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Mesa Verde Multifamily Fund IV
operator: Spags Capital · posted May 14, 2026
Mesa Verde Multifamily Fund IV is acquiring a 148-unit Class B apartment complex
in Tempe, AZ, adjacent to Arizona State University's research corridor.
The property was built in 1994 and has been under institutional management since 2018.
we are targeting a value-add renovation of 80 units over 18 months, upgrading kitchens,
bathrooms, and common areas to Class A standard.
projected hold period: 5–7 years. target IRR: 16–19%. minimum investment: $50,000.
the deal is structured as a Delaware LLC with quarterly distributions beginning at stabilization
(month 24). the GP takes a 20% carry above an 8% preferred return hurdle.
a co-invest option is available for checks above $250k.
what is the current occupancy rate and how does it compare to the Tempe
submarket average?
operator answer
current occupancy is 91%. Tempe submarket average for Class B is 94.2% per
CoStar Q1 2026. the gap is attributable to deferred maintenance on 22 units
currently offline for early-phase renovation. we expect to reach submarket
occupancy by Q4 2026 as units return to inventory.
Jordan Lee
is the $50k minimum a hard floor, or is there flexibility for smaller check
sizes on a case-by-case basis?
operator answer
the $50k minimum is firm for this offering. we are not in a position to
administer more than 20 investors per LLC unit, and the administrative
overhead at smaller check sizes is not scalable. if this is a constraint,
we can put you on the waitlist for Fund V which will have a $25k minimum.
Priya Menon
what are the projected annual cash yields before the exit, and how are
quarterly distributions calculated?
operator answer
projected cash-on-cash returns are 4–6% during the renovation phase
(months 1–24) and 7–9% at stabilization. distributions are calculated on
realized NOI after debt service and a 2% management fee, paid pro-rata to
LP investors. the GP takes a 20% carry above an 8% preferred return hurdle.
Marcus Webb
can you share the debt terms? what rate, amortization schedule, and LTV
are you working with on the acquisition loan?
awaiting operator response
Sarah Kim
have you stress-tested the underwriting against a scenario where rent
growth is flat for 24 months? what does that do to the projected IRR?