An open-ended multifamily fund built for investors who would rather let capital compound than take a check every quarter. Long holds, conservative leverage, and every dollar of profit reinvested rather than distributed.
11–13% net to investors, realized as NAV appreciation rather than income.
14–17% equivalent, reflecting cost segregation and 1031 exchanges executed inside the fund.
None. All profits are reinvested to compound growth. There are no distributions.
$50,000 minimum investment
2-year lockup, then quarterly redemption requests during the annual liquidity window.
Evergreen open-ended fund, priced quarterly at NAV, with an annual third-party CPA audit.
Walk through the strategy, the structure and why an evergreen fund compounds differently from a series of deals.
Multifamily pricing peaked in July 2022. What unwound afterward was largely structural, a function of how deals were financed rather than a collapse in demand. Roughly $1.2 trillion of commercial mortgages matured by the end of 2025, and multifamily is the most heavily weighted property type in those maturities.
More than 630,000 units absorbed over the trailing twelve months as of Q3 2025, the seventh-highest total on record.
Annual construction starts are down 43% over two years, and starts lead supply. The 2026 and 2027 pipeline keeps thinning.
A $1,241 monthly cost gap versus homeownership, roughly 2.7 times the long-term average, with mortgage purchase activity 47% below its 2020 peak.
Q3 2025 sales volume of $43.8B, up 12.6% year over year. Cap rates are stable and positive leverage has returned in select markets.
The practices that caused the last cycle's distress, set against how this fund is built.
| Last cycle | This fund |
|---|---|
| Aggressive debt funds | Agency lenders and banks |
| Three-year maturities, short flips | Long-term holds, 5 to 10 years |
| Floating interest rates | Fixed rate or managed risk |
| High leverage, 80–85% LTV | Conservative leverage, 65–70% LTV |
| Deep value add | Light value add, market focus |
| Aggressive growth assumptions | Proven upside and tailwinds |
This fund pays nothing along the way, so the only number that matters is what the position is worth when you redeem. Target net annual return is 11 to 13%, with a 14 to 17% tax-adjusted equivalent.
Below the $50,000 minimum. Figures shown for reference.
13% net annual return, per $100,000 invested.
Target returns, not guarantees. Returns realize as NAV appreciation rather than current income, and no distributions are planned. Actual results depend on property performance, rent growth, markets, exit pricing and multiple risk factors. Capital is subject to loss. The tax-adjusted figure is an illustrative equivalent and is not tax advice.
Neuberger Berman compared evergreen structures against traditional drawdown funds over a ten-year period. The evergreen structures produced a higher multiple on invested capital.
| Return analysis · 10-year period | IRR | Annual return | MOIC |
|---|---|---|---|
| Series of traditional funds | 13.7% | — | 2.7x |
| Evergreen fund (15% liquidity) | — | 12.2% | 3.2x |
| Evergreen fund (0% liquidity) | — | 13.7% | 3.6x |
Source: Neuberger Berman. The analysis was completed for private equity funds; the operator notes the concepts translate to private real estate.
Three scenarios, each assuming a 12% return and a 20% tax rate. The only variables are whether compounding is interrupted and when capital gains tax is paid.
| Scenario | Mechanics | Ending balance |
|---|---|---|
| Sequential syndications | Interrupted compounding, tax paid after each exit | $660,696 |
| Sequential syndications plus lag | Same, with a six-month redeployment lag | $546,742 |
| Evergreen fund | Continuous compounding, tax paid at redemption | $791,703 |
Operator model. Illustrative only, and not a projection of this fund's performance.
Hard screens rather than judgment calls. A deal either clears the buy box or it doesn't.
Three ways in: distressed sellers and private equity wind-downs, direct purchases from developers at construction cost, and off-market deals from mom-and-pop owners.
Invest and exit on your own timeline rather than a syndicator's, which enables smarter tax planning. Redemption requests can be made quarterly after the two-year lockup during the annual liquidity window, on a best-efforts basis. Emergency liquidity loans are available against the capital account balance.
Quarterly NAV calculations and an annual third-party CPA audit. A NAV high-water mark means the unit price must exceed its highest twelve-month price before any manager profit share is paid, and new cash is deployed into new assets rather than diluting existing investors.
All profits are reinvested back into the fund. Nothing is distributed, which is the point. Capital that never leaves the fund never stops working, and never triggers a taxable event along the way.
A core mandate. The fund uses cost segregation studies and 1031 exchanges to defer tax liability as far as possible, which is what allows capital to compound faster. Consult your own tax professional, as circumstances vary.
| Minimum investment | $50,000 |
| Preferred return | 6% |
| LP / GP promote | 70 / 30 |
| Target net annual return | 11–13% |
| Target net annual return (tax adjusted) | 14–17% |
| AUM fee | 1.5% |
| Lockup period | 2 years |
Target returns, not guarantees. The tax-adjusted row is an illustrative equivalent that depends entirely on individual tax circumstances. Returns realize as NAV appreciation rather than current income, and no distributions are planned.
65 to 70% loan to value and a 1.30x minimum stabilized DSCR are hard screens, financed through agency lenders and banks rather than debt funds.
No reliance on the floating-rate debt structures that broke the last cycle.
A 6.5%+ stabilized yield on cost with a 150+ bps spread to cap rate, measured against actual cost rather than a projection.
The unit price must exceed its highest twelve-month price before any manager profit share is paid.
The 6% hurdle accrues before the operator's promote.
Quarterly NAV calculations with an independent annual third-party CPA audit.
The operating team invests alongside limited partners and oversees asset management, business plan execution and investor reporting.
This is not a complete list. Capital is subject to loss, and the offering documents contain the full risk factors.
The trade-offThis fund pays no distributions. All profits are reinvested, so you receive nothing until redemption. That is the design rather than a defect, since continuous compounding is what produces the modeled advantage. It also makes this unsuitable for anyone who needs cash flow.
MitigantA two-year lockup, then quarterly redemption requests during the annual liquidity window, honored on a best-efforts basis with full payout taking up to twelve months. Emergency liquidity loans are available against the capital account balance.
MitigantNAV is calculated quarterly by the manager. An annual third-party CPA audit and a high-water mark requiring the unit price to exceed its highest twelve-month price before profit share is paid both sit against this.
MitigantNo assets are committed, so returns depend on deals not yet done. The hard screens are the answer: 6.5%+ stabilized yield on cost, a 150+ bps spread, 65 to 70% LTV, a 1.30x minimum DSCR and 100+ units.
The realityMultifamily values, rents and interest rates can move against the fund, and leverage amplifies outcomes in both directions.
The realityThe tax-adjusted return figures depend entirely on individual circumstances. The sponsors do not provide tax or legal advice.
Aspen Funds has been running open-ended private funds for more than thirteen years, which is the exact structure this fund uses.
| MF AUM | Units | Avg DSCR | Avg NOI increase | Avg yield on cost | Avg occupancy |
|---|---|---|---|---|---|
| $250M+ | 1,250+ | 1.36x | 45% | 6% | 92% |
Averages across the current multifamily portfolio, generally excluding assets purchased within the last year since those have not had time to stabilize.
Founder · Expedition Equity
Dylan is responsible for investment strategy, underwriting oversight and capital allocation at Expedition Equity. His background covers building and operating multi-location businesses, evaluating real-asset and operating-company investments, and navigating private-market structures across several asset classes.
That experience informs a disciplined, risk-aware approach to which opportunities get brought to investors and which partnerships are worth making. An early career in healthcare shaped a process-driven, analytical approach to risk and decision-making.
For this fund, Expedition Equity is presenting the Expedition Legacy Fund alongside the Aspen Funds operating team.
Because distributions interrupt compounding and trigger tax. Every dollar paid out is a dollar that stops earning, and in a syndication model each exit creates a capital gains event before capital gets redeployed. The fund reinvests everything and settles tax at redemption instead. If you need income, this is the wrong fund, and the Medical Real Estate Fund pays monthly.
After a two-year lockup you can request full or partial redemption quarterly during the annual liquidity window. Redemptions are honored on a best-efforts basis and full payout can take up to twelve months. Emergency liquidity loans are available against your capital account balance if something comes up sooner.
An open-ended fund with no fixed end date. Rather than raising capital, buying a set of assets, selling them and winding down, it keeps acquiring and holding, and investors enter and exit at a quarterly NAV. Capital stays deployed instead of cycling in and out.
Quarterly, by the manager. That is a real limitation on illiquid assets, so two things sit against it: an independent annual third-party CPA audit, and a high-water mark requiring the unit price to exceed its highest twelve-month price before any manager profit share is paid.
The 11 to 13% target is the net return. The 14 to 17% figure is what that return is worth on an after-tax basis given cost segregation and 1031 exchanges executed inside the fund, which defer tax liability. It is an illustrative equivalent, it depends entirely on your circumstances, and your own tax professional should look at it.
The fund acquires against a defined buy box rather than holding a committed portfolio. Deals must clear a 6.5%+ stabilized yield on cost, a 150+ bps spread to cap rate, 65 to 70% LTV, a 1.30x minimum DSCR and 100+ units, with a Midwest focus. Targets for 2026 are $30M in equity commitments, $100M in assets purchased and two to four assets closed.
Accredited investors, with a $50,000 minimum. Accreditation verification is completed as part of the subscription process, before funds are wired.
An open-ended multifamily fund targeting 11 to 13% net annually, with a 14 to 17% tax-adjusted equivalent. No distributions, a two-year lockup, and a $50,000 minimum.
