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The project is expected to generate an annualized return of roughly 15.3%, net IRR, by CalTier Fund I LP partners.


Disclaimer: The realized return on an individual project may vary significantly from your portfolio-level return as a CalTier investor.

The CalTier Fund investment in the 88-unit apartment home community in a suburb of Houston officially closed in late March 2021. The property was sourced off-market through a proprietary relationship with the owner. The submarket continues to show strength in overall occupancy (94%) and rental growth rates.

Lakewood sits at the lowest level of the overall comp set for rental rates and overall affordability. This presents a unique opportunity for our team to drive rent increases through strategic renovations and active asset management. Being an All Bills Paid Property, lowering utility spending is paramount to our overall success in achieving high cash-on-cash returns for our investors. This continues to be a focus as we transition to LED lighting, low-flow toilets, and aerators.

We closed the books in Q1 2021, and the fund expects to receive its pro-rata quarterly earnings to be distributed end of May 2021!

CalTier FAQ: How does this addition impact your portfolio?

This investment was structured as equity, i.e., the fund has an ownership interest in the property and is entitled to a share of rental income and any profits from the sale that may occur when the time is right.

Since the closing, the rental income received will be contributed to quarterly distributions. The future increased value of the property will be captured in quarters’ adjustments to the CalTier Realty Fund I LP’s net asset value (NAV) per share. As always, if you have any questions or feedback, please reach out to us at


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