Three structures. (1) Passive LP investment in a KJMB Holdings LLC-sponsored deal — the standard path. (2) Direct co-acquisition for accredited and non accredited investors who want a larger position in a single asset. (3) Co-GP partnership for sophisticated investors who want an active role in sourcing and underwriting alongside Salterstone. Minimum LP investment starts at $50,000.

We screen U.S. MSAs of 80–250K population, filtered by job composition (logistics, healthcare, public infrastructure, and skilled trades must anchor the employment base). Then we underwrite individual 10 to 100+ unit assets on cap rate, in-place cash-on-cash, value-add headroom, and debt-service coverage. We pass on the vast majority of properties we look at. Every deal that closes has been through the full institutional underwriting stack before a dollar of LP capital is committed.

$25,000 for the standard Fund I LP position. Larger commitments are eligible for preferred LP class with additional reporting and a small fee discount. All KJMB Holdings LLC investments are offered under SEC Rule 506(c) of Regulation D and are limited to accredited and non accredited investors.

Conservatively. Typical capital stack is 60–65% senior debt placed through agency lenders (Fannie/Freddie small-balance), 35–40% LP equity, and 0–20% GP co-invest. We do not use mezzanine or preferred-equity layers on Fund I assets. Every deal is underwritten to debt-service coverage well above lender minimums in our base case, with stress cases that hold up at year-five-rate refinance.

Multifamily real estate carries market risk (rent and cap-rate cycles), operating risk (tenant turnover, capex surprises), and financing risk (refinance market conditions). Salterstone mitigates these through geography selection, conservative underwriting, professional management, and disciplined leverage — but no investment is risk-free. The full risk discussion is in PPM §11–§14 and we walk through it on the call.

Multifamily value is a direct function of net operating income. We grow NOI through three levers: (1) capex-driven rent premiums (unit refresh, amenity adds), (2) operating efficiency (utility separation, vendor consolidation, technology), and (3) ancillary revenue (trash valet, parking, storage). Properly executed, each lever compounds. Across our target markets, Salterstone targets year-over-year NOI growth of 4–6% during the value-add window.

LPs receive a K-1 each year capturing their pro-rata share of (1) depreciation pass-through — often substantial through cost-segregation studies in years 1–2; (2) mortgage-interest deductions on the senior debt; and (3) the option to defer gains via 1031 exchange at exit. Consult your tax advisor; we are happy to introduce you to our fund-accounting partners if you don't already have multifamily-experienced counsel.

Every LP gets login credentials to our secure investor portal. The portal shows committed capital, paid distributions, property-level performance, documents (subscription agreement, PPM, K-1s, distribution statements), and quarterly letters. Distributions hit your linked account on the standard quarterly cadence beginning Q+2 after acquisition.