Volume III · No. 26
First Quarter, MMXXVI
VOSS.
Philadelphia · Brooklyn
$5 Per Copy · Free to LPs
26 Issue · MMXXVI

Building the city we want to grow old in.

VOSS is a residential development firm headquartered in Philadelphia, capitalizing ground-up infill and adaptive-reuse projects across the urban Northeast. This is our portfolio. Read at your leisure — we built it slowly.

— SINCE INCEPTION —
$68M
Capital Deployed
2.3×
Avg Equity Multiple
26%
Avg Net LP IRR
— Article 01

On the practice
of quiet capital.

A Manifesto · 4 Min. Read

Voss was founded in 2020 by two operators who had spent the prior decade closing residential deals at much larger firms — and who became persuaded, slowly, that scale in residential development was less of an advantage than the industry had been telling itself for thirty years.

Most residential firms will tell you that the limiting factor in their business is capital. That has not been our experience. The limiting factor in our business is the supply of good parcels, of correct vintage, at correct basis, with correct entitlement risk.

There is more than enough capital chasing residential deals at any moment in any cycle. There are not enough operators willing to underwrite to a 24-month downside, sponsor co-invest on every deal, and report to LPs like fiduciaries. That is the scarcity. That is the asset.

"Capital is a commodity.
Operators with track records are not."

Voss is therefore organized around the relationships that produce good deals, not the marketing that produces commitments. Every parcel we have closed since inception has come to us through a relationship — a broker we have done a deal with before, an attorney representing an estate, an operator who has sold to us once and prefers our process to the open market.

This is, we recognize, a slow way to build a development firm. We are content for it to be a slow way to build a development firm. The compounding is on the other side of the patience.

We accept a small number of new partners each vintage. The current vintage closes when full, not when we hit a marketing deadline. If our cadence sounds slow, that is because it is slow. We have no plans to speed it up.

Vol. III § Issue No. 26 § $68M Deployed § 26% Avg LP IRR § Closed Network § By Introduction Only § Vol. III § Issue No. 26 § $68M Deployed § 26% Avg LP IRR § Closed Network § By Introduction Only
— Article 02

The Dossier.
Nine projects.

Folio · 8 Min. Read
01
FEATURED · DELIVERED · MMXXV
Spring Garden Block
Philadelphia · 19130

Eighteen ground-up townhomes delivered as a single coherent block. Sold to neighborhood buyers in three pre-completion phases.

18
Units
$12.4M
Capital
2.5×
Multiple
02
DELIVERED · MMXXIV
Fishtown Row
Philadelphia · 19125

Eight ground-up townhomes on a single assembled parcel. Six homes sold pre-completion to current neighborhood residents trading up.

8
Units
$5.2M
Capital
2.3×
Multiple
03
DELIVERED · MMXXV
Brewerytown Lofts
Philadelphia · 19121

Adaptive reuse of a 1922 brewing structure. Twelve lofts with original timber trusses preserved. Shared rooftop terrace.

12
Lofts
$8.7M
Capital
1.9×
Multiple
04
IN BUILD · MMXXVI
Kensington Block
Philadelphia · 19134

Master-planned residential block of twenty-two homes delivered as a single streetscape across three phases. Phase one foundation poured.

22
Units
$14.1M
Capital
2.2×
Forma
05
DELIVERED · MMXXIV
Society Hill Triplet
Philadelphia · 19106

Three adjacent townhouse restorations executed as a coherent project. Historic facades preserved; interiors reimagined for contemporary use.

3
Units
$4.6M
Capital
2.1×
Multiple
06
PRE-CON · MMXXVI
Graduate Hospital Mews
Philadelphia · 19146

Six boutique homes around a shared cobblestone mews. Designed in collaboration with a local landscape architect. Entitlements secured.

6
Homes
$7.2M
Capital
2.0×
Forma
07
DELIVERED · MMXXIV
Point Breeze Triplex
Philadelphia · 19146

Three-unit infill on a parcel vacant for nineteen years. Cornice work matched to the 1890s rowhomes adjacent.

3
Units
$1.8M
Capital
2.4×
Multiple
08
UNDER LOI · MMXXVI
N. Liberties Yard
Philadelphia · 19123

Fourteen-unit ground-up on assembled parcels. Letter of intent signed; expected close Q2 2026, with capitalization to follow.

14
Units
$9.8M
Capital
2.3×
Forma
09
SOURCING · MMXXVII
West Philadelphia Trio
Philadelphia · 19139

Three adaptive-reuse buildings on a single corridor. Master plan in design phase. Capitalization targeted for late 2026, delivery 2027.

3
Bldgs
$12.5M
Capital
2.1×
Forma
— Article 03

The Standard
Terms Sheet.

Reference · 2 Min. Read
— Returns —
Preferred Return
8%
First-Tier Split
70/30
Catch-Up Hurdle
15%
Catch-Up Split
50/50
— Alignment —
Sponsor Co-Invest
10%
Min. Commitment
$100K
Hold Period
12–24mo
Network
Closed
— Reporting —
Cadence
Quarterly
Portal
JuniperSq.
K-1 Issuance
Mar 15
Construction Draws
Monthly
— Vintage 2026 —
Target Raise
$32M
Soft-Circled
$19M
Available
$13M
Hard Close
Q3 ’26
— Classified Listing —

Capital partners
wanted.
Quietly.

Voss accepts a small number of new partners each vintage. Introductions from existing partners are preferred. Direct inquiries are received, read, and answered within ten business days.