We build
apartments
to hold.

Strategy
Ground-up multifamily
Since
[Year]
Delivered
[X,XXX] units across [XX] projects
Now
Fund III is raising

Keel finds land in supply-constrained [Region] submarkets, entitles it, and builds 150–350 unit rental communities we would be content to own for a decade. Our limited partners invest alongside a GP that puts its own money in first.

See Fund III terms Talk to investor relations
6 levels [XXX] ft frontage Amenity wing Lobby
Fig. 1 — [Project name], south elevation, for illustrationScale not to drawing
Raising now

Fund III

Keel Development Fund III, L.P.

Fund III will develop [X–X] ground-up communities in [Region], with land already under control for [X] of them. The GP commits [X]% of capital, alongside you, and is paid its promote only after you receive your capital and preferred return.

Commitments to date [$XXM]
[XX]% committed
First close
Target [$XXXM]
Target
[$XXXM]
Hard cap
[$XXXM]
Final close
[Qx Year]
Summary of terms
Target net IRR[XX]%
Target net equity multiple[X.X]x
Preferred return[X]%, compounding
GP commitment[X]% of total commitments
Carried interest[XX]% after pref, full catch-up
Management fee[X.X]% on committed capital
Investment period[X] years from final close
Fund term[X] years + two 1-year extensions
Minimum commitment[$XXXK]
EligibilityAccredited investors, 506(c)
Request the PPM Data room (investors)

The progress bar is illustrative. Terms are summarised; the private placement memorandum governs.

Fund III pipeline

Land we control today

Every site below is owned, under contract, or optioned. You can see what your capital will build before you commit it.

  1. P-01The Bulkhead[City], [ST][XXX] units, 6-storey podium Under construction[Year]
  2. P-02Mast & Rigging[City], [ST][XXX] units, 4-storey wrap Entitled, permits pending[Year]
  3. P-03Stillyard[City], [ST][XXX] units, garden + townhome Entitled, permits pending[Year]
  4. P-04Ballast Row[City], [ST][XXX] units, 5-over-1 Site under contract[Year]
  5. P-05Tidewater Lofts[City], [ST][XXX] units, adaptive mid-rise Option on land[Year]
How we build

Five stages, one team

  1. Find the site

    We underwrite land, not markets: walkable parcels near job centres where zoning makes new supply hard to add.

    [X] mo

  2. Entitle

    Our in-house team handles zoning, community meetings and permits. Most of the value is created here, before a shovel moves.

    [X] mo

  3. Build

    Guaranteed-maximum-price contracts with general contractors we have built with before. A Keel project manager is on site every day.

    [XX] mo

  4. Lease up

    Leasing starts before the final certificate of occupancy. We report absorption to investors monthly until stabilisation.

    [XX] mo

  5. Hold or sell

    We refinance to return capital, then decide with the advisory committee whether long-term ownership beats a sale.

    [X]+ yrs
Track record

Three funds, the same discipline

Fund I

Vintage
[Year]
Committed capital
[$XXM]
Projects / units
[X] / [XXX]
Net equity multiple
[X.X]x
Net IRR
[XX]%
Status
Fully realised

Fund II

Vintage
[Year]
Committed capital
[$XXXM]
Projects / units
[X] / [X,XXX]
Net equity multiple
[X.X]x, to date
Net IRR
[XX]%, to date
Status
Harvesting

Fund III

Vintage
[Year]
Target capital
[$XXXM]
Projects / units
[X] / [X,XXX], planned
Target net multiple
[X.X]x
Target net IRR
[XX]%
Status
Raising

Figures shown net of fees, expenses and carried interest. Unrealised values are GP estimates and may not be achieved. Full track record is in the PPM.

Reporting and distributions

You will know what we know

Construction is where developers go quiet. We do the opposite: budget-to-actual and schedule are reported on every project, every quarter, in the same format.

  • Quarterly letter[45] days after quarter end

    Draw schedule, budget versus actual, leasing velocity and photos from site.

  • Capital account statementQuarterly

    Contributions, distributions and NAV, in the investor portal.

  • Audited financialsAnnually, by [Month]

    Audited by an independent firm, [Auditor name].

  • Schedule K-1Target [Month 15]

    Estimates are sent in [Month] so you can plan your filing.

  • DistributionsOn capital events

    Paid by ACH on refinancing or sale; quarterly cash flow once stabilised.

  • Annual meetingEach [Season]

    In person with a site tour, or by video.

Principals

The people who sign the guarantees

  • Photo · portrait

    [Principal name]

    Founder and managing partner

  • Photo · portrait

    [Principal name]

    Partner, development

  • Photo · portrait

    [Principal name]

    Partner, capital markets

  • Photo · portrait

    [Principal name]

    Chief financial officer

Investor relations

Ask for the memorandum

Tell us a little about yourself and we will send the Fund III PPM and arrange a call with a principal.

ir@keel-capital.example

Thanks — we'll be in touch.

A member of the investor relations team will reply within two business days.