A value-add multifamily fund acquiring under-managed apartment communities across the Southeast United States — bought below replacement cost, improved through disciplined renovation and professional operations, and held for durable cash flow.
Meridian Cove targets 80–200 unit, garden-style communities built between 1985 and 2010 — assets too operationally intensive for institutional buyers at auction, and too large for local operators to finance and renovate well. In our view, that gap is where the mispricing sits.
The Fund seeks to generate target net returns by deploying capital into workforce housing in supply-constrained Southeast corridors — Charlotte, Raleigh-Durham, Nashville and Greenville-Spartanburg — where population and employment growth continue to outpace new multifamily deliveries. Our approach targets off-market and lightly marketed deal flow through two decades of broker and lender relationships, bypassing auction processes wherever possible.
Value creation is operational, not speculative: unit interiors, amenity renewal, expense normalization and management replacement, underwritten asset by asset against downside cases before any capital is committed.
Vehicle: Delaware limited partnership
Strategy: Value-add multifamily
Markets: Southeast U.S. growth corridors
Vintage: Fund I — 2025
General Partner: Meridian Cove Group LLC
Offering: Interests offered solely under the Fund's private placement memorandum
Planned deployment of commitments. Fictional example data.
*Targets are objectives of this fictional example fund, not projections or guarantees. There is no assurance any target will be achieved. All fund names, figures and descriptions in this sample are fictional.
Every candidate asset is screened against the same criteria matrix before it reaches the Investment Committee. The discipline is the strategy: a narrow buy box, applied consistently, in markets the team knows street by street.
| Asset profile | Garden-style multifamily, 80–200 units, built 1985–2010 |
| Markets | Charlotte · Raleigh-Durham · Nashville · Greenville-Spartanburg |
| Basis discipline | Acquire below replacement cost; walk away above threshold |
| Value creation | Unit renovation, amenity renewal, management replacement, expense normalization |
| Leverage | 55–65% loan-to-cost, fixed-rate or capped; no speculative ground-up development |
| Deal breakers | Flood-plain exposure, deferred structural capex, single-employer markets |
Broker relationships, lender referrals and direct owner outreach feed a tracked pipeline of off-market and lightly marketed assets.
Each asset is underwritten to a downside case first — flat rents, higher exits — before any upside is modeled.
Renovation and operations plans are executed by the firm's own asset-management team against quarterly budgets.
Refinance or sale when the business plan is complete and market depth supports full value — typically years 4–7.
Fictional demonstration data — not actual fund results.
Underwriting standards are applied identically to every asset: verified trailing-twelve financials, physical inspection, and a capital plan priced by contractors — not allowances. Dry powder is an advantage, not a pressure to deploy.
Co-founded Meridian Cove Group in 2019. Previously directed acquisitions for a Southeast multifamily owner-operator; has led 23 acquisitions representing more than $310 million in total capitalization.
Fourteen years in multifamily underwriting across Southeast markets. Leads the firm's screening model, lender relationships and Investment Committee process.
Oversees renovation programs and property operations across the portfolio. Previously managed a 4,800-unit Southeastern portfolio for a regional operator.
■ Gross MOIC ■ Gross IRR — realized investments sourced and executed by the core leadership team, 2016–2024, gross of fund-level fees, expenses and carried interest (see the performance basis stated on this page). Fictional example data.
Acquired from a long-term owner with below-market rents and deferred interiors. A $2.4 million capital plan renovated 70% of units, rebuilt the leasing center and amenity deck. Net operating income grew 41% over the hold; the asset was sold to a regional operator in 2024.
Performance basis — stated once for this entire page: every figure shown (the sponsor track record — investments sourced and executed by the core leadership team between 2016 and 2024 — and the case study above) is presented gross of fund-level fees, expenses and carried interest. No net-of-fee figures appear anywhere in this brochure. Past performance is not indicative of future results. The case study is invented for design illustration.
The summary below is qualified in its entirety by the Fund's private placement memorandum and limited partnership agreement, which govern in the event of any difference.
| Vehicle | Delaware limited partnership · General Partner: Meridian Cove Group LLC |
| Target capitalization | $40,000,000 · hard cap $50,000,000 |
| Minimum LP commitment | $250,000 (lesser amounts at the GP's discretion) |
| GP commitment | 5% of total commitments, funded alongside LPs on every capital call |
| Management fee | 1.50% per annum on committed capital during the investment period; 1.00% on invested capital thereafter |
| Preferred return | 8% per annum to LPs before carried interest |
| Carried interest | 20% over the preferred return, with a 100% GP catch-up to an 80/20 split |
| Distribution waterfall | European (whole-fund): return of capital, preferred return, GP catch-up, then 80/20 |
| Clawback | Yes — GP clawback with interim true-up tests |
| Investment period | 4 years from final closing |
| Fund life | 7 years from final closing, plus two 1-year extensions at the GP's discretion |
| Distributions | Quarterly, from operating cash flow and realization events |
All contributed capital is returned to LPs first.
LPs receive the 8% preferred return.
100% to the GP until the 80/20 split is reached.
Remaining profit: 80% LPs / 20% GP.
Whole-fund (European) waterfall, per the terms summarized above. Fictional example terms.
To ensure full alignment of interests, the General Partner commits 5% of total capital raised, funded on the same capital-call schedule as every limited partner. Under the whole-fund waterfall, carried interest is earned only after LPs have received back all contributed capital plus the preferred return across the entire portfolio — not deal by deal — and the clawback obliges the GP to return any excess if later performance reverses earlier gains.
Multifamily values and rents depend on employment, population and credit conditions in the Fund's Southeast markets; a regional or national downturn could reduce income and exit values.
Fund assets are acquired with mortgage financing. Leverage magnifies both gains and losses, and a decline in value or cash flow could result in the loss of an asset to its lender.
Renovation and repositioning plans may cost more, take longer, or achieve smaller rent premiums than underwritten. There is no assurance any business plan will be completed as projected.
Interests in the Fund are not transferable without GP consent, are not listed on any exchange, and are a long-term, illiquid investment. An investor may lose some or all of its investment.
Portfolio positions plotted against the Fund's acquisition guardrails. Fictional example data.
This brochure relates to a fictional fund created solely as a design example by FundPacket Studio; it is not an offer to sell or a solicitation of an offer to buy any security. In a client engagement, this page carries the issuer's own counsel-approved risk factors and disclosures, reproduced word for word; FundPacket Studio performs no compliance review of client content. Any actual offering is made only pursuant to a confidential private placement memorandum, in reliance on an exemption from registration under the Securities Act of 1933, including Rule 506 of Regulation D. Eligibility and all offering terms are set by the issuer’s offering documents and applicable law — not by this brochure. Targets are objectives only. Past performance is not indicative of future results.
Investor Relations — Meridian Cove Group LLC · Charlotte, North Carolina · ir@meridiancove.example