Value Add Multifamily

Blue Peak Capital
Management

Where strategic multifamily investments meet financial freedom.

$36.9M
Equity
2,100+
Units
52.1%
Avg IRR
01 — Investment Thesis

Where conviction meets capital.

Three forces define the next decade of Value Add multifamily — we underwrite to all three, every deal, every market.

01

Workforce Housing Demand

A structural shortage of 4.3M units across the U.S. drives durable rental demand in the price points we target — Class B+ to A- assets serving median-income households.

02

Sun Belt Migration

Persistent population and job inflows into our 12 target markets create the supply-demand asymmetry that compounds NOI growth above national averages.

03

Inflation-Hedged Yield

12-month leases reset to market each year, and hard-asset basis appreciates with replacement cost — multifamily has historically outperformed every major asset class through inflationary cycles.

02 — Track Record

Performance with proof.

34 completed projects across 2,100+ units. A deliberate pause through the 2020–2024 cycle, back in market in 2025 — every deal underwritten with the same discipline.

$0.0M
Total Exit Value
0.0%
Avg Portfolio IRR
0
Completed Projects

Crystallized returns. Combined Meter Investments + Blue Peak Capital platform metrics.

In partnership with

Meter Investments

meterinvestments.com ↗

Blue Peak Capital and Meter Investments source and underwrite together. The structure deepens our relationships with leading commercial brokers, gives us priority access to off-market and pre-market opportunities, and lets the combined team deliver the certainty brokers and sellers seek on capital formation, due diligence, and asset management.

01

Expanded Access

Warm owner and broker networks across both firms — more high-quality at-bats from off-market and pre-market opportunities.

02

Speed & Certainty

Shared underwriting bench and local operations teams shorten diligence cycles and close timelines.

03

Selective Discipline

Aligned IC standards and co-GP economics keep the venture quality-first across every deal.

04

Cross-Market Coverage

Complementary geographies and business plans reduce single-asset and single-market concentration risk.

05

Portfolio Assembly

Curate 3 to 6 assets into one vehicle — diversified by market, vintage, and business plan.

Meter Partners Jarrett Johnson Chris Steward Jeff Miller
03 — Active Opportunities

Currently raising.

Two live offerings — both in Reno, Nevada. Indication of interest open to qualified accredited investors.

Open
Reno, NV · 129 units

Elevation at the U

1617 N. Virginia St — across from UNR

A mispriced student-adjacent asset at the gates of UNR.

129-unit covered-land value-add. 1980 vintage on a 2.6-acre infill parcel acquired ~20% below in-submarket per-door comps. Three levers of value creation: mark-to-market rents, full utility (RUBS) recapture, and ancillary income — with embedded Class A redevelopment optionality on the underlying land.

Equity Raise
$6.8M
Target IRR
16–18%
Equity Multiple
1.85x
Hold
5 yrs

$14.0M purchase · $9.1M senior debt at 65% LTV · 8% preferred return · $100K min · 506(c)

Request offering memo →
Open
Reno, NV · 292 units

The Villager

292-unit multifamily acquisition in the Reno MSA. Acquired at a 5.90 cap with disciplined value-add underwriting targeting durable cash flow and selective NOI expansion.

Purchase Price
$18.0M
Target IRR
20%
Equity Multiple
2.0x
Cap Rate
5.90%
Express interest →

All figures sponsor projections subject to execution, market, and financing risk. Securities offered to accredited investors only via Rule 506(c). Not a solicitation or offer to sell securities. See offering memorandum for full risk factors.

04 — Market Focus

Where the demand is structural.

Eight high-conviction MSAs across the Sun Belt and Mountain West — selected for sustained in-migration, employment diversification, and supply-constrained submarkets. Two live deals in Reno today.

RENOPHOENIXAUSTINNASHVILLECHARLOTTETAMPARALEIGHDALLASATLANTA
Active deals
Target markets
Active deals

Reno

Nevada

Two active deals — UNR-adjacent value-add and core-plus multifamily. Structural undersupply paired with accelerating demand drivers (UNR enrollment, GSR capital, federal Tech Hub designation).

2 Live Offerings
Elevation at the U1617 N. Virginia St, Reno, NV 89503
129 units
Equity Raise$6.8M
Target IRR16–18%
Multiple1.85x
Hold5 yrs
View full offering
The Villager1500 Valley Rd, Reno, NV 89503
292 units
Purchase Price$18.0M
Target IRR20%
Multiple2.0x
Cap Rate5.90%
View full offering

Active markets indicated by the navy markers carry live offerings. Other markers reflect markets we are actively evaluating — not active offerings.

05 — Case Study

Elevation at the U, Reno.

A mispriced student-adjacent asset at the gates of UNR — three levers of value creation, disciplined execution, and embedded redevelopment optionality.

The Thesis

Three levers of value creation.

01

Mark-to-Market Rents

In-place rents trail market by ~$108/unit. Current lease-up is already achieving $925 vs. $887 in place, with market estimate at $995. Execution requires no capex — only disciplined lease management aligned to the August–July student cycle.

02

Operational Recapture

Utility recovery (RUBS) currently captures only 55% of expense. Transition to full pass-through materially expands NOI. Ancillary income — in-unit laundry ($25/unit/mo), expanded reserved parking (10 → 20 spaces at $200/mo), and modernized amenities — adds durable cash flow.

03

Covered-Land Optionality

The 2.6-acre infill parcel sits directly across from UNR — bracketed by two newly-built Class A communities. If feasibility supports, Year 5+ redevelopment to Class A product represents material upside beyond the base case. Not embedded in the underwriting.

The Execution

$1.39M of targeted capital.

A tightly-scoped capex program concentrated on high-ROI interior and operational upgrades. Rolling turnover schedule, 10% contingency embedded, vendor relationships sourced via the sponsor's commercial cleaning and operational background.

Shared Kitchen Renovations
32 kitchens · quartz, stainless, modern fixtures
~40%
Systems & Deferred Maintenance
HVAC, plumbing, building systems
~20%
In-Unit Laundry Installation
32 shared units · $25/unit/mo income
~15%
Clubhouse Repositioning
Study lounge, tech-enabled workspace
~15%
Exterior & Curb Appeal
Signage, landscape, repositioning
~10%
Renovated unit interior — modernized kitchen with white cabinetry and stainless appliances
After · Repositioned product · white cabinetry, stainless appliances, updated finishes
5-Year Pro Forma Sponsor projections — see full risk factors
Stabilized NOI
+66%
$827K → $1.37M
Target IRR
16–18%
Equity Multiple
1.85x
Hold
5 yrs
06 — Leadership

Built by operators.

Two founders backed by institutional advisors. Combined backgrounds in finance, operations, military execution, and value-add real estate — a partnership built on trust and transparency.

Portrait of Oscar Munoz Sandoval

Oscar Munoz Sandoval

Co-Founder

Decade-long personal multifamily portfolio in Northern California, mentored by Mike Green of Virtu Investments. Founder of CMS Building Services (nationwide janitorial, 11+ years) and Heroes Consulting, which supported growth at 250+ service companies across the U.S., Canada, and Australia.

Focus
Finance · Operations · Capital Formation
Email LinkedIn
Portrait of William Thomas

William Thomas

Co-Founder

U.S. Army combat veteran — 18 years, multiple Iraq deployments as an infantryman. Post-service, flew Intelligence, Surveillance, and Reconnaissance missions in Saudi Arabia with Dynamic Aviation. Brings discipline and execution under pressure to every deal, driven by a personal mission of scaling the Blue Peak.

Focus
Acquisitions · Underwriting · Strategy
Email LinkedIn
Backed by — Strategic Advisors
Portrait of Mike Green

Mike Green

Advisor & LP Investor

Founder & CEO of Virtu Investments — nearly $4B AUM with 130+ properties acquired since 1997. Multifamily value-add and redevelopment veteran. Virtu's flagship Evergreen Fund provides capital and strategic oversight to Blue Peak.

~$4B AUM · Virtu Investments
Portrait of Jeff Miller

Jeff Miller

Advisor & LP Investor

Founder of 11 Capital Partners and Glacier West Self Storage — $1.4B+ AUM combined across both platforms. Current LP in properties managed by both firms; provides GP-level strategic oversight on Blue Peak deals.

$1.4B+ AUM · 11 Capital · Glacier West

At Blue Peak Capital, we empower investors through strategic and reliable multifamily investments — focused on long-term stability, wealth-building, and lasting partnerships built on trust and transparency.

07 — Annual LP Convening

The Blue Peak Summit.

Three days. Forty principals. The state of multifamily, candidly — with the operators, allocators, and economists shaping the next cycle.

Date
October 2026
Location
Aspen, CO
Format
Limited · Invitation Only
Request Invitation → View 2025 Recap
Past speakers · Bridgewater · Tishman Speyer · Brookfield · Federal Reserve Board