Brennan Pohle Capital

Where the capital goes

Capital flows into stressed multifamily.

Record new supply, maturing bridge loans and higher rates have pushed Sun Belt multifamily into distress. That is where we deploy: well-located assets in growth metros of Texas, Arizona and Florida, bought from sellers who have run out of time.

Primary targets: TX, AZ, FL Watchlist states Capital moving to acquisitions

Offering summary

A customizable fund.

Most syndications lock up your capital and never show you the properties you're investing in. You don't get a say. With our fund, you see the deals and you choose where your money goes.

Preferred return9–12%

9% under $100K, 12% at $100K and above. Paid quarterly.

LP / GP split65 / 35

Profit split after pref. Waterfall: pref, then capital, then splits.

Targeted IRR18–22%

Projected annual IRR to investors.

Equity multiple1.8–2.2x

Projected over a 2–5 year hold.

Minimum$50,000

Individuals, trusts, IRAs, 401(k)s and entities.

Hold period2–5 yrs

Timed to exit into the recovery. Redemption rights after 18 months; see offering documents.

Your choiceYou pick

See each property and choose the deals you invest in.

Tax (estimate)Bonus dep.

Estimated K-1 paper losses of at least 1.0x your investment.

Choose your investment amount

Select an amount to see your estimated returns below.

Your estimate · $100,000+

Preferred return12% · $12,000 / yr

Projected upside$9,000 / yr

Bonus depreciation (estimated K-1 loss)≈ $100,000 est.

DistributionsQuarterly

$205,000Projected cash returned, 5 yrs

2.05xEquity multiple

21%Projected IRR

Cumulative cash returned

Orange: projected distributions (pref + upside), added up year by year. Blue: your capital returned at exit. Bonus depreciation is an estimate and comes on top as a K-1 paper loss. Projections from the fund deck; see disclosures.

Fees and waterfall

Fund fee1.5% total deal cost

Asset management1.0% total revenue

Construction mgmt.5.0% CapEx

Refinance fee0.25% loan amt.

Loan guarantee fee0.13% loan amt.

Closing & capital costs$1,000,000 (4%)

The cycle

Markets are highly stressed. The window is now.

Apartment loan delinquencies are at their highest in years, and a wall of debt comes due through 2028. Owners who can't refinance will have to sell. We see the buying window from 2026 through early 2028, before new supply runs dry and values recover.

Swipe the chart to see the full cycle →

The problem

A wall of apartment debt comes due

$185B of apartment loans mature in 2027–2028 ($77.9B + $107.3B)

Apartment loans maturing each year

Many of these loans were made at 2021–22 peak prices and low rates, and may not refinance at today's values.

Bigger picture: all commercial real estate, every property type$875B in 2026 · $652B in 2027

Apartment loans by year: Yardi Matrix estimate (Mar 2024), via Essential Realty Capital. All commercial real estate: Mortgage Bankers Association, Feb 2026. Apartments are one slice of the MBA totals.

The stress

Apartment loan delinquencies keep climbing

8.04% multifamily CMBS delinquency, Sep 2026

Up from 1.84% in March 2024: more than four times higher in two and a half years.

Trepp CMBS Delinquency Report, monthly, via Multi-Housing News and YieldPro.

The opportunity

New supply is drying up while people keep moving in

−70%Rental construction starts vs. peak

−10.8%5+ unit starts, year over year (Oct 2025)

Texas+1.2% · +391K

Arizona+0.9% · +67K

Florida+0.8% · +197K

U.S.+0.5%

Texas and Florida added more people than any other states in 2025. Ohio and Michigan flipped to net domestic in-migration.

Population: U.S. Census Bureau, Vintage 2025 estimates (Florida % computed from Census totals). Starts: Origin Investments; Census via HousingWire.

Where the distress is

Delinquency, special servicing and distressed sales are all up

Delinquent8.04%Multifamily CMBS loans 30+ days late, Sep 2026Trepp

In special servicing8.54%Multifamily CMBS loans, Sep 2026, up from 8.20% a year earlierTrepp

Distressed & foreclosure sales4.7%Share of apartment sales in Q2 2026, up from 1.5% a year earlierMSCI

CMBS distress rate by state (largest metro) · Oct 2025 vs Oct 2026

Oct 2025Oct 2026

All property types. Distress means 30+ days late, past maturity or in special servicing.

Maturing apartment loans that need new cash to refinance, by state (metro)

Owners who can't bring that cash are the forced sellers we buy from. Sun Belt states lead.

Texas: 30.8%of all multifamily loans sent to special servicing nationwide in the past year (37 of 120), more than any other state.Morningstar Credit, mid-2026

180 loans · $992Mnewly distressed CMBS loans in July 2026. About 96% were multifamily.CRED iQ

Sources: Trepp via YieldPRO (Sep 2026); MSCI via Teel Valuation Group; CRED iQ (Oct 2026 metro data and refinance gap); CRED iQ via Commercial Observer (Jul 2026); Morningstar Credit via CRE Daily. Public data doesn't publish one consistent state-level rate, so each state is shown by its largest tracked metro.

Our read: forced sellers plus shrinking supply plus growing renter demand. We buy below replacement cost at a low basis during the 2026–2028 window, then hold through the recovery.

Sources

Five-year outlook

2025 to 2030: buy the bottom, ride the turn.

Our plan for the fund across the cycle. Dates are our thesis and targets, not promises.

2025

Distress builds

The squeeze hits Sun Belt owners

Peak-era buyers face rate caps expiring, bridge loans maturing and a record wave of new units competing for renters. Multifamily distress posts its largest monthly jump in over 18 months.

Fund structured: $25M, 75% multifamily, 25% San Diego ADUs and flips
Deal pipeline built in TX, AZ and FL

2026

Acquire below replacement cost NOW

Buy from forced sellers

Lenders, special servicers and tired owners have to sell. We buy well-located Class B/C assets for less than it would cost to build them today.

Capital deployed into Texas, Arizona and Florida acquisitions
San Diego flips generate short-term gains to support distributions
Quarterly preferred return begins

2027

The turn

Supply dries up, the curve bends

With few new starts since 2023, the pipeline empties. Occupancy tightens and concessions burn off. We finish renovations and push units to market rent.

Value-add renovations and operational turnarounds
Final acquisitions at trough pricing

2028

Recovery

Rents grow, NOI climbs

Stabilized properties and rising rents lift net operating income. As rates normalize, our assets are positioned for stronger refinancing.

Renovated units lease at market rents
Quarterly distributions continue as NOI grows

2029

Growth

Grow into the recovery

Rents rise and cap rates compress as buyers return. Assets bought at a trough basis grow in value and cash flow, building equity for investors.

Equity grows on a low basis
Profit split 65% to investors after pref

2030

Refinance & big wins

Capture the upside, on or before 2030

With values recovered, refinancing and strategic sales can unlock major gains on or before 2030. Investors target a 1.8–2.2x equity multiple and an 18–22% IRR.

Cash-out refinances at recovered values
Priority access to the next Brennan Pohle fund

Track record

Operators since 2009. Over $150M under management.

Active deal · Case study

144 units, College Station, TX

603 Southwest Parkway, College Station TX 77840

A Texas value-add acquisition with a refinance planned in year 3. LP profits projected at $6.35M with over $6M in LP tax benefits.

Purchase$13.5M

Projected exit$23.1M

Project IRR23.76%

LP IRR18.54%

Cash on cash (LP)7.50%

Year-5 NOI$1.20M

Nola SkyLas Vegas, NV · 160 units$74M

NC 18 ApartmentsSan Diego, CA · 80 units$40M

4th LaurelSan Diego, CA · 35 units$35M

BellamarSan Diego, CA · 16 units$25M

On Point28 units$25M

Oaks @ MedicalSan Antonio, TX · 121 units$20M

The FletcherSan Diego, CA · 20 units$11M

3 Kansas CityKansas City, MO · 65 units$10M

Quarterly distributions

Preferred return paid every quarter.

Bonus depreciation

Estimated paper losses can offset taxable income.

Inflation hedge

Hard assets with rents that reset every year.

You choose

See the properties and decide where your money goes.

Meet the team

The people behind the fund.

Justin Brennan

Co-Founder / CEO

Leads property acquisition, underwriting, construction and development. Justin grew up learning from his father, Jim Brennan, who developed over 8,000 multifamily and single-family subdivisions across CA, NV, AZ and ID.

Christopher Pohle

Co-Founder / Board Chairman

Leads investor relations, capital management and strategic direction. A U.S. Marine, Chris founded Tactical Edge, a software company building military-grade secure systems for the U.S. Military and commercial customers.

Ian Johnston

Accounting

Tax accountant and business advisor in Southern California since 2007, covering taxation, corporate returns, accounting, payroll and bookkeeping.

Kevin Bass

Asset Management

Has run BP property management and leasing since 2011. A licensed Realtor and property manager with deep experience in resident care and property management software.

Dan Murad

Construction

Licensed general contractor with extensive ground-up and rehab experience. Keeps BP projects on schedule and within budget.

Jennifer Santoso

Finance

Brings a financial background to marketing and investor events. Team-oriented and focused on high standards and quality leadership.

Advisory team

KMCPA

Khalsa McBrearty Accountancy, LLP

CPA

Led by Jodha, a CPA since 1984 with 35+ years in tax preparation, reviews and audits. Harvard graduate with a PhD in Accountancy from Arizona State.

Erik Weingold

Securities Attorney

Corporate securities lawyer practicing since 1995 who has drafted PPMs since 1998 for raises across the U.S.

$Clint Coons$

Clint Coons

Business Attorney

Founding partner of Anderson Law Group, grown to 200+ employees helping real estate investors structure their entities.

Syndication Pro

Investor Relations

Our investor portal: 24/7 access to your investments, tax documents, updates, videos and offering documents.

How to invest

Get the offering deck and book a call.

Tell us a little about yourself and the team will send the full offering and set up a call. Accredited investors only.

Book a 1:1 call now ↓

Justin Brennan619.823.2120 · [email protected]

Christopher Pohle858.207.9706 · [email protected]

Existing investors: investor portal ↗

Schedule a call

Pick a time that works for you.

Book a 1:1 call with the Brennan Pohle team to walk through the fund, the deals and your goals.