designed to perform in any market cycle. Whether you're planning a BTR product, a multigenerational village, or a mixed-use neighborhood, there’s no better time to enter the MPC market.

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.

Merchants Capital has officially surpassed $1 billion in Low-Income Housing Tax Credit (LIHTC) investments for 2024, cementing its position as a national leader in affordable housing finance. These investments are powering the development of high-quality, income-restricted housing across the U.S., from urban centers to rural communities.

Whether you're a developer looking for financing, a real estate investor exploring tax-advantaged projects, or a municipality aiming to support equitable housing, now is the time to partner with a funder that’s delivering at scale.

With strong government support and increasing demand for affordability, LIHTC-backed projects are a smart play for long-term stability and impact.

📍 Projects funded in over 13 states, including Ohio, Texas, and California
🔍 Get in on this movement and build for a better future.

🌐 Learn More

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.

Just read about Anduril's plan to build Arsenal-1, a massive 5 million sq. ft. facility near Columbus. They're investing nearly $1B and aiming to create over 4,000 jobs.

It's fascinating to see such a significant defense tech investment happening outside the usual hubs. Ohio's rich aerospace history and skilled workforce make it a compelling choice.

What are your thoughts on this shift? Could this signal a broader trend of defense innovation moving into new regions?

I’ve been thinking a lot about where the real infrastructure for AI is going to live—not the headlines, but the power, the land, and the systems that make scale possible.

Just shared a write-up on ShaleScale—our vision for an energy-backed AI supercampus. We’re talking private power, high-density compute, rural scale, and yeah... it kind of looks like something out of Stargate.

Curious what you think:
Can places like Ohio, Pennsylvania, and West Virginia actually lead the next wave of AI infrastructure?
Or does it all stay coastal?

Would love to hear your take—especially if you’re in energy, tech, or building hard infrastructure. This stuff’s happening faster than most people think.

If you’ve been waiting for the right time to scale multifamily or apartment development, Low-Income Housing Tax Credit (LIHTC) funds are deploying right now—and they’re prioritizing partners who are shovel-ready.

📊 Recent numbers speak volumes:

• $1B+ deployed by Merchants Capital across multifamily tax credit projects

• $263M fund from Red Stone Equity Partners

• $152M from OCCH, targeting Ohio, Michigan, Kentucky, and West Virginia

• $95.5M LIHTC awards in Texas—a signal of what’s possible

• $300M collateral program launched by FHLBank Chicago

• Dozens of equity funds closed in just the last quarter

We’re seeing equity stack deals get done with a mix of:
✅ LIHTC
✅ HOME
✅ TIF
✅ Local incentives
✅ Institutional capital

If you're working on mixed-income apartments, workforce housing, or multifamily projects with affordability components, you don’t have to go it alone.

🌆 Ohio cities like Columbus, Toledo, Trotwood, and Circleville are already onboarding layered capital to make multifamily pencil out—even with rising costs and tough capital markets.

No hype. No pitch. Just a heads up:
💬 Get in the loop on who's funding what.
📩 Reach out to connect with teams that are structuring, entitling, and breaking ground right now with LIHTC funds in play.

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.

Looking to develop affordable housing, access Low-Income Housing Tax Credit (LIHTC) equity, or align with institutional capital partners?

🚨 Ohio is surging ahead with hundreds of millions in recent fund closings:

• Over $1B in LIHTC investments by Merchants Capital

• $407M raised by Enterprise in dual funds

• $170M+ committed across 13 states via Boston Financial

• $59M secured by KeyBank for housing in Ohio

• New pilots like FHLBank Chicago’s $300M collateral program and strategic efforts by OCCH and Cinnaire to expand reach into underbuilt markets

This isn’t a pitch. This is a moment.

📍 If you’re in Columbus, Toledo, Trotwood, New Miami, or anywhere across Ohio:
Municipalities, developers, and nonprofit partners are already tapping into these layered funding sources to build housing that works—for seniors, families, and communities in transition.

💡 You don’t need to reinvent the wheel. You need a seat at the table.

🛠️ Whether you're planning new construction, adaptive reuse, or looking to combine LIHTC, NMTC, HOME, TIF, or other incentives:
👉 Now’s the time to align your project with active deployment capital.

📬 DM or email to connect with groups already deploying funds and building successful coalitions. Let's get affordable units in the ground—before the next round closes.

Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through official offering documents and in accordance with applicable securities laws.

The investment opportunity described is available only to accredited investors as defined
under Rule 501(a) of Regulation D under the Securities Act of 1933. Investors will be required to
verify their accredited investor status before accessing investment materials.

Investing in real estate involves significant risks, including but not limited to potential loss of
capital, liquidity constraints, and market volatility. Past performance is not indicative of future
results. Prospective investors should conduct their own independent due diligence and consult
with their own legal, tax, and financial advisors before making an investment decision.

For more information, please contact us directly to review financials, gain access to the investor
vault, or discuss the project in detail.