Every building is a short drive away and managed in-house.
| Neighborhood / project | Units | Status | Before | Today | ||||
|---|---|---|---|---|---|---|---|---|
| Purchase date | Purchase price | Projected IRR | Value date | Current value | Actual IRR | |||
| Elmhurst | Units4 | StatusHolding | Purchase dateFeb 2014 | Purchase price$350,000 | Projected IRR15% | Value dateDec 2024 | Current value$925,000 | Actual IRR164% |
| Elmhurst | Units5 | StatusSold | Purchase dateOct 2014 | Purchase price$525,000 | Projected IRR10% | Value dateJan 2025 | Current value$1,245,000 | Actual IRR33% |
| Elmhurst | Units4 | StatusHolding | Purchase dateMar 2016 | Purchase price$420,000 | Projected IRR15% | Value dateJun 2024 | Current value$950,000 | Actual IRR40% |
| Elmhurst | Units4 | StatusHolding | Purchase dateAug 2016 | Purchase price$480,000 | Projected IRR15% | Value dateJun 2024 | Current value$950,000 | Actual IRR42% |
| Elmhurst | Units5 | StatusHolding | Purchase dateMar 2017 | Purchase price$700,000 | Projected IRR15% | Value dateJul 2024 | Current value$1,500,000 | Actual IRR75% |
| Elmhurst | Units2 | StatusHolding | Purchase dateAug 2017 | Purchase price$430,000 | Projected IRR20% | Value dateJun 2023 | Current value$675,000 | Actual IRR22% |
| Elmhurst | Units5 | StatusHolding | Purchase dateJan 2018 | Purchase price$825,000 | Projected IRR15% | Value dateFeb 2022 | Current value$1,450,000 | Actual IRR122% |
| North Oakland / Temescal | Units9 | StatusHolding | Purchase dateNov 2020 | Purchase price$2,150,000 | Projected IRR15% | Value datenot dated | Current value$2,450,000 | Actual IRR12% |
| West Oakland | Units14 | StatusHolding | Purchase dateMay 2021 | Purchase price$2,200,000 | Projected IRR15% | Value dateJan 2024 | Current value$2,850,000 | Actual IRR18% |
| Dimond | Units8 | StatusSold | Purchase dateSep 2021 | Purchase price$1,250,000 | Projected IRR20% | Value dateJan 2023 | Current value$1,625,000 | Actual IRR8% |
| Uptown / Lake Merritt | Units9 | StatusHolding | Purchase dateMay 2023 | Purchase price$1,625,000 | Projected IRR15% | Value dateApr 2025 | Current value$2,420,000 | Actual IRR20% |
| Sobrante | Units12 | StatusHolding | Purchase dateSep 2025 | Purchase price$3,010,000 | Projected IRR18% | Value date— | Current value— | Actual IRR— |
| MacArthur Park Apartments, Eastmont | Units57 | StatusHolding | Purchase dateNov 2025 | Purchase price$2,650,000 | Projected IRR24% | Value date— | Current value— | Actual IRR— |
"—" means not available.
Projected IRRs were the sponsor's estimates at acquisition, based on assumptions that may not hold. They are not guarantees, and actual results have differed and may differ materially.
Past performance is not indicative of, and is no guarantee of, future results. Figures are historical, unaudited and prepared by the sponsor. Purchase prices and values are gross, property-level figures. They are not investor returns and do not reflect debt, fees, expenses or carried interest. IRRs are net to investors, as reported by the sponsor. Method: Net of all fees and commissions; based on cash flow plus sale proceeds or, for unsold properties, estimated value (not an appraisal). Unsold properties' IRRs use estimated values, not appraisals. 11 of 13 properties have not been sold; their values are estimated values as of the dates shown, not appraisals. Any gain on them is unrealized and may never be achieved. The table shows Oakland / East Bay properties. Mr. Shah's role varied by property, and several were acquired with partners. Investments in real estate are speculative and illiquid and may result in the loss of your entire investment. Supporting documents are available on request.
Flagship turnaround of a mismanaged, partly fire-damaged property. Read the case study →
Six duplexes of three-bedroom units, bought off-market below asking. Units are renovated as they turn over.
All 9 units renovated, building electrical upgraded and 7 bedrooms added. Bought with 3 of 9 units vacant.
Removed squatters, ended drug activity at the property and turned all 14 units within a year.
Removed 3 squatters and turned all 9 units within two years.
All 5 units turned over to new tenants and managed in-house.
Top-to-bottom renovation: new exterior, windows and fencing, and everything new inside.
Duplex of two three-bedroom houses, repositioned with higher rents.
Added a unit and renovated all 4.
First Oakland apartment purchase, still owned.
| Property | Units | Bought | Before | Now | Change |
|---|---|---|---|---|---|
| MacArthur Park Apartments, Eastmont | 57 | Nov 2025 | About $33K | About $90K | about +174% |
| Elmhurst | 2 | Aug 2017 | $2,200 | $6,670 | +203% |
| Elmhurst | 4 | Mar 2016 | $4,100 | $9,845 | +140% |
| Elmhurst | 4 | Aug 2016 | $5,650 | $8,920 | +58% |
Scheduled gross monthly rent, unaudited, as reported by the sponsor. MacArthur figures are at close (November 2025) and as of Oct 11, 2026; other figures compare rent at purchase with rent today. Figures are scheduled gross rent, not NOI or investor return. Operating costs, debt service and fees apply. Past performance is not indicative of future results.
A full top-to-bottom renovation, outside and in: new paint, garage doors, windows and fencing outside, and everything new inside every unit.
We reworked the layout of a one-bedroom unit to create a second bedroom.
A unit renovation, from torn-out counters and bare floors to a finished kitchen, bath and living space.
