BlackBrick Capital Fund I acquires distressed and off-market small multifamily properties at below-market prices, executes rapid renovations, and refinances to redeploy capital, compressing hold periods and targeting outsized risk-adjusted returns.
BlackBrick Capital Fund I is a value-add real estate fund targeting small multifamily properties (2–4 units) in Hawaii. The Fund acquires distressed and off-market properties at below-market prices, executes rapid renovations, and refinances via DSCR loans to recycle capital into subsequent acquisitions. This capital recycling model compresses hold periods and targets outsized risk-adjusted returns relative to traditional buy-and-hold funds.
The Fund sources properties off-market through direct owner outreach, tax auctions, abandoned property identification, and owner-financed transactions. This proprietary deal pipeline eliminates broker competition and secures acquisitions at 50–70 cents on the dollar relative to after-repair value.
Properties undergo targeted renovations managed by the GP, a former superintendent at one of Hawaii's top general contractors. Scope focuses on high-ROI improvements: kitchens, bathrooms, flooring, and exterior. The emphasis is on speed, with 60–90 day turnarounds backed by cost control, permitting expertise, and reliable subcontractor relationships.
Post-renovation, each property is refinanced via a DSCR loan underwritten on appraised market rent. The refinance returns invested capital to the Fund for redeployment into the next acquisition, enabling multiple capital turns within the fund life. Cash-flowing properties may be held or sold to crystallize gains.
The GP served as superintendent for one of Hawaii's leading general contractors, providing direct expertise in project management, cost estimation, and permitting: the three variables that determine renovation profitability.
An existing pipeline of off-market acquisition channels, built through years of direct owner relationships, tax auction participation, and local market knowledge across the Hawaiian islands.
The GP has successfully executed this buy-renovate-refinance strategy on a personal portfolio, demonstrating repeatable returns. The Fund structure allows this proven model to scale beyond the constraints of individual deal syndications.
Return of contributed capital to all partners.
8% preferred return to Limited Partners, compounded annually.
100% GP catch-up until the GP has received 20% of cumulative profits.
Remaining profits split 80% LP / 20% GP.
Establish track record with accredited investors via Reg D 506(b). Demonstrate the capital recycling model across 15–30+ small multifamily acquisitions in Hawaii.
Scale with repeat LPs and new investors via Reg D 506(c) with general solicitation. Expand asset scope and geographic coverage within Hawaii.
Attract institutional capital with a proven multi-fund track record. Longer horizon, diversified risk profile, potential mainland expansion.
Complete offering details are available in the confidential Private Placement Memorandum, provided to qualified accredited investors upon request.
Contact · mike@mike.partners