How you make money
Equity growth
Entitlement margin: buy raw, sell shovel-ready to builders
The fund buys raw land before entitlement value is added, secures zoning and permits, and sells shovel-ready lots to national homebuilders. Entitlement targets 200 to 300% margins, with buyers secured before each sale.
2x
Equity multiple
30%
Projected IRR
4 years
Hold period
Sale
Exit strategy
How the deal works
Texas is short on housing and gaining roughly 1,200 residents a day, and national homebuilders need tens of thousands of finished lots — 27,000+ a year in Dallas–Fort Worth alone — but won't hold raw land while it is entitled. The fund buys raw land, secures zoning and permits, and sells shovel-ready lots to those builders. Entitlement is where the margin is, targeting 200 to 300%, with no construction, no tenants, and zero debt.
Entitlement is the highest-margin, lowest-risk step
A builder targets a ~20% margin and a lot developer ~25%, but raw-land entitlement targets 200 to 300% — without construction, tenants, or the labor those carry.
Anchored by the fastest-growing corridor in the U.S.
The Texas Triangle — Dallas, Austin, Houston, and San Antonio — is driven by population migration, corporate relocation, and infrastructure investment, keeping demand for entitled land ahead of supply.
Buyers are secured before the land is sold
Sites are acquired off-market at favorable terms, entitled, and sold to national homebuilders who commit before closing. The exit is arranged, not hoped for.
Builders need the lots and can't hold the land
Public homebuilders won't carry raw land on their balance sheets while it is entitled, yet they need tens of thousands of finished lots for the 2026–27 build season. The fund fills that gap.
Zero debt, and a 30-year Texas track record
The fund carries no leverage. Its principals have operated in Texas for over 30 years, with prior funds delivering 31.7% and 32.5% net IRRs across 84 projects.
About the sponsor
31.7%
prior industrial fund IRR
32.5%
prior residential fund IRR
84
prior projects
Currently $110M land value, 868 acres, and 3,171 units under development across the Texas Triangle.
Nije'e Cooper
Investor Relations
What you should know
What should I weigh?+
- Entitlement outcomes depend on zoning and permitting approvals, which can be delayed or denied.
- Target returns of 30%+ IRR and 2–3x are projections, not guarantees; land values and builder demand can shift.
- The investment is illiquid, with capital committed over a 3–5 year horizon.
What does the fund invest in?+
Raw land across the Texas Triangle — Dallas, Austin, Houston, and San Antonio. It secures zoning and permits, then sells shovel-ready lots to national homebuilders.
How is the return generated?+
From entitlement margin — buying raw land, adding zoning and permit value, and selling to builders. It targets a 30%+ IRR and a 2–3x equity multiple, with a 10% preferred return. Targets are not guaranteed.
What are the terms?+
A 3–5 year LP fund: a 10% preferred return, then a 70/30 split to a 20% IRR and 50/50 above. $250,000 minimum, accredited investors only, and zero debt.
What's the track record?+
The principals have operated in Texas for over 30 years. Prior funds delivered 31.7% (industrial, 57 projects) and 32.5% (residential, 27 projects) net IRRs.
