Value Add Multifamily

Blue Peak Capital
Management

In partnership with Crewstone International

Where strategic multifamily investments meet financial freedom.

27%

Avg IRR

4.1x

Avg Equity Multiple

100%

Realized

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.

A sampling of completed exits from our value-add multifamily track record — spanning Class A, B, and C across the Pacific Northwest and Mountain West. Shown baseline to outperformance. A deliberate pause through the 2020–2024 cycle, back in market in 2025 — every deal underwritten with the same discipline.

0%

Avg IRR

0.0x

Avg Equity Multiple

$0M+

Realized Gains

100%

Capital Realized

Aggregate metrics across the selected completed exits shown below. Full track record available on request.

Selected Exits

From baseline to outperformance.

Worst Best

Property Acquired Realized Gains Equity Multiple Net IRR

Arterra Class A

Kent, WA · Sept 2017

Sept 2017

Gains $8.5M

Multiple 2.40x

Net IRR 12.5%

Quail Springs Class B

Richland, WA · Jan 2018

Jan 2018

Gains $14.3M

Multiple 5.15x

Net IRR 31.0%

Bridger Heights Class C

Bozeman, MT · Oct 2019

Oct 2019

Gains $6.35M

Multiple 4.79x

Net IRR 36.5%

Realized investor returns from completed dispositions. Past performance is not indicative of future results — see offering memorandum for full risk factors on any active offering.

03 — Active Opportunities

Currently raising.

Two live offerings in Reno, Nevada — plus the Blue Peak Opportunity Fund LP, our co-branded vehicle with Crewstone International. 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 ↗

Co-Branded Vehicle

Blue Peak × Crewstone International

BPOF · USD 30M

Fund Vehicle

U.S. Multifamily · 9 target markets

Blue Peak Opportunity Fund LP

A regulated, cross-border vehicle launched with Crewstone International.

Co-branded $30M USD fund vehicle. Crewstone International serves as the Malaysia-regulated Co-General Partner; Blue Peak Capital Management runs U.S. sourcing, underwriting, and asset management. Targets stabilized & light value-add Class-B multifamily across WA, OR, CA, NV, AZ, NE, IL, TX, FL.

Fund Size

$30M

Target IRR

15% net

Minimum

$60K

Hold

5 yrs

2.0% mgmt · 8% pref + 60/40 LP-GP split · Cayman / Labuan domicile · VCPE/0099/2023 (Securities Commission Malaysia)

See partnership & fund terms →

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.

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

The Villager1500 Valley Rd, Reno, NV 89503

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

05 — Partnership · Blue Peak × Crewstone International

A fund built across two regulated platforms.

Blue Peak Opportunity Fund LP — a co-branded vehicle launched with Crewstone International, a Malaysia-regulated private equity firm with $1B+ AUM. Crewstone serves as the regulated Managing Partner; Blue Peak Capital Management runs the U.S. investment platform and portfolio execution.

Co-GP · Asia

Crewstone International

Government-regulated Managing Partner. Provides the licensed fund vehicle, governance framework, capital formation across Asia & EMEA, and ongoing investor reporting cadence.

Securities Commission Malaysia · VCPE / 0099 / 2023

BPOF

Co-GP Structure

Co-GP · U.S.

Blue Peak Capital Management

U.S. operator and Strategic Partner. Sources, underwrites, and executes the Class-B multifamily portfolio across nine target markets — bringing the deal flow, asset management, and value-add playbook.

U.S. Sponsor · Reno · Boise · Phoenix · Dallas

Fund Size

$30M

USD · Cayman / Labuan

Minimum

$60K

Per LP commitment

Target IRR

15%

Net · conservative case

Hold

5 yrs

Investment period

Mgmt Fee

2.0%

Per annum

Carry

8% pref

Then 60 / 40 LP / GP split

Capital Allocation $30M total

Acquisition $24M

80%

Capex / Value-Add $6M

20%

80% deployed against stabilized & light value-add Class-B assets; 20% reserved for targeted capex and renovation programs across the hold.

Suitable For Accredited only

HNWIs

Cross-border accredited investors

Family Offices

Single & multi-family vehicles

Individual Investors

Qualified, $60K minimum

Request the BPOF offering memo ↗

Strategic Partner — Crewstone International · Private Equity & Investments

Founded in 2011 and headquartered in Kuala Lumpur, Crewstone is a globally active private equity firm with $1B+ in aggregate AUM across capital markets, logistics, healthcare, green technology, manufacturing, ICT, and e-commerce. Crewstone partners with Blue Peak as Co-General Partner of the Blue Peak Opportunity Fund LP — extending the Fund's reach to international LPs and applying institutional governance to the U.S. multifamily strategy.

$1B+

AUM

2011

Founded

40+

Portfolio Cos.

5

Global Offices

Kuala Lumpur HQ · New York · London · Dubai · Cyberjaya · crewstoneinternational.com →

Blue Peak Opportunity Fund LP is offered to accredited / qualified investors via private placement. Terms summarized; full terms, fees, and risks disclosed in the offering memorandum, LPA, and subscription documents. Not a solicitation in any jurisdiction where prohibited.

06 — 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

07 — Leadership

Founded 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.

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

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

In partnership with — Strategic Partner · Co-General Partner

Oscar Munoz and William Thomas with the Crewstone International leadership team — Shien, Keng Fai (CEO), and Doris — at Crewstone's headquarters in Kuala Lumpur, Malaysia

Kuala Lumpur · 2026

Crewstone International HQ

Shien (Crewstone IM) · William Thomas (BPC) · Oscar Munoz (BPC) · Keng Fai (Crewstone CEO) · Doris (Crewstone IM)

Crewstone International Sdn Bhd

Co-General Partner · BPOF · Malaysia-Regulated Managing Partner

Founded in 2011 with $1B+ in aggregate AUM and 40+ portfolio companies across capital markets, logistics, healthcare, and green technology. As Co-GP of the Blue Peak Opportunity Fund LP, Crewstone provides the regulated fund vehicle, governance framework, and international investor platform — extending Blue Peak's U.S. multifamily strategy across Asia and EMEA.

$1B+

AUM

40+

Portfolio
Cos.

2011

Founded

Securities Commission Malaysia · VCPE / 0099 / 2023 · crewstoneinternational.com →

Backed by — Strategic Advisors

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

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.

08 — 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 ↗

Past speakers · Bridgewater · Tishman Speyer · Brookfield · Federal Reserve Board

Newsletter — Published on LinkedIn

Blue Peak Insights.

Underwriting memos, market reads, and deal teardowns from the Blue Peak Capital × Crewstone International desk — direct from the operators.

Free · Published Monthly · Read on LinkedIn

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