Reg A Tier 2 Perpetual SFR REIT · 14 Sections · EM Capital Institutional Base Case
I. Offering Overviewpp. 1–3
Sponsor background, fund structure, offering terms, capital raise status, and stated investment thesis.
II. Rebuilt Return Modelpp. 4–7
EM Capital reconstructs the sponsor's return assumptions using independent rent growth, cap rate, and disposition timing inputs.
III. Fee Waterfall Analysispp. 8–10
Acquisition, asset management, property management, disposition, and promote — each modeled as basis-point drag on net LP return.
IV. Downside Sensitivitypp. 11–13
Base, stress, and severe scenarios simultaneously testing rent decline, rate increase, and extended hold period.
V. Risk-Adjusted View + Recommendationpp. 14–16
Written allocator view with Proceed / Proceed with Conditions / Avoid determination, conditions precedent, and sizing guidance.