MULTIFAMILY · INDUSTRIAL · DATA-LED
Signal over sentiment.
Real estate underwritten like software.
NorthAxis Capital deploys institutional capital into workforce housing and last-mile industrial across 41 secondary US submarkets — priced by models, verified on the ground.
41
Submarkets tracked daily
$412M
Deployed since 2016
21 days
Median close, all cash
17.4%
Net LP IRR, realized
THE THESIS
Four rules we have never broken.
Most sponsors lost money between 2021 and 2023 on floating debt and optimistic exit caps. We wrote our constraints down in 2016 and have refused 96% of every deal we've screened since.
- 01Basis discipline
- We never pay above 78% of replacement cost. No exceptions, no hero assumptions.
- 02Fixed-rate only
- Every asset carries agency or life-co debt fixed for at least seven years.
- 03Boring markets
- Secondary metros with payroll growth above 2.1% and permit supply below demand.
- 04Operator alignment
- The GP co-invests 12% of every raise. We lose first.
THE PLATFORM
An in-house stack from sourcing to distribution.
Signal sourcing
Permit filings, utility hookups and lease velocity scraped nightly across 41 metros.
Automated underwriting
Every deal runs 4,000 rent and exit-cap scenarios before a human sees it.
Multifamily acquisition
80–400 unit workforce housing with sub-replacement basis.
Industrial infill
Last-mile logistics under 120k sq ft in supply-constrained corridors.
Operations overhaul
In-house property tech stack lifting NOI an average of 240 bps in year one.
LP data room
Live dashboards: rent roll, capex burn, DSCR and distributions, refreshed weekly.
TRACK RECORD
Six positions, fully disclosed.
Foundry 88
Columbus, OH
Multifamily · 212 units
1.71x
Realized equity multiple
Kestrel Logistics Park
Reno, NV
Industrial · 96k sq ft
8.4%
Going-in cap rate
Cascade Row
Boise, ID
Multifamily · 148 units
+27%
NOI growth, 18 months
Ninth & Vine
Kansas City, MO
Adaptive reuse · 74 units
$164k
Basis per unit
Aster Yards
Greenville, SC
Industrial · 61k sq ft
12 yr
WALT, credit tenant
Terrace 44
Tucson, AZ
Multifamily · 304 units
1.94x
Projected multiple
DEAL PIPELINE
1,900 listings in. Fourteen survive.
01
Screen
Algorithmic filter cuts 1,900 monthly listings down to 14.
02
Underwrite
Scenario engine plus on-the-ground rent audit within 72 hours.
03
Bid
Hard-money-day-one offers with no financing contingency.
04
Diligence
Unit-by-unit inspection, lease audit, environmental and title.
05
Close
All cash in 21 days median, agency debt placed post-close.
06
Operate
Renovation schedule, new management stack, monthly LP reporting.
Downside first
Every model starts at a 15% rent decline and a 125 bps cap expansion. If it still clears, we bid.
Reported monthly
Audited statements, variance commentary and a call with the GP on the first Tuesday.
Certainty of close
Hard deposit day one, no financing contingency, 21-day median from LOI to funding.
COUNTERPARTIES
What the other side of the table says.
“Their data room is better than what I get from funds ten times their size. Nothing is hidden.”
Alina Petrov
Family office CIO
“We've financed six NorthAxis deals. Their underwriting has been within 4% of actuals every time.”
Ray Okonjo
Agency debt originator
“All-cash in nineteen days on a 212-unit asset. That's why we call them first on off-market stock.”
Sandra Beck
Institutional broker
LP & BROKER ACCESS
Open for the 2026 vintage.
Fund IV is accepting accredited commitments from $250k. Brokers with off-market multifamily or infill industrial: we respond within four hours during market days.
Investor relations
+1 (555) 318-7740
Email
capital@northaxis.co
Office
1200 Wacker Drive, Floor 31, Chicago