Fund 7C · El Mirage Duplex · open
One lot. One building.
Fifty-fifty on net profit.
Construction project · El Mirage, Arizona — the West Valley
One duplex, two 3/2 units at ~2,200 sf each
- Target return on capital33.0%Planning case. Not annualised.
- LP / GP split50 / 50Of net profit. No promote, no catch-up.
- Equity position$165,000Buys the lot, unlevered.
- Minimum share$25,000Of the $165,000 position.
- Target hold8–10 mo14 months at the longest.
There is no preferred return, no annualised IRR and no cash flow during the hold. Nothing distributes until the building sells. Those are facts about this deal, not omissions from this page.
The thesis
The dirt is funded. We build the duplex. We exit.
- 01
We purchase the lot
$165,000 of equity acquires the parcel, before any borrowing.
- 02
We build it
Private money on the build. Our crew, our schedule.
- 03
It sells
Closing costs and private money repaid, then the $165,000 returned.
- 04
Profit is distributed
Net profit — half to the limited partners, half to the general partners.
El Mirage sits where the Valley is actually growing. Arizona added 97,044 residents between July 2024 and July 2025 — about 266 people a day — and Maricopa County led the country in net migration. Roughly half of the county’s growth over the next 25 years is headed to the West Valley, which already took 53% of all metro Phoenix land sales in the last twelve months. The state is short about 56,000 homes today.
Track record
A few recent projects, put together.
- 5Selected exits
- $13.6MCombined exit value
- $4.14MCombined gross profit
- ~43.8%Blended return on cost
A small selection, not the whole book. Figures are historical and before taxes. Project-level detail available under NDA. Past results are not indicative of future performance.
Offering summary
Every cost on its own line.
- All-in basis
- $452,000Planning case
- Equity raise
- $165,000Land and entitlement
- Private money
- $287,00010%, deferred, no points
- Loan to cost
- 63.5%Planning case
- Construction
- $250,000≈ $57 / sf across ~4,400 sf
- Minimum investment
- $25,000Share of the position
- Hold period
- 8–10 months12–14 at the longest
- Exemption
- Reg D 506(b)As stated in the offering materials
Fees are fixed dollar lines in the cost stack, not percentages: $25,000 to the builder, $12,000 to the manager. Both are funded by the loan and repaid before any profit is split. There is no promote and no catch-up.
How it works
A clear path from funding to distribution.
- Month 0
Funded, lot closes
Equity wires. $130,000 closes the parcel in the LLC's name, unencumbered until construction financing funds.
- Month 1–2
Plans & permits
The other $35,000, from equity. No private money and no interest until the city says go.
- Month 3–7
Vertical
Slab to finished, both units. Private money draws against progress. Interest accrues; nothing is paid.
- Month 7–8
Listed
Certificate of occupancy, then to market at the planning-case price with a 3% broker.
- Month 8–10
Sold, distributed
Close, repay the private money with accrued interest, return the $165,000, distribute the profit.
What comes back
Five cases, including the one that barely clears.
| Case | Sale price | Net profit | To the LPs | Return on $165,000 |
|---|---|---|---|---|
| Stress | $590,000 | $13,100 | $6,550 | 4.0% |
| Conservative | $600,000 | $39,300 | $19,650 | 11.9% |
| PlanningBase case | $615,000 | $108,850 | $54,425 | 33.0% |
| High | $650,000 | $142,800 | $71,400 | 43.3% |
| Optimistic | $685,000 | $186,750 | $93,375 | 56.6% |
The stress case is not a floor. A $300,000 build, a $40,000 builder fee and a $590,000 sale still clears 4.0% — but that column breaks even at $576,495, only 2% lower. Below that, the equity takes the loss. Capital is fully at risk: no personal guaranty, no note, no co-signer, no backstop.
How money comes back — in this order, every time
- 1Closing costs paid
Broker commission and title come off the top at closing, before anyone else sees a dollar.
- 2Private money repaid
Principal plus accrued interest, next. The builder and management fees were funded by the loan, so repaying it repays them.
- 3The $165,000 returned
The land capital comes back in full before any profit is split.
- 4Net profit split, 50 / 50
Half to the limited partners. Half to the general partners. Same dollar, same day, no promote, no catch-up, no acceleration.
The risks
Said here, before anybody has to ask.
No written loan commitment
The build — roughly $287,000 — is financed. There is a lender we have borrowed from before and verbal agreement on terms: 10%, deferred, no fees or points. There is no signed term sheet. Until there is, the build is not funded.
Market
West Valley pricing can soften between the build and the sale.
Cost
The build can run over. Two columns model $300,000 and both need $50,000–$65,000 more borrowing, which is not committed.
Single asset
One building, one lot, one buyer. There is no diversification inside this vehicle at all.
Senior debt
The private money is repaid before the limited partners are. In a forced sale below cost, the lender is made whole first.
Liquidity
No secondary market. Capital is committed until the duplex sells or refinances.
Next steps
Nothing signs tonight.
A soft commitment
Tell us a number. All of the lot, or a share of it. That is the whole step: no form, no wire, no signature. We hold the allocation against it.
Documents
Subscription agreement, operating agreement and the full risk disclosures, sent for e-signature. Read them, have an attorney read them, and decide then.
Important disclosures
This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offer will be made only through definitive offering documents, including a subscription agreement and operating agreement, which contain material information not included here.
The interests described are being offered in reliance on the exemption provided by Rule 506(b) of Regulation D under the Securities Act of 1933. They have not been registered with the Securities and Exchange Commission or any state securities regulator, and no regulator has approved or passed upon the merits of this offering.
All financial figures described as projected, targeted, estimated or modeled are forward-looking and rest on assumptions that may prove incorrect, including land cost, construction cost, sale price, loan interest and the availability of financing. Actual results may differ materially. Renderings are illustrative of product type and site layout and are not a representation of a completed unit. Past results are not indicative of future performance. Capital is fully at risk and may be lost in whole.