Theo Ventures
Pipeline
TV-INCLUSIVEActive72Moderate

Inclusive Properties — Multifamily Series

Mid-Atlantic (multi-asset)·Multifamily / Value-Add Series·Inclusive Properties · Theo Advisors
Confidence
72
Set status
Total cost
$12.0M
Target IRR
17.0–20.0%
MOIC
2.00x
Hold
3 yrs

Investment thesis

A series of workforce and value-add multifamily opportunities originated by Inclusive Properties. Lead asset: $18.5M valuation, $12.0M total cost, $6.5M equity with a $3.45M capital ask against a $7.05M project gap. 14.5% annual dividend, 20% targeted IRR, 3-year hold. Additional assets under diligence roll into the same programmatic vehicle.

Risk register

  • Market
    Cap-rate expansion in exit year
  • Capital
    Floating-rate exposure post-cap
  • Sponsor
    Concentration in single GP relationship

Diligence checklist

6 of 11 items complete
55%
Workstreams cleared
Workstream
Market
1/2
  • Submarket comps, absorption & demand catalysts
    K. Reyes
  • Tourism / employment / migration overlay
    K. Reyes
Workstream
Financial
2/3
  • Underwriting model stress test (±200 bps)
    J. Tan
  • T-12 operating expense & rent-roll verification
    J. Tan
  • Debt term sheet & rate-cap pricing
    M. Okafor
Workstream
Legal
1/2
  • Title, survey & entity formation review
    Goodwin
  • Escrow agent & tranche release mechanics
    Goodwin
Workstream
Physical
0/2
  • Phase I ESA & property condition assessment
    ARUP
  • Construction budget & schedule verification
    ICM
Workstream
Sponsor
2/2
  • Sponsor track record, references & KYC
    C. King
  • GP co-invest, promote & waterfall structure
    C. King
Counterparty diligence
Composite 72 · Moderate

Proceed — close every T3/T4 gap with primary-source docs before funding.

Updated 2026-07-10
T1
1/ 6
Government / primary source
T2
4/ 6
Independent third-party corroboration
T3
1/ 6
Single self-reported source
T4
0/ 6
Unverifiable / absent
  • A · Weight 20%
    Entity Verification
    4.0/5
    • T2Inclusive Properties entity active; multi-asset series entity structure confirmed.
  • B · Weight 20%
    Principal Background
    3.0/5
    • T2Sponsor principals partially corroborated; one bio only self-reported.
  • C · Weight 15%
    Regulatory Standing
    4.0/5
    • T2Balance-sheet ownership, no fiduciary role — defensible non-registration.
  • D · Weight 15%
    Litigation & Enforcement
    4.0/5
    • T1Clean state civil search on entity and named principals.
  • E · Weight 20%
    Track Record / Funding Mechanism
    3.0/5
    • T3Lead-asset economics named with specifics; UCC/deed trace pending on prior series assets.
  • F · Weight 10%
    Public Footprint Coherence
    4.0/5
    • T2Consistent narrative across deck and public materials.