Cedar Vault Capital acquires small to mid-sized apartment properties in growth-oriented U.S. markets, improves them, and distributes the income to our limited partners quarterly. Conservative underwriting first. Everything else follows from that.
We buy value-add apartment properties in markets with real rental demand, rising incomes, and population moving in rather than out. Then we run them properly. The returns come from operations, not from hoping the market moves in our favor.
Rent from stabilized, professionally managed buildings, distributed to limited partners every quarter beginning the second quarter after we close.
Targeted capital improvements and tighter operations grow net operating income across a five-to-seven year hold. In multifamily, NOI is what the building is worth.
Depreciation passed through on your K-1, mortgage interest deductions, cost-segregation in the early years, and the option to defer gains through a 1031 exchange at exit.
Leases reset annually and the asset reprices against replacement cost. Housing is one of the few income streams that historically keeps pace when money loses value.
Property management, renovations, lender relations and reporting are handled by Cedar Vault and our operating bench. You commit capital; we run the building.
Quarterly letters with property-level operating numbers, K-1s issued on schedule, and a portal you can log into at any hour to see exactly where your money stands.
Every Cedar Vault acquisition moves through the same four stages in the same order. We do not skip steps, and we do not adjust the assumptions to make a deal work on paper.
We look at small to mid-sized apartment properties that are too large for individual buyers and too small to interest institutional funds. Less competition on the buy is the first margin of safety.
Line-item income and expense review, conservative rent growth, market-tested cap rates, honest capital expenditure budgets, and full third-party reports. If the model only works on optimistic assumptions, we pass.
The capital structure is set before we make an offer. Debt is placed through established lender relationships and limited partner commitments are documented transparently through our investor platform.
Hands-on asset management with a professional property-management team on every property. Monthly internal review, quarterly letters to partners, and an exit when the numbers say so.
Cedar Vault Capital was founded on a straightforward idea: the most dependable real estate returns come from buildings that are analyzed carefully and operated properly — not from buildings that are bid up.
“We evaluate every opportunity twice — once on the property-level numbers, and once on the market around it. The goal is to preserve capital, improve the community, and build long-term wealth in that order.” — Frank Khatibi, Co-Founder & Principal
There is no shortage of multifamily sponsors. There is a shortage of sponsors whose underwriting, operating discipline and reporting hold up when you look closely. Here is what holds up.
Every deal is stress-tested before it is presented: rent growth held conservative, expenses budgeted line by line, debt service coverage checked against a refinance in a worse market than today's. Deals our own model cannot survive do not get offered.
Rental demand, income trends, population movement, employment strength, crime data and long-term growth potential are reviewed for every submarket. A good building in a declining market is still a bad investment.
Through our general partner, every Cedar Vault deal carries the same underwriting desk, securities counsel, lender relationships and property-management infrastructure that supports much larger transactions.
Cedar Vault principals co-invest alongside limited partners on every acquisition, and the fee structure rewards stabilized cash flow rather than transaction volume. We wait out the same five to seven years you do.
Frank Khatibi is Co-Founder and Principal of Cedar Vault Capital, where he leads the identification and analysis of small to mid-sized multifamily opportunities in growth-oriented markets. With a background spanning finance, real estate, banking, underwriting support and investment property analysis, he brings a disciplined, numbers-first approach to every acquisition.
He earned his Bachelor's Degree in Finance and Real Estate from California State University, Northridge, and has built his career around financial analysis, lending, client relations and business development. His work centers on value-add multifamily analysis — reviewing income and expenses, capital expenditures, rehab potential and rent-growth opportunity against the metrics that decide a deal: cap rate, cash-on-cash return, IRR and debt service coverage ratio.
Before launching Cedar Vault Capital, Frank worked across real estate investment services, mortgage and loan modification operations, quality control, sales, underwriting support and investment analysis. His experience includes time with Marcus & Millichap Real Estate Investment Services, Bank of America, and Infinity Solutions Management Group, where he evaluated multifamily opportunities and communicated investment concepts to agents, lenders, buyers and investors.
At Cedar Vault Capital he focuses on conservative underwriting, market research, risk analysis and investor-aligned deal evaluation — reading each opportunity through both the property-level numbers and the market fundamentals around it, including rental demand, income trends, population movement, economic strength, crime data and long-term growth potential.
Brian's biography, I a still waiting for it and his photo.
Brian's biography, I a still waiting for it and his photo.
Cedar Vault partners with Justin Brennan for underwriting, lending relationships, legal counsel and property-management infrastructure. The desk that supports far larger transactions runs every Cedar Vault deal.
Justin is a seasoned multifamily investor whose experience spans real estate, construction, land planning and syndication. He helps lead day-to-day operations and strategic direction across the platform that underwrites and operates Cedar Vault's deals.
He brings operational, legal and capital-markets fluency to every transaction, leading opportunity sourcing, operations setup, market and data evaluation, and finance. Debt placement, offering-document preparation and property-management infrastructure all run through the bench he directs.
Over his career he has built a record of making investors money through disciplined growth, conservative leverage, and an operator's eye for the unglamorous details that compound over decades.
“The value of hard work, cash flow, and a slow, disciplined approach to wealth-building is what ensures steady success in good times and bad.” — Justin Brennan
Cedar Vault investors are supported by a professional infrastructure: securities counsel, audit-grade accountants, entity-structuring attorneys, and a dedicated investor-relations platform.
Audit-grade accounting for syndicated real estate: tax preparation and review, cost-segregation coordination, on-schedule K-1 issuance, and financial modeling for every entity.
Corporate securities counsel responsible for drafting the Private Placement Memorandum, subscription agreements and Regulation D filings behind every offering.
Entity-structuring specialists who design and maintain the holding structures that protect investor capital — drawing on direct real estate investing experience, not theory alone.
A white-labeled portal available around the clock: K-1s, subscription documents, distribution statements, property updates and capital-call sequencing in one place.
Each Cedar Vault property is referenced by its unit count while it is under contract — CV24 is a 24-unit property, CV31 is 31. Names and locations stay confidential during diligence; the full deal memo goes to accredited partners as each acquisition closes.
Coming soon
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24-unit garden-style value-add property in a growth-market submarket. Details released to accredited partners at close.
Coming soon
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18-unit property in a supply-constrained submarket with steady rental demand. Details released to accredited partners at close.
Coming soon
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31-unit value-add property with meaningful renovation headroom and below-market in-place rents. Details released at close.
Targets reflect base-case underwriting and are not guaranteed. Past performance of any individual property is not indicative of future results. See the risk factors in the Private Placement Memorandum.
The underwriting package was the most thorough I have reviewed from any sponsor at this deal size. Every assumption was defensible.
Distributions arrive on schedule and the quarterly letter actually tells me what is happening at the property. No guessing.
Frank walked me through the downside before he mentioned the upside. That order told me everything about how this firm is run.
If your question is not here, ask it on the call. We answer in writing whenever we can.
We will walk through the thesis, the properties currently in diligence, and where Cedar Vault fits inside your portfolio. No pressure and no pitch deck theatre — just the numbers and an honest answer to whatever you ask.
