Strategy

Moir Park acquires single-tenant, net-leasedindustrial outdoor storage real estate nationwide, with an emphasis on sitesleased to blue-chip equipment rental companies, collision repair operators, andbuilding supply tenants. The firm employs a proactive off-market sourcingstrategy (94% of acquisitions are off-market) targeting owners who previouslystarted, ran, and sold their business to a consolidator. Deep industryknowledge and relationships drive sourcing, diligence, and risk mitigation.

Track Record

Moir Park has assembled one of the largestprivate IOS portfolios in the country: 67 properties across 26 states with$200M+ enterprise value, $15.3M NOI, 334 acres, and 1.2M SF. The firm hasmaintained effective 100% occupancy for 25+ years across its portfolio andextended 500+ lease years, increasing contractual cash flows by $115M (3.7x).Returns across six vehicles range from 1.4–2.9x MOIC and 22.8–61.8% net IRR:Fund I (2.9x, 26.7%), Fund II (1.8x, 22.8%), Fund III (1.4x, 33.2% — active),MPI Sidecar (1.7x, 28.0%), MPC Hudson (2.0x, 61.8% — realized), and ASEHHoldings (1.8x, 38.5% — realized). Founder Matthew Schliep has a twelve-yearexclusive focus on IOS, deploying over $200M.

Growth Plan

Moir Park is consolidating existing vehiclesinto a single fund structure with $150M+ in contractual rents and ~2.5% annualrent/tenant revenue escalation, creating a clean institutional entry point intothe deepest pure-play IOS portfolio in the country.

Team

Matthew Schliep (Founder & ManagingPartner) has invested $2.0B+ across alternative investment strategies since2005, starting at Wayzata Investment Partners. Sam Dosch (Principal) joinedfrom First Industrial Realty Trust (NYSE: FR). Jill Retrum (COO) brings fundoperations experience from Wayzata and Merced Capital.

Strategy

IronHorn acquires, repositions, and operatesincome-producing industrial properties—manufacturing, distribution, and heavyindustrial—across the eastern U.S. The firm focuses on core plus, value-add,and repositioning strategies, satisfying national and regional tenantrequirements through extensive off-market sourcing. IronHorn is fullyvertically integrated with in-house general counsel, construction, leasing,property management, brokerage, zoning/development, environmental, and financefunctions. A dedicated 30+ person acquisition team makes thousands ofoff-market calls weekly in preferred markets.

Track Record

IronHorn grew its portfolio from $219M (2024)to $312M (2025), executing $110M in acquisitions and $59M in investment saleswith $16M in gains on sales in 2025. The firm has demonstrated a fullbuy-fix-sell cycle with recent exits across New York, Tennessee, Georgia,Florida, Connecticut, Ohio, California, and other states, maintaining activetenant relationships with national credits including United Rentals, Ryder,Swift, LKQ, and First Student.

Growth Plan

IronHorn is targeting a $400M+ portfolio valuein 2026, with $150M in planned acquisitions and $75M in investment salesgenerating $28M in projected gains. The firm is expanding its geographicfootprint across the Southeast and Mid-Atlantic while reinvesting lease andsale proceeds to strategically scale resources and portfolio.

Team

Greg Cleghorn and Colin Cleghorn (Co-Founders)bring deep expertise in manufacturing real estate sourcing and development. Thefirm employs a 30+ person acquisition team with in-house capabilities acrossevery major function.

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Strategy

Legacy Investing is a fully verticallyintegrated data center platform focused on AI inference facilities—sub-100MWsites that benefit from a deeper tenant base (cloud, enterprise, retail withcredit support), stronger debt/equity liquidity, and more attractiverisk-adjusted returns (10%+ yield on cost for turnkey deals, 300–400bps overexit cap) versus the hyperscale AI training segment. The leadership team hasbeen developing and empowering data centers since before the cloud era.

Track Record

Legacy’s leadership team brings 25+ years ofdata center development experience, 34 completed sites, and 2.3 GW of deliveredcapacity.

Growth Plan

Legacy has a ~$2B pipeline across 5 projects:Richmond, VA (30MW brownfield, ~$300M, Q2 2028), San Antonio, TX (50MWgreenfield, ~$500M, Q2/Q3 2027), Los Angeles, CA (50MW brownfield, ~$600M, Q12028), Nashville, TN (30MW SLB + expansion, ~$250M, Q4 2027), and Minneapolis,MN (17MW adaptive reuse, ~$170M, Q4 2027). All structured as JV equity.

Team

Legacy Investing leadership team with 25+years of collective data center development experience across 34 completedsites.

Strategy

Ludlow is the only institutional platformfocused exclusively on self storage in America’s leisure towns—mountain, lake,beach, and island communities where 99% of facilities are independently ownedand institutional capital has not arrived. Ludlow acquires and develops storagefacilities in these high-barrier-to-entry markets using a proprietaryAI-powered operating system (“Looking For Storage”) that enables fully remote,vertically integrated property management with zero on-site staff.

Track Record

Ludlow has assembled a portfolio of 35properties with 6,000+ units, $140M in assets under management, and $48M incapital deployed. Ground-up developments include Vail Airport Storage (85,000SF, 569 units, opened 3 months early, $500K under budget, 53% occupied in thefirst 12 months) and Snowmass Self Storage (delivered ahead of schedule andunder budget). Value-add acquisitions have returned 38% of capital in 5 months(Estes Park), 12% of capital in the first year with a 36% revenue increase(Gunnison/Crested Butte), and a 45% rent increase in Year 1 (Discount SelfStorage).

Growth Plan

Ludlow is targeting 400+ leisure towns with2,000+ facilities representing a $10B+ addressable market. The competitive moatrests on three pillars: first-mover advantage in high-barrier mountain andleisure towns, tech-enabled margins through a proprietary AI operating system,and fully vertically integrated remote property management at institutionalscale.

Team

Michael Forrest (Managing Partner & Head ofAcquisitions & Development) and Jason Udoff (Co-Founder & CIO) lead thefirm. The team combines institutional real estate investing experience with atechnology-forward operating model.

Strategy

CA South has launched an IOS platform branded“Secured Outdoor Storage Yards” (SOSY), purpose-building Class A securedoutdoor storage facilities from the ground up for small commercial andindustrial users who need fenced, monitored yards for equipment, trucks,containers, and materials. Each 5,000–10,000 SF yard features secure perimeterfencing, 24/7 lighting, security cameras, key card access, and paved interiorroads—a significant quality upgrade over the typical informal IOS site.

Track Record

CEO Meg Epstein has developed over $400M ofcommercial real estate, including 1M+ SF of shallow bay industrial acrossmultiple markets, and has delivered average returns to LPs in excess of 25%.Principal Advisor Khyl Powell is a pioneer in Class A secured outdoor storage,having developed and operated 3 Contractor Storage Yards locations in Phoenix,AZ. Those three facilities (acquired 2003–2013) show untrended yields on costof 12.3–14.2% and trended yields of 19.6–23.2%, with profit margins of 69–82.5%.

Growth Plan

CA South is targeting ground-up developmentacross 10 Sunbelt states (Alabama, Arizona, Florida, Georgia, North Carolina,Oklahoma, South Carolina, Tennessee, and Texas), focusing on 6–12 acre raw landparcels in 100K+ population MSAs near building supply and industrial corridorswith permit-by-right zoning and 70% net rentable efficiency.

Team

Meg Epstein (CEO) — $400M+ CRE developed, 1M+SF shallow bay industrial, numerous industry awards including Entrepreneur ofthe Year and Most Admired CEO. Khyl Powell (Principal Advisor) — pioneer inClass A secured outdoor storage, developed and operates 3 locations in Phoenix,AZ.

Strategy

Westlake Realty is a vertically integrated,third-generation family office targeting IOS and self storage insupply-constrained Western U.S. markets. The IOS strategy focuses on 2+ acreinfill sites with 7.25%+ stabilized yields on cost, 16%+ net IRR to LPs, and1.7x+ multiples over 3–6 year holds. Westlake targets vacant or partiallyleased properties, warehouse sites with existing yields, sale-leasebacks withbelow-market rents, and long-term owners with low basis. IOS is a $200Bsubsector with limited institutional penetration, and Westlake’s deep WestCoast relationships give them a sourcing edge.

Track Record

Westlake has managed $600M+ and 8M SF of realestate since 1972 across 27 wholly owned properties. The partnered self storageportfolio comprises 8 properties ($80M+ portfolio value, 80+ individualinvestors) acquired since 2021, with rent increases of 14–66% across theportfolio. Since December 2025, the firm has acquired 5 IOS and infillindustrial assets across California, Texas, and Nevada delivering net IRRs of15.8–23.4% and equity multiples of 2.02–2.80x.

Growth Plan

Westlake has a $200M+ actionable pipeline ofIOS assets across major Western U.S. markets and is targeting $100M+ in equitydeployment.

Team

Kristina Chang (CEO) leads the firm with deepexpertise in California industrial real estate and operator consolidation.

Strategy

Karis controls strategic land positions acrossthree verticals—industrial, cold storage, and mission-criticalinfrastructure—targeting 20%+ investor IRRs. Everything starts with land: sitesare selected for optionality, so powered land can serve data centers, advancedmanufacturing, or traditional industrial depending on where demand moves. Thecold storage platform focuses on supply-starved secondary markets, while thepowered land portfolio targets hyperscale-ready sites with committed utilitycapacity.

Track Record

Karis has deployed $1B+ in equity anddelivered $5B+ in completed projects. The portfolio includes 2M+ SF of coldstorage across 10 properties, 2,800+ entitled acres with 500MW+ committed powercapacity across 6 data center land sites, and a 3.6x MOIC on its firstindustrial joint venture. Founder Jake Finley has led $1.5B+ in portfolio valueand $2.5B+ in completed projects.

Growth Plan

Karis is targeting $500M in equity deploymentover the next 12–24 months across build-to-suit and speculative industrial,cold storage expansion, powered land assemblage, and advancedmanufacturing—spanning multiple U.S. markets from last-mile logistics tohyperscale-ready infrastructure sites.

Team

Jake Finley (Founder & CEO) — $1.5B+ inportfolio value, $2.5B+ in completed projects. Jeff Heuerman (Co-Founder &COO) brings an entrepreneurial background through JPH Corp. Greg Strom (EVP) —former CMO of ALDI U.S., managed $360M marketing budget and $2.5B e-commerceP&L across 2,500+ stores.

Strategy

ErvoSquare is a value-add and opportunisticinvestor in small-bay industrial and industrial outdoor storage alongColorado’s Front Range—one of the fastest-growing industrial corridors in theMountain West. The firm targets $2–50M deals involving re-tenanting, vacancylease-up, renovation, and management turnaround, seeking 15–20% net IRR and2.0x equity multiples. The focus on sub-institutional deal sizes givesErvoSquare access to mispriced assets with real operational upside.

Track Record

Founder Michael Ervolina has $300MM+ in careeracquisitions and financing with 1.7M+ SF managed, with select realized exits at19%, 27%, 62%, and 71% IRR. Prior experience includes SomeraRoad Inc. and J.P.Morgan.

Growth Plan

ErvoSquare is targeting $50–100M in deploymentcapital and is expanding from its Colorado home market into additionalhigh-growth corridors across the Mountain West.

Team

Michael Ervolina (Founder & Principal) —$300MM+ in career transaction volume, 1.7M+ SF managed. Previously atSomeraRoad Inc. and J.P. Morgan. BS from Villanova, MS Real Estate from NYU.

Strategy

Foxfield acquires underutilized office andindustrial properties in East Coast infill markets and repositions them intoClass A small-bay industrial product (1,000–10,000 SF units) leased to SMBs andservice-sector businesses. The firm targets supply-constrained corridors whereaging buildings can be converted into modern, functional industrial flexspace—a segment too small and operationally intensive for large institutionalplayers but generating outsized risk-adjusted returns.

Track Record

Foxfield’s principals have $1.8B in careeracquisition volume across 122 investments, producing a 39% gross IRR and 2.21xgross equity multiple with 84 realized exits. The firm has managed 7.5M SF ofreal estate and delivered a 53% realized average IRR specifically on shallowbay investments. The current portfolio spans nearly 250K SF across 24 small-bayassets.

Growth Plan

Foxfield has a $676M active pipeline (3.06MSF) and expects to deploy $50–100M in equity per year across two verticals: acore open-ended industrial fund and a multifamily group positioned tocapitalize on distressed opportunities.

Team

Jeff Harper (Partner/CIO/CEO), Jeff Theobald(Managing Partner), and Shawn Hawthorne (Partner/Head of IR) lead the firm withdeep expertise in East Coast infill repositioning and small-bay development.

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Strategy

Knickpoint Studios acquires soundstage andproduction infrastructure assets at what it sees as a generational dislocationin content real estate pricing. The platform is led by Shawn Papazian, a25-year studio veteran who co-designed Studio1 at One Culver (now Apple’scontent home base), ran Sunset Gower Studios alongside GI Partners, and ledentitlements at Culver Studios (now Amazon Studios HQ). Knickpoint targetsinstitutional-quality production facilities in supply-constrained markets wherestreaming-driven demand continues to outpace purpose-built soundstage supply.

Track Record

Knickpoint currently owns 25 portfolio assetsrepresenting $1.3B in owned real estate across three regions (New York/NewJersey, the Midwest, and South Florida), with 60+ soundstages globally. Theflagship development, The Fields Studios, is a 1.7M SF, $250M purpose-builtcampus with 9 soundstages leased to Apple, NBC, Sony, and Amazon. The combinedfounders bring $4B+ in transaction volume from prior careers at Fir TreePartners and Angelo, Gordon & Co.

Growth Plan

Knickpoint is scaling its studio portfolio tocapture continued demand growth from streaming platforms, leveraging Papazian’sdevelopment pedigree and the firm’s investment platform to acquire and developproduction-ready assets in markets with structural supply constraints.

Team

Zain Koita (Founder & Managing Partner) —$4B+ in transaction volume, prior experience at Fir Tree Partners and Angelo,Gordon & Co. Matthew Sprayregen (Founder & Managing Partner) co-leadsthe platform. Shawn Papazian (Partner, Knickpoint Studios) — 25 years in studiodesign, development, and operations.

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