What we produced
Track record
Figures as of 30 September 2026. Every figure below is taken from a settlement statement, a third-party appraisal or a filed federal tax return. Nothing on this page is a projection.
Properties held
| Property | Market | Acquired | Purchase price | Most recent as-is appraisal |
|---|---|---|---|---|
| Valley Vista | Paradise Valley, AZ | March 2022 | $3,300,000 | $7,700,000 (September 2026)¹ |
| 2913 N 75th Place | Scottsdale, AZ | October 2016 | $572,500 | $2,700,000 (December 2025) |
| Sunset | Phoenix, AZ | April 2022 | $1,925,000 | Not appraised as-is (in design and permitting) |
| 2919 N 75th Place (land) | Scottsdale, AZ | October 2017 | $201,400 | Not appraised |
| Greenleaf Inn | Boothbay Harbor, ME | April 2023 | $1,150,000² | $2,225,000 (December 2025) |
| Admiral's Quarters | Boothbay Harbor, ME | April 2023 | $1,150,000² | $2,300,000 (December 2025) |
| Welch House | Boothbay Harbor, ME | April 2026 | $1,842,500 | $3,280,000 (December 2025)³ |
| Valerie's Inn | Boothbay Harbor, ME | September 2026 | $840,000 | Not yet appraised |
Unrealized
Unrealized value: $2,877,595
Most recent as-is appraisal less documented cost, shown only where both exist:
- Greenleaf Inn $2,225,000 less $1,587,671 = $637,329
- Admiral's Quarters $2,300,000 less $1,497,234 = $802,766
- Welch House $3,280,000 less $1,842,500 = $1,437,500
Cost for the two inns is the purchase price plus capital improvements as reported on each property's 2025 federal tax return. Valley Vista and 2913 N 75th Place are not included because their improvement costs are still being documented; the other three held properties have no as-is appraisal.
Realized
| Property | Bought | Sold | At closing | |
|---|---|---|---|---|
| R1 | 6131 E Kings Avenue, Scottsdale | Bought July 2017 for $415,000 | Sold June 2022 for $1,520,000 | $875,351 cash to seller at closing |
| R2 | 8022 N 47th Street, Paradise Valley | Bought December 2022 for $3,000,000 | Sold October 2023 for $3,750,000 | Cash at closing being confirmed; not included below |
| R3 | 11505 E Cochise Drive, Scottsdale | Bought March 2022 for $2,860,000 | Sold June 2024 for $4,400,000 | No cash to seller at closing. A $50,000 deposit was released to the seller before closing. The rest of the price repaid the property's loan, closing costs and commissions, and $942,945 of loans on other portfolio properties. |
Cash received at closing, 2022–2026: $3,102,527
- From sales: $925,351 (R1 and R3)
- From refinancings: $2,177,175, of which $1,886,319 came from the April 2026 refinancing of Greenleaf Inn and Admiral's Quarters
Refinancing proceeds are borrowed money that must be repaid. Neither figure is profit: neither deducts the equity invested, improvements or carrying costs.
Operating
2025 gross rents, as reported on each property's 2025 federal tax return (Form 8825): Greenleaf Inn $356,646 · Admiral's Quarters $444,230.
¹ Valley Vista also appraised at $7,925,000 (January 2026). Other 2026 appraisals of this property have reached lower values. The full appraisal history is available to verified investors.
² Greenleaf Inn and Admiral's Quarters were bought together for $2,300,000; each property's tax return allocates half.
³ The Welch House appraisal is dated before the purchase and was prepared for the lender.
Basis of figures. Purchase and sale prices are the contract prices shown on each transaction's settlement statement (for 2913 and 2919 N 75th Place, the escrow agent's closing statement marked estimated; the final copy is not on file). They exclude improvements, carrying costs, financing costs and selling costs, so the difference between a purchase price and a sale price is not profit. Cash at closing is the amount paid to the owner on the settlement statement. Unrealized value is the most recent as-is third-party appraisal less cost as reported on the property's federal tax return.
Appraisals. An appraisal is an appraiser's opinion of market value at a stated date, usually prepared for a lender. It is not a sale price and not a promise of value. Different appraisers have reached different values for the same property. As-complete and subject-to-completion appraisals are not shown.
Realized and unrealized. Realized figures come only from closed transactions and their settlement statements. Unrealized figures rest on appraisals and are not gains until a property is sold. The two are never added together.
Partners. Some properties are owned with partners. Figures describe the whole property, not the sponsor's share.
Earlier transactions. Transactions before 2022 are not included; they are being re-verified against their settlement statements.
Past performance is not indicative of future results.
This page is for information only. It is not an offer to sell, or a solicitation of an offer to buy, any security. Any offering will be made only to accredited investors whose status has been verified, only through definitive offering documents, and only under Rule 506(c) of Regulation D or another available exemption.
Figures are unaudited.
Investors and lenders
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This site is a summary. Property schedules, appraisals, debt and financial statements are shared only with accredited investors, on request. Access to detailed information is limited to accredited investors as defined in Rule 501(a) of Regulation D. Before any investment we will verify accredited status, which may require documents or a letter from a CPA, attorney or registered adviser. Requesting access does not create any obligation on either side.