A five-year fund holding positions in nine Houston multifamily properties that LSCRE has already bought and manages day to day. You get quarterly distributions, depreciation that can offset that income, and fixed-rate agency debt on eight of the nine loans.
~26%
2.36x
~27%
Quarterly
5 years
$50K
Expedition Multifamily Fund I invests in LSCRE Fund I, a single fund holding ten positions across nine Houston apartment communities. These aren't future projects. Every property has already closed, and LSCRE runs them with its own in-house management, construction and accounting teams. No single property, business plan or exit date decides the result, because the fund spreads across GP and LP positions in multiple Houston submarkets.
Every one of them already owned and operating, with its share of the fund.
240 units · 18.3% of the fund
376 units · 14.2% of the fund
280 units · 6.7% of the fund
210 units · 6.7%* of the fund
216 units · 6.7%* of the fund
312 units · 18.3% of the fund
240 units · 6.7%* of the fund
344 units · 11.7% of the fund
286 units · 16.7% of the fund
*Beckley, Highland and Meritage are held through a single GP position, 6.7% of the fund.
2,504 units in total, an average year built of 2001, and about $430M of total fund capitalization. Seven of the nine properties carry property tax exemptions that local housing authorities no longer offer.
Distributions are paid quarterly. Enter an amount to see LSCRE's five-year projections scaled to it.
Below the $50,000 minimum. Figures shown for reference.
From $50,000 to $1,000,000, in steps of $5,000. Every figure scales in proportion from the projections per $100,000.
Per $100,000 invested.
| Year | Distributions | Depreciation |
|---|---|---|
| 1 | $3,489 | $42,000 |
| 2 | $35,521 | $3,000 |
| 3 | $29,168 | $3,000 |
| 4 | $74,031 | $3,000 |
| 5 | $94,075 | $3,000 |
| Total | $236,284 | $54,000 |
Illustrative, based on LSCRE's projections for LSCRE Fund I. Not guaranteed.
All loans are Freddie Mac agency debt and non-recourse.
Founded in 2018, LSCRE is a vertically integrated Texas multifamily firm with 200+ employees, $1B+ of experience and 6,000+ units owned. It does multifamily acquisitions only, with no development, and focuses entirely on Texas. Its five realized exits produced an average gross IRR of about 25%.
| Property | Location | Acquired | Sold | Gross IRR |
|---|---|---|---|---|
| Verandas at Bear Creek | Houston, TX | 2019 | 2022 | 37% |
| Cranbrook Forest | Houston, TX | 2018 | 2021 | 24% |
| BK BX Pref | Bronx, NY | 2020 | 2021 | 14% |
| Sapphire Pref | Houston, TX | 2020 | 2021 | 12% |
| Forest Point Pref | Houston, TX | 2020 | 2021 | 13% |
About 35% average cost savings versus contractor bids.
About $30 per unit per month of added profit.
About $45K a year saved per property.
About $20K a year saved per property.
Clustered Houston assets share staff, vendors and equipment.
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 offering, Expedition Equity has partnered with LSCRE, a vertically integrated Texas multifamily firm that owns and runs the nine properties in LSCRE Fund I.
A fund that invests in LSCRE Fund I, which holds positions in nine Houston apartment communities LSCRE already owns and operates.
$50,000.
Quarterly. The first distribution is projected for April 20, 2027.
About 26% IRR and 2.36x your money over five years, based on LSCRE's projections.
You get a K-1 by March 30. About 42% of your investment is projected as year-one depreciation. Talk to your tax advisor about how it applies to you.
The fund term is five years.
LSCRE, with its own in-house property management, construction and accounting teams.
Nine communities run by LSCRE, a five-year fund term, about 42% of your investment projected as year-one depreciation, and a $50,000 minimum.
