The New Breed of Real Estate Syndications

AI-native deal sourcing. Experienced human underwriters. Monthly LP statements and distributions, $50K minimum investment, and a live data dashboard on every deal. This is the future of real estate investing.

We share what we see so you can scrutinize. No stack of PDFs. No stale slide deck. No 90-day blackout between deal updates.

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Prism^™ Score - / 10

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Pulling structural facts from Prism^™.

Preferred Return

Target LP IRR

Target Equity Multiple

The 8% preferred return is a priority of distribution, not a guarantee; accrual and payment depend on performance. Target IRR and equity multiple are projections, not promises. See full disclosures below.

Offering

Reg D 506(c)

Ownership

LP Partnership

Eligibility

Accredited Only

$50K min · Hold pending

View full deal page →

1,346

Fields in
the Model

Pending

Deals Scanned
By Prism^™ This Qtr

Passed Human
IC Review

Monthly

LP Statements
& Distributions

$50K

Minimum
Investment

Live Snapshot

Platform Pulse

What Amethyst is working on right now. Waitlist members see new opportunities before the broader market.

Deals in Due Diligence

Launching Soon

651

Submarkets Monitored

Investors on the Waitlist

Counts refresh hourly from Prism^™. No dollar amounts or investor identities shown on this surface.

The Unfair Edge

Finding the right deal is like finding a needle in a haystack. We built Prism^™, our AI deal-sourcing and processing engine, to search hundreds of haystacks at once. Then our underwriters pick the sharpest needle.

Prism^™ is our in-house intelligence platform. It monitors every submarket in our 12-state footprint, scores thousands of listings weekly against our thesis, and flags the fraction that deserve a human look. Then our underwriting team takes a week on each finalist before it ever reaches your inbox.

01 / Breadth

More Haystacks

Prism monitors 651 submarkets across our 12-state mandate, and we write checks in 31 target MSAs that institutional capital dismisses as "too small to matter." Prism^™ makes covering them free.

02 / Speed

AI Filter

Every listing scored against our 1,346-field underwriting model. Comps, rent trends, supply pipeline, cap rate trajectory, submarket momentum. In seconds, not weeks.

03 / Judgment

Human Finals

The finalists go to our underwriting team. One week minimum per deal. Every assumption sourced and challenged before it reaches our pipeline.

31
MSAs monitored daily
651
Submarkets covered
-
Deals processed this quarter
830,000+
Combined data points

See the live pipeline → Tour Prism^™ in the Portal →

The Pipeline, Waitlist Gets First Dibs

In Underwriting Now

Live snapshot from Prism^™. Waitlist members get 7-day early access before any deal opens public. Oversubscription up to 200% is accepted on every raise.

See All Pipeline Data →

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Why We Built Amethyst

Real estate syndications haven't changed in 30 years. A stack of PDFs, a slide deck, a signature request, and a report in 90 days. We rebuilt the whole thing.

The Old Way

The Amethyst Way

Deal sourcing

A few broker relationships, inbox roulette, slow on off-market.

Prism^™, our AI engine, scans 1,200+ deals per quarter across market data, county records, broker networks, and off-market signals.

Due diligence

Subjective reads, analyst bandwidth limits how many deals get looked at.

Every deal is scored against our 1,346-field Prism model. Market, rent comps, T12, rent roll, debt, renovation, and returns, all reconciled to source documents.

Investor experience

A 60-page PPM, a static PowerPoint, sign and wait.

Live deal dashboard. Every number is linked to the source doc. You see what we see.

Statements & distributions

Quarterly at best, reports 60-90 days stale.

Monthly LP statements and monthly cash distributions, direct to your bank.

Reporting

Canned quarterly letter, 90 days stale.

Real-time dashboard, updated as rent rolls and T12s refresh.

Transparency

You get a summary. We keep the model.

Full underwriting model, cap stack, and debt schedule, visible to every LP.

How We Find and Approve Deals

Prism^™ sources, analyzes, and screens deals. Experienced humans decide what passes.

We use AI for what AI is good at, scanning thousands of data streams, reconciling source documents, and scoring deals consistently. We use humans for what only humans can do, judgment on markets, sponsors, and downside.

The Prism^™ Engine, AI-Native

A multifamily intelligence platform we built from the ground up.

Prism^™ ingests submarket data, rent rolls, T12s, broker emails, county records, demographic trends, and debt market signals. It scores every deal against a consistent model, flags outliers, and tracks 1,346 underwriting fields in the Prism model, backed by 830,000+ market data points across 651 monitored submarkets. No spreadsheets lost in an analyst's folder.

651

Submarkets searched continuously

1,346

Underwriting model fields

Pending

Deals scanned Q1 2026 across 31 MSAs

24/7

Prism^™ runs every 30 minutes

The Investment Committee, Human

Deals are reviewed, underwritten, and signed off by experienced operators.

Prism^™ surfaces the candidates. The Investment Committee decides. Johnny Wahba leads acquisitions and chairs the committee. Harisimran Kaur Khalsa runs financial and tax review. Our analysts and DD coordinator pressure-test rent rolls, debt, and value-add scope against market reality. AI does not write LOIs or close deals. We do.

Low

Of scanned deals close

Signs off on each pursued deal

CPA

Reviews every financial package

Source

All figures reconciled to source docs

The Investor Portal

We share what we see. No more waiting 90 days for a canned report.

Every LP gets login access to the Prism^™ Investor Portal. See source documents, underwriting assumptions, debt schedule, renovation progress, and distributions, all in one place. Data refreshes as rent rolls and T12s come in. If you want to scrutinize a cap rate or an expense line, go ahead.

See live deals →

Sample dashboard view

Going-In Cap

Refreshed at close

Exit Cap

Underwritten + sensitivity

Loan Terms

LTV, rate, IO period, maturity

Rent Lift

Per-unit, vs comps, by quarter

CapEx Burn

Spent vs budget, line by line

Distributions

Paid YTD + projected

Submarket Vitals

Pop, jobs, permits, vacancy

Source Docs

T12, RR, OM, comps, insurance

The 2025-2028 Window

A rare alignment: reduced supply, motivated sellers, resilient demand, limited competition.

Multifamily supply runs on a 5-year clock: from permit application, to construction, to delivery, to absorption. Permits collapsed in 2023-2024 and have not restarted. The next wave of new inventory does not exist on paper yet, and we can see it coming years in advance via permit data. Add Baby Boomer owners ready to exit, valuations off 20% from 2021 peaks, and institutional capital still on the sidelines. The buy side of this cycle is visible, datable, and open right now.

The 5-Year Permit Gap

Permit-to-absorption is a 5-year cycle. Permits collapsed in 2023-2024 and have not restarted. With nothing entering the pipeline today, new supply is structurally constrained through 2029-2030. We see the next wave coming years in advance via permit data, and we are not seeing it yet.

Resilient Demand

Structural housing undersupply. Millennials and Gen Z aging into peak household formation. AZ, NV, TX projected to add millions of new residents through 2033. Single-family out of reach for most, rental demand is sticky.

Motivated Sellers

We target Class B assets built 1970s-1990s, often owned by long-time private owners. Aging Baby Boomers with built-up equity are looking to retire. Valuations down ~20% from 2021 peaks. Opportunity to buy below intrinsic value.

Limited Competition

Institutions paused in 2023-2024 on higher debt costs. Secondary markets in the West and Texas have seen cap rates remain 100 to 150 bps higher than coastal gateways. This quiet period won't last. We are moving now.

The shortcut is value-add. We renovate well-located Class B assets built in the 1970s-1990s. That puts "like-new" inventory into supply-constrained markets without waiting on a 5-year ground-up cycle. We skip to the front of the line, into a window where supply is depressed and demand is sticky. There is a time to move on this thesis. The time is now.

50-150

Units per
Property

$8-12M

Purchase
Range

3-4

Deals
per Year

5.5-6.5%

Going-In
Cap Rate

~5 yrs

Target
Hold

B / C

Class, Garden-Style
1970s-1990s

Where We Invest

Twelve states. Western U.S. and Texas secondary markets where demographics run faster than supply.

Washington

Washington anchors our Pacific Northwest exposure, where a deep technology and logistics employment base sustains high-quality rental demand. The Seattle-Tacoma corridor pairs a diversified economy with persistent housing undersupply, while Spokane offers a more attainable entry point with its own in-migration story. Higher construction costs and tighter financing have slowed new development, constraining future supply just as demand holds firm. We focus on well-located 1970s-1990s assets where a disciplined value-add program can close the gap to newer product without competing against luxury lease-ups. It is a market where demographics and supply discipline line up cleanly with our buy-and-improve thesis.

Oregon

Oregon combines steady population growth with a development pipeline that has stayed tight through the recent cycle. The Portland-Vancouver metro carries a diversified employer base, and secondary markets like Bend continue to draw lifestyle and remote-work migration. Land-use constraints and elevated building costs limit how quickly new supply can arrive, supporting existing rents. We target garden-style communities from the 1970s through the 1990s where interior and common-area upgrades earn a real rent premium. The through-line is durable demand meeting constrained supply.

California

California is our largest inland-migration opportunity, driven by households leaving expensive coastal metros for more affordable interior markets. Sacramento, the Inland Empire, Fresno, and Bakersfield combine population and job growth with a wide affordability gap versus the coast. New multifamily supply in these submarkets is limited relative to the demand pushing inland. We acquire older, well-located assets and reposition them to capture renters priced out of coastal California but unwilling to leave the state. The affordability spread is the engine of the thesis.

Idaho

Idaho, anchored by the Boise metro, has been among the country's strongest in-migration stories for several years running. Job growth and household formation have outpaced the local construction pipeline, which remains modest relative to demand. That imbalance supports occupancy and rent stability in the workforce housing we target. We look for 1980s-1990s communities where light value-add brings dated units up to current renter expectations. Limited new supply against sustained in-migration is exactly the setup our model rewards.

Montana

Montana has benefited from remote-work and lifestyle in-migration into markets like Missoula and Billings, expanding the renter base beyond its traditional size. New multifamily development is limited by scale and cost, so incremental demand meets a thin supply pipeline. That dynamic supports rents in the well-located workforce assets we pursue. We favor smaller, stabilized communities where operational discipline and modest upgrades drive net operating income. It is a lower-competition market where our underwriting rigor is a genuine edge.

Wyoming

Wyoming offers energy- and government-anchored economic stability plus the structural advantage of no state income tax. The Cheyenne metro provides a steady employment base with limited new apartment construction. Thin supply against consistent demand supports occupancy in the workforce housing we target. We concentrate on well-located, durable assets where careful operations outperform speculative new development. The tax posture and stability round out a defensive position in the portfolio.

Nevada

Nevada captures sustained California in-migration alongside an economy that has broadened well beyond tourism into logistics, technology, and advanced manufacturing. Las Vegas and Reno both show population growth with no state income tax reinforcing the relocation math. New supply has been meaningful in pockets, so submarket selection and concession tracking are central to how we underwrite here. We target 1970s-1990s assets in supply-disciplined submarkets where value-add rents remain well below new-build. Diversification plus in-migration is what keeps this market in our footprint.

Utah

Utah has some of the youngest, fastest-growing demographics in the country, concentrated along the Salt Lake City suburbs, Provo, and Orem tech corridor. Strong household formation and job growth drive persistent rental demand across price points. While the region builds actively, absorption has largely kept pace, and we underwrite submarket-by-submarket to stay ahead of supply. We acquire well-located communities where a focused value-add plan captures the growing renter base. Demographics this strong are the foundation of a long-hold thesis.

Colorado

Colorado's secondary markets, Colorado Springs and Fort Collins, are powered by military, technology, and university demand drivers that produce stable, diversified renter pools. These markets grow steadily without the supply volatility of the Denver core. Constrained development in the submarkets we target supports rent durability. We focus on 1980s-1990s garden-style assets where interior renovations and amenity upgrades lift rents toward newer comparables. Diversified demand plus disciplined supply is the pattern we underwrite to.

Arizona

Arizona pairs some of the nation's strongest population growth with an affordable entry basis and ongoing job creation across Phoenix, Tucson, and Mesa. In-migration from higher-cost western states continues to expand the renter base. Supply has been active in parts of metro Phoenix, so we underwrite concessions and deliveries closely and lean toward supply-disciplined submarkets. We target 1970s-1990s value-add communities where renovated rents still sit well below new construction. Growth plus an affordable basis is the core of the Arizona thesis.

New Mexico

New Mexico's demand is anchored by federal, defense, and university employment across Albuquerque, Santa Fe, and Las Cruces, producing a stable, recession-resistant renter base. New multifamily supply is limited, which supports occupancy and rent stability in workforce housing. Lower institutional competition means better entry pricing for a disciplined operator. We acquire well-located older assets and execute measured value-add without over-improving for the market. Defensive demand and thin supply make this a steady contributor to the portfolio.

Texas

Texas rounds out the footprint with diverse, fast-growing economies and no state income tax reinforcing both population and business migration. We focus on secondary markets, San Antonio, the Austin suburbs, El Paso, and Lubbock, rather than the most heavily supplied urban cores. Because parts of Texas build aggressively, submarket selection and supply timing are decisive, and Prism screens deliveries closely. We target 1970s-1990s value-add communities where renovated rents remain competitive against new product. Growth and a favorable tax posture, underwritten with supply discipline, define our Texas approach.

Pins mark target submarkets. Zoom in to see MSA and submarket boundaries. Active deal locations are withheld pre-close per 506(c) guidelines.

Inside Prism^™, Submarket Intelligence

Before we bring you a deal, we study the submarket.

For every submarket we invest in, Prism^™ tracks the real market fundamentals: vacancy, rent growth, cap rate, construction pipeline, and demand drivers. The same market data our LPs see inside the Prism^™ Portal.

01, Demographics

Population runs faster than supply.

We score every submarket against net in-migration, household formation, and job growth. The submarkets below are the ones where demand is structurally ahead of new construction, not just cyclically.

02, Supply

Construction pipeline tight or shrinking.

Prism^™ tracks under-construction deliveries by submarket, 24-month forward. We skip submarkets where supply is about to overwhelm absorption. The rankings filter those out.

03, Rent Trajectory

Rent growth positive, concessions fading.

Market rent growth + concession pressure are weighted together. A market with 5% rent growth and 6 weeks of free rent is not the same market as 3% growth and zero concessions. Prism^™ captures the difference.

04, Cap Rate Direction

Pricing discipline plus tax advantages.

We score cap rate trend, debt spreads, and state-level tax context. No state income tax, favorable depreciation, and stable insurance markets score higher. It is not just the rent, it is what you keep.

Submarkets We're Active In

Source: current submarket market data (vacancy, cap rate, asking rent, rent growth)

Why We Close Deals Others Miss

AI-native sourcing. Disciplined underwriting. Non-recourse investor terms.

Prism^™, AI Sourcing

We see off-market before brokers list it.

Prism^™ scans public records, broker networks, market data feeds, and private signal streams to flag owners showing signs of a sale. A portion of our deal flow arrives as first-look calls or off-market introductions, giving us a pricing edge before the broader market catches up.

Underwriting Rigor

A 1,346-field underwriting model. 830,000+ market data points.

Every deal we pursue runs through the same Prism^™ scoring model: market, rent comps, T12, rent roll, debt, renovation, and returns, all reconciled to source documents. Underwriting sits on top of 830,000+ market data points across 651 submarkets we track continuously. No spreadsheets lost in an analyst's folder. No optimistic assumptions that die in year two.

Investor Protection

Non-recourse for LPs and co-owners.

Our offerings are structured so that limited partners (in LP offerings) and co-owners (in TIC structures) are not required to guarantee loans; recourse obligations sit with the sponsor. Specific terms are set out in each offering's PPM.

How You Keep More

Multifamily has the best tax treatment in the code. We use all of it.

Cost segregation accelerates depreciation. 100% bonus depreciation is permanent under the One Big Beautiful Bill Act of 2025. 1031 exchanges defer capital gains across a lifetime of reinvestment. We build every deal to give you the full benefit of the code, not just the cash flow.

Cost Segregation & Bonus Depreciation

Often little or no tax liability on distributions in the early years.

On every acquisition, we commission a cost segregation study. Components like fixtures, appliances, and site improvements get depreciated on 5, 7, and 15 year schedules instead of 27.5 years. Under the permanent 100% bonus depreciation rule, that depreciation hits in Year 1. Most LPs see paper losses that offset distributions, and often other passive income, in the early years.

100%

Bonus Depreciation
Permanent, 2025 OBBB Act

20-30%

Of purchase price
allocated to short-life assets

5 / 7 / 15

Year depreciation schedules
vs. standard 27.5 years

~$0

Typical Year 1 tax
on LP distributions

1031 Exchange, LP or TIC

Roll gains into the next deal. Swap til you drop.

Two investor structures: LP for direct capital, or 1031 Tenant-in-Common for investors rolling gains from a prior sale. TIC co-owners take direct title to a fractional interest, which the IRS treats as real-property-for-real-property. At exit, you can 1031 again into the next Amethyst deal. If held to passing, heirs receive a step-up in basis and the deferred gain disappears.

45 / 180

Day identification and close
windows, QI-managed

LP or TIC loan
guaranty required

Deferral

Capital gains and
depreciation recapture

Step-Up

Basis at passing, deferred
gain eliminated for heirs

Tax benefits depend on your personal situation, including passive activity rules. We always recommend you consult your own CPA. Illustrative scenarios available in our offering materials.

Fee Structure & Alignment

8% preferred return to investors before we share. Transparent fees. Non-recourse to investors.

Preferred Return

8%, cumulative

LPs receive 8% annual preferred return before the sponsor earns a dollar of promote.

Profit Split After Pref

70 / 30 LP / GP

Promote only kicks in after the preferred hurdle is cleared. Standard split is 30% to GP; exact terms stated in each offering's PPM.

Acquisition Fee

2% of purchase price

One-time fee at closing for sourcing, diligence, and closing the transaction.

Asset Management

2% of GOI, monthly

Ongoing oversight, investor reporting, business-plan execution across the hold.

Construction Mgmt

4-6% of reno budget

Only paid during the renovation period. Ties sponsor compensation to executing the value-add.

Refinance Fee

1% of new loan

Paid only on a refinance, on the new loan amount, for arranging and executing the financing.

Disposition Fee

1% of sale price

Paid only at sale, a success fee for managing the disposition process.

Recourse

Sponsor only

Our offerings are structured so that limited partners (LP) and 1031 TIC co-owners are not required to sign loan guarantees; recourse obligations sit with the sponsor.

Who Actually Reviews Your Deal

Every deal runs through the same seat: Principal, CFO, and Lead Analyst.

Johnny Wahba

Founder & Principal · President & CEO · Director of Acquisitions

25 year career in real estate investment and development, spanning multifamily, hospitality, and mixed-use assets. Founded Amethyst Projects in 2017. Sets investment strategy, oversees underwriting, chairs the investment committee, and often co-invests significant equity alongside LPs.

Harisimran Kaur Khalsa

Chief Financial Officer

CPA in California and Arizona. MBA in Global Management (Finance, Honors), Thunderbird School of Global Management. BS Business Administration and Accounting, University of Arizona. Undergraduate in Economics, Dartmouth College. M&A certification from Columbia. Runs fund financials, tax structuring, and investor reporting.

Heberto "Bert" Alanis

Lead Analyst

Harvard University, Economics concentration with a language citation in Portuguese. MBA, University of Texas at Austin, McCombs School of Business, 2019. Prior: Black Oak Associates (RE private equity) and Evercore (investment banking). Leads underwriting, market analysis, and financial modeling.

James Wahba

Director of Capital Development

25+ years in real estate investment and development. Founded Projective Space, a pioneering NYC coworking and creative workspace. Builds relationships with accredited investors, family offices, and HNW individuals. Relationship lead for the Prism^™ Investor Portal.

Justin Shen

Fund Administrator

17 years of industry experience. Prior: Fund Controller and Director of Finance overseeing private equity funds with more than $8.5B in AUM for institutional clients. Career spans public accounting and private equity. Ensures institutional-grade fund administration at Amethyst.

Professional Bench

Real Estate & Securities Counsel

17+ years, institutional fund formation

Cost Segregation & 1031 Advisor

Qualified intermediary, cost-seg studies

Mortgage Broker & Capital Advisor

Agency, bridge, and balance-sheet debt

Insurance Broker

Property, liability, loss-of-rents coverage

Fund Administrator

Institutional-grade reporting, K-1s, distributions

Construction & Renovation Partner

Value-add execution, scope-to-close delivery

Regenerative by Design

Recycle housing stock, not build new. Lower impact. Lower operating cost. Longer life.

Rather than build from zero, we repurpose aging 1970s-1990s multifamily. Energy-efficient appliances and lighting, water-saving retrofits, and where feasible, solar. Good for tenants, good for operating margins, good for the grid.

Investor Briefing

Amethyst Projects
Investment Strategy
2026

2026 Edition · v3.0 · PDF

Get the full thesis

The 2026 Investment Strategy, in one PDF.

The full thesis we’re acting on this year. Submarket selection, the 5-year permit gap, value-add execution, debt strategy under bridge, tax structures (cost seg, 1031 TIC), and the deal types we will and will not write checks against.

Why the western U.S. + Texas, by submarket
Permit-cycle math: how we see 2027-2030 supply today
Class B, 1970s-1990s, value-add: the unit economics
Bridge debt strategy in the current rate environment
Cost seg + 1031 TIC: how LPs keep more of the gain

Thanks. Your copy is opening in a new tab now, and we've saved your details to follow up.

No spam. Used only to send the strategy PDF and the next quarterly update. Unsubscribe any time.

Prefer to read it online? View the live 2026 strategy →

Glossary

The language of the deal.

Every term we use, defined plainly. No jargon, no decoder ring required.

Financial Metrics

Cap Rate: The ratio of a property's net operating income (NOI) to its purchase price. Measures an investment's unleveraged yield and helps compare properties.
NOI: Total income from a property minus all operating expenses, but before debt service and capital expenditures. The core measure of a property's operating performance.
IRR: The annualized rate of return on an investment that accounts for the timing of all cash flows. Considered the most comprehensive return metric in real estate.
Cash-on-Cash: Annual pre-tax cash flow divided by the total cash invested. Measures the return on actual dollars invested, not total property value.
Equity Multiple: Total cash returned to an investor divided by total cash invested. A 2.0x multiple means you doubled your money over the hold period.
DSCR: NOI divided by total annual debt service. Measures how comfortably a property can cover its loan payments. Lenders typically require 1.20x or higher.
Price Per Unit: The total purchase price divided by the number of units. A quick way to compare property pricing across different sizes.
Occupancy: The percentage of units currently leased and occupied. Higher occupancy means more stable income.
Vacancy: The percentage of units unoccupied at any given time. Also used as an assumption in underwriting to account for expected income loss from turnover.

Capital Structure

Capital Stack: The complete structure of debt and equity used to finance a real estate investment, arranged by priority of repayment. Debt is repaid first, then preferred equity, then common equity.
LTV: The loan amount as a percentage of the property's value. Higher LTV means more leverage, and more risk.
Senior Debt: The primary loan secured by the property. Gets repaid first in the capital stack. Typically 60-75% of the purchase price from a bank or agency lender.
Preferred Return: The minimum annual return paid to investors before the sponsor receives any profit share. Acts as a priority return hurdle.
Debt Service: The total annual mortgage payments (principal and interest) on the property's loans. Deducted from NOI to calculate cash flow.
Bridge Loan: A short-term loan (1-3 years) used to acquire and renovate a property before refinancing into permanent, lower-rate debt. Common in value-add strategies.

Syndication

Syndication: A partnership structure where a sponsor pools capital from multiple investors to acquire a property. The sponsor manages, the investors provide most of the equity.
LP: Limited Partner. An investor who contributes capital but does not manage the property. LPs have limited liability and receive distributions based on their ownership percentage.
GP: General Partner. The managing partner who sources, acquires, and operates the investment. Makes all operational decisions and earns management fees plus a share of profits.
PPM: Private Placement Memorandum. The legal document that discloses all material details of an offering, including risks, fees, projections, and terms. Required for securities compliance.
Accredited Investor: An individual with $200K+ annual income (or $300K joint) for the last two years, or $1M+ net worth excluding primary residence. Required for Rule 506(c) offerings. Under the March 2025 SEC no-action letter, an individual investing $200K or more may satisfy accreditation verification through written representations; entities require a $1M minimum, and investments under $200K require third-party verification.
Distribution: Cash payments made to investors from the property's operating income or sale proceeds. Typically paid quarterly, or monthly in Amethyst deals.
Waterfall: The order and percentages in which profits are distributed between the GP and LPs. Typically the preferred return is paid first, then remaining profits are split.
Minimum Investment: The smallest amount an investor can commit to a syndication offering. Set by the sponsor to manage the number of investors and administrative complexity.
Co-Investment: Capital that the sponsor invests alongside the limited partners. Demonstrates the sponsor's confidence in the deal by putting their own money at risk.

Property & Market

Value-Add: A strategy focused on buying underperforming properties, making improvements, and increasing rents and property value.
Class A: Newer, high-quality properties in prime locations with top amenities. Typically built within the last 10-15 years. Lower cap rates, lower risk.
Class B: Solid, well-maintained properties 15-30 years old. Good locations that may need cosmetic updates. The sweet spot for value-add investors.
Class C: Older properties (30+ years) in average locations that need significant renovation. Higher cap rates and higher risk, strong upside potential.
Submarket: A specific geographic area within a larger metro with distinct supply, demand, and pricing characteristics. Deals are evaluated at the submarket level.
Rent Roll: A detailed list of all units in a property showing each tenant, lease dates, monthly rent, and any concessions. The core document for analyzing income.
Unit Mix: The breakdown of apartment types (studio, 1BR, 2BR, 3BR) and their quantities in a property. Affects rental income potential and tenant demographics.
Rent Gap: The difference between current in-place rents and achievable market rents. A larger gap means more upside potential from renovations or better management.

Tax & Legal

Cost Segregation: An engineering-based tax strategy that reclassifies building components into shorter depreciation schedules, accelerating tax deductions in the early years of ownership.
Bonus Depreciation: A tax provision allowing investors to deduct a large percentage of eligible asset costs in Year 1 rather than depreciating over 27.5 or 39 years. Under the One Big Beautiful Bill Act of 2025, 100% bonus depreciation is permanent.
1031 Exchange: A tax-deferred strategy where proceeds from selling one investment property are reinvested into another "like-kind" property, deferring capital gains taxes.
K-1: A tax form issued to each LP showing their share of the partnership's income, losses, deductions, and credits. Used to file individual tax returns.

Due Diligence

T-12: Trailing Twelve. The property's actual financial performance over the most recent 12 months. The primary document for verifying income and expenses during underwriting.
Due Diligence: The investigation period after a purchase agreement is signed, where the buyer verifies all financial, physical, legal, and environmental aspects of the property.
CapEx: Capital Expenditures. Major property improvements that increase value and have a useful life beyond one year. Distinct from routine maintenance and operating expenses.
Pro Forma: A financial projection showing expected income, expenses, cash flows, and returns over the planned hold period. Based on current data plus assumptions about growth and expenses.
LOI: Letter of Intent. A non-binding document outlining the proposed terms of a property purchase. The first formal step in negotiations before a binding contract.
Hold Period: The planned length of time between purchasing and selling a property. Typically 3-7 years for value-add syndications.
Exit Cap Rate: The assumed cap rate at which the property will be sold at the end of the hold period. A key assumption that significantly impacts projected returns.
Sources & Uses: A summary showing where the capital comes from (sources: debt, equity) and how it's spent (uses: purchase price, closing costs, renovations, reserves).

AI-Native Sourcing · Human Underwriting · Monthly Statements & Distributions · Live Data Access · Non-Recourse Investor Terms

Important Disclosures

Not an offer to sell securities. This website is for informational purposes only. It does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Offers are made only through confidential offering documents provided to prospective investors who have been verified as accredited under Rule 501 of Regulation D.

Regulation D, Rule 506(c). Amethyst Projects offerings rely on SEC Rule 506(c) of Regulation D. Participation is limited to investors who have been verified as accredited investors pursuant to SEC rules. Third-party verification is required prior to any investment.

Target returns are projections, not guarantees. All stated preferred returns, target IRRs, target equity multiples, target holds, and related figures are forward-looking projections based on assumptions that may not materialize. Actual returns may be materially lower, including loss of principal. Past performance is not indicative of future results.

Investor structure. Most offerings are structured as limited partnerships, in which investors are limited partners. Select 1031-exchange offerings are structured as Tenants in Common, in which investors are co-owners of record. In both structures, investors are not required to sign loan guarantees. Recourse obligations are held by the sponsor entity.

Tax statements. References to depreciation, bonus depreciation, cost segregation, 1031 exchanges, and tax-deferred outcomes are general in nature and depend on each investor's individual situation. Amethyst Projects is not a tax, legal, or accounting advisor. Investors should consult their own qualified advisors before making any investment decision.