What we produced
The record: 26 transactions since 2012
The detailed record covers the nine properties held today plus the three realized sales completed since 2021, twelve assets in all. The fourteen earlier realized transactions are summarised separately, to preserve the complete record without mixing earlier strategies into the current portfolio.
| Property | All-in cost | Sale / value | Asset gain | Income NOI est. @ 62% | Mult. | Return per year |
|---|---|---|---|---|---|---|
| Arizona · held today · 5 | ||||||
| 4669 E Sunset Dr, Phoenixowned since 2022-04 | $5,679,298projected completion basis | $10,500,000 | $4,820,702 | —pre-revenue | 1.85× | 37.2% |
| 3265 E Valley Vista Ln, Paradise Valleyowned since 2022-03 | $3,554,262 | $7,925,000 | $4,370,738 | $616,694NOI $382,350 | 2.23× | 118.3% |
| 28484 N Hayden Rd, Scottsdaleowned since 2018-02 | $1,000,000 | $2,832,000 | $1,832,000 | $150,000NOI $93,000 | 2.83× | 48.9% |
| 2913 N 75th Pl, Scottsdaleowned since 2016-11 | $1,631,347 | $2,700,000 | $1,068,653 | $421,734NOI $261,475 | 1.66× | 16.4% |
| 2919 N 75th Pl, Scottsdaleowned since 2017-10 | $202,400 | $1,150,000 | $947,600 | —land | 5.68× | 60.1% |
| Arizona · realized · 3 | ||||||
| 11505 E Cochise, Scottsdale2022-03 to 2024-06 | $3,392,986 | $4,400,000 | $1,007,014 | $827,255life of asset | 1.54× | 89.5% |
| 6131 E Kings Ave, Scottsdale2017-07 to 2022-07 | $599,026 | $1,520,000 | $920,974 | $259,307life of asset | 2.97× | 81.5% |
| 8022 N 47th St, Paradise Valley2022-12 to 2023-10 | $3,000,000 | $3,750,000 | $750,000 | $70,274life of asset | 1.27× | 233% total, 295 days |
| Maine · held today · 3 | ||||||
| 56 McKown St, Boothbay Harborowned since 2026-04 | $2,199,842 | $3,280,000 | $1,080,158 | —pre-revenue | 1.49× | — |
| 71 Commercial St, Boothbay Harborowned since 2023-04 | $1,497,233 | $2,300,000 | $802,767 | $401,871NOI $249,160 | 1.54× | 100.5% |
| 65 Commercial St, Boothbay Harborowned since 2023-04 | $1,587,672 | $2,225,000 | $637,328 | $342,905NOI $212,601 | 1.40× | 70.0% |
| Chicago · held today · 1 | ||||||
| 1022–1024 W Belmont, Chicagoowned since 2012-07 | $1,650,000 | $3,500,000 | $1,850,000 | $350,000NOI $217,000 | 2.12× | 26.5% |
| Totals | ||||||
| Held today9 owned, at appraisal | $19,002,054 | $36,412,000 | $17,409,946 | $3,632,761 | 1.92× | — |
| Realized 2021–20263 closed sales | $6,992,012 | $9,670,000 | $2,677,988 | $1,156,836 | 1.55× | — |
| Current portfolio + exits12 assets | $25,994,066 | $46,082,000 | $20,087,934 | $4,789,597 | 1.82× | — |
| Prior record 2012–202014 earlier transactions | $8,877,218 | $10,514,000 | $1,636,782 | $1,418,986 | 1.34× | — |
| All 26 transactionssince 2012 | $34,871,284 | $56,596,000 | $21,724,716 | $6,208,582 | 1.70× | 46.5% pooled |
How to read the income column
Cost is all-in: purchase plus improvements plus furnishings, with one exception. 4669 E Sunset is carried at its projected completion basis, because the asset is marked at its as-complete appraisal and $3,240,000 of that basis is estimated construction cost not yet spent. On an asset still held, profit is the asset gain alone, and income is the annual figure it produces today. On an asset sold, the hold is closed, so profit is the sale gain plus the cumulative NOI it threw off across the life of the asset. The two are never added together. Welch House closed 3 April 2026 and has been added from its closing binder. Valerie's Inn and Captain Sawyer's are under contract, not yet owned, and are not counted.
Revenue
What the portfolio produces
Portfolio revenue by year
2017–2025 · property-levelProperty-level revenue declined to $346,051 during the pandemic period and has since grown to $1,912,460, 5.5× off the low in four years. The recovery reflects both demand normalisation and a materially different portfolio: larger assets, repositioned properties and a rebuilt revenue base. These are property-level revenues; they do not treat intercompany management fees as incremental portfolio revenue. The economic benefit of in-house management is margin retention, and it shows up as lower cost rather than as another line of revenue.
The balance sheet
Where the capital sits today
| Property | Value | Debt | Gross equity | LTV | Rate | In-place revenue | Stabilized pro forma |
|---|---|---|---|---|---|---|---|
| Valley Vista3265 E Valley Vista Ln, Paradise Valley, AZ | $7,925,000 | $3,597,277 | $4,327,723 | 45% | 9.99% | $616,694 | — |
| Wild West Estate2913 N 75th Pl, Scottsdale, AZ | $2,900,000 | $2,000,000 | $900,000 | 69% | 7.125% | $421,734 | — |
| Sunset Valley4669 E Sunset Dr, Phoenix, AZ | $10,500,000 | $2,439,298 | $8,060,702 | 23% | 10.99% | — | $950,000 |
| 75th Place2919 N 75th Pl, Scottsdale, AZ | $1,150,000 | $773,069 | $376,931 | 67% | 10.99% | — | $320,000 |
| North Hayden28484 N Hayden Rd, Scottsdale, AZ | $2,832,000 | $783,632 | $2,048,368 | 28% | 3.375% | $150,000 | — |
| Greenleaf Inn65 Commercial St, Boothbay Harbor, ME | $2,750,000 | $2,182,500 | $567,500 | 79% | 6.75% | $342,905 | $450,000 |
| Admiral's Quarters71 Commercial St, Boothbay Harbor, ME | $2,300,000 | $1,437,500 | $862,500 | 62% | 6.75% | $401,871 | — |
| Welch House56 McKown St, Boothbay Harbor, ME | $4,030,000 | $2,002,200 | $2,027,800 | 50% | 6.75% | — | $900,000 |
| 1022 W Belmont1022–24 W Belmont Ave, Chicago, IL | $3,500,000 | $1,800,000 | $1,700,000 | 51% | — | $350,000 | — |
| Portfolionine assets | $37,887,000 | $17,015,476 | $20,871,524 | 45% | — | $2,283,204 | $2,620,000 |
Two assets are carried at as-complete values
The table shows schedule value less debt, before the cost still required to finish. On Sunset that is $10,500,000 less $2,439,298 of debt; net of the $3,240,000 of remaining estimated construction cost, residual value is $4,820,702. Welch House is likewise carried at its as-complete rather than as-is appraisal. Values on this schedule are the operator's marks and in three places sit above the most recent third-party appraisal: Greenleaf at $2,750,000 against an appraised $2,225,000, 2913 N 75th at $2,900,000 against $2,700,000, and Welch House at $4,030,000 as-complete rather than $3,280,000 as-is. The performance table above uses the appraised figures throughout. Stabilized, the portfolio produces $4,560,299: $2,283,204 in place today plus the pro forma on the assets not yet stabilized. Source: Schedule of Real Estate, 1 September 2026.
4669 E Sunset, measured the way a construction lender measures it
Earlier record
Fourteen realized deals, 2012 to 2020
Purchase and sale prices as reported by the sponsor. Renovation cost and carry are not shown, so these are not returns. Together they total $8,877,218 all-in against $10,514,000 of sales, 1.34× with life-of-asset income. Before Arizona, the family developed Spring Acres Hills, a 400-acre custom-home community in McHenry County, Illinois, from 1985 to 2005.
| Property | Held | Purchase price | Sale price |
|---|---|---|---|
| 4805 N Dromedary Rd, Phoenix | Dec 2015 – Nov 2019 | $2,200,000 | $2,500,000 |
| 8210 E Del Cristal Dr, Scottsdale | Jul 2016 – Jun 2017 | $627,000 | $1,050,000 |
| 5922 E Sandra Terrace, Scottsdale | Oct 2014 – Dec 2019 | $425,000 | $790,000 |
| 5714 E Paradise Ln, Scottsdale | Aug 2016 – Jul 2019 | $420,000 | $760,000 |
| 15802 N 63rd St, Scottsdale | Jan 2016 – May 2016 | $445,500 | $760,000 |
| 12638 N 71st St, Scottsdale | Jul 2013 – Apr 2014 | $447,000 | $750,000 |
| 6132 E Kings Ave, Scottsdale | Aug 2013 – Jun 2018 | $380,000 | $650,000 |
| 6034 E Kings Ave, Scottsdale | Jun 2013 – Nov 2013 | $395,000 | $587,500 |
| 7912 N 16th Dr, Phoenix | Apr 2013 – Sep 2013 | $413,500 | $540,000 |
| 17211 N 58th St, Scottsdale | Dec 2012 – Mar 2013 | $320,000 | $489,000 |
| 16011 N 49th Pl, Scottsdale | Mar 2013 – Jul 2013 | $344,000 | $450,000 |
| 422 E Monte Cristo Ave, Phoenix | Jun 2014 – May 2018 | $296,000 | $445,000 |
| 5518 E Waltann Ln, Scottsdale | Dec 2012 – Mar 2013 | $220,000 | $387,500 |
| 5222 E Monte Cristo Ave, Phoenix | Jul 2012 – Oct 2012 | $275,409 | $355,000 |
Methodology
Return methodology
Equity invested is actual cash at risk: acquisition equity plus subsequent capital improvements, not purchase price and not financed dollars. Return of capital is not treated as profit. Held assets are marked using the third-party appraisal identified in the schedule, and their unrealized gains are reported separately from realized transactions throughout. Realized-return calculations use dated cash flows and a pooled XIRR rather than an average of deal-level returns; positions held less than twelve months are shown as total rather than annualised return.
Property-level NOI is operating revenue less property operating expenses, before debt service, depreciation, income taxes and entity-level overhead. Cash flow after debt service is a different and smaller number and is not shown here. Where complete property-level NOI was unavailable, a 62% NOI margin was used as an estimate and is identified as such, derived from filed Form 8825s and DSCR reports across eight properties where observed margins run 38–83%, median 68%. The 62% figure sits below that median deliberately.
Investors and lenders
Want the full book?
The portfolio book, property summaries and the schedule of real estate are in the data room. Or write to Sean directly.