TWC Growth Fund 25Sound properties, bought from distressed owners
A growth fund built to buy physically strong apartment communities at a discount, improve them and sell. Watch the video, then set up an introductory call for more details.
- Target IRR
- 15–18%
- Target multiple
- 2x
- Minimum investment
- $100,000
- Target hold
- 3–5 years
How Growth Fund 25 works
Sound buildings, distressed owners
The properties we target are well built and structurally sound. The distress sits with the ownership group, usually maturing debt or rising interest costs, and that gap is where the opportunity lives.
A low basis
Buying below replacement cost builds in a margin of safety. It reduces how much value we need to create to reach our targets and gives room to absorb a softer market.
Improve, operate and sell
Over a 3 to 5 year hold, we renovate, stabilize operations through our in-house property management company and target a sale or refinance once the business plan is complete.
Why now
Rising rates broke the math for many owners. That is the opening.
- Many owners bought in 2021 and 2022 with short-term, floating-rate bridge loans priced for near-zero rates.
- As rates climbed, debt payments rose and interest rate caps became far more expensive to renew.
- Loans are maturing before renovation plans are finished, leaving owners unable to refinance.
- Some are choosing, or being forced, to sell below what they planned.
- Well-capitalized buyers with local operating teams can step in at a discount.
- We underwrite conservatively: modest rent growth, a less favorable exit, and realistic renovation timelines.
Historical figures across TWC projects. Past performance does not guarantee future results.
Real Estate Deal Autopsy
How our first deal stacked up against the S&P
On the Lessons the Hard Way podcast, we take apart Two Waters Capital's first acquisition: the property, the business plan, the decisions behind the result, and the lessons that still shape how we buy today. Prefer monthly cash flow to long term growth? The Income Fund is built for exactly that.
Results of a single prior investment. Past performance does not guarantee future results.