Creating Value Through Flawless Execution Since 2015
An owner-operator of new construction below replacement cost and value-add multifamily across California, with an institutional platform behind every asset we buy.
The Trellis Advantage
Trellis Equity acquires, repositions, and operates real estate in supply-constrained California submarkets, anchored in Southern California, with a principal track record extending across the country. Sourcing a deal is the easy part. What separates operators is what happens after closing, and that is where we have built depth.
Sourcing
Off-market deal flow from a broker network built over a decade in Southern California. The majority of our 83 investments were sourced before they were broadly marketed.
Execution
In-house acquisitions, asset management, and accounting, with hands-on day-to-day operations. Every asset we own is managed by our own team, from closing through exit.
Alignment
Trellis invests its own capital alongside partners in every venture it sponsors. We sit in the same position, with the same risk, as the capital we steward.
Proven Playbook
Forty-two realized exits at a 67.2% equity-weighted IRR and a 1.72x weighted equity multiple. Thirty assets bought at the top of the market in 2021 to 2023 have gone full cycle, and every one made money.
$2 Billion in Combined Transaction Volume Focused on California Multifamily
California is our home. We live and operate in these markets every day, and we closely track the supply, demand, and regulatory dynamics that drive multifamily performance here. We believe much of the investment community has misread the state, and that misread has created the best buying opportunity since the Great Recession.
The headlines do not match what we see in the trenches. California ranked #2 in GDP growth and #1 in jobs added in Q1 2026. We receive applications daily from residents relocating for roles in AI, defense, pharmaceutical research, and aerospace, and no state attracts more venture capital. Vacancy, collections, and concessions remain healthy across our assets, and insurance premiums fell 15 to 20% on our last renewal.
Capital ultimately flows to markets where operations are strong. We expect investors to recognize over the next decade that California multifamily was oversold, and we intend to be selling into that improved sentiment. We do not underwrite any cap rate compression.
ADU legislation as a value-creation tool
California’s ADU and SB 9 framework lets us add rentable units to properties we already own, at a fraction of ground-up cost and without buying more land. It is written into the business plan on nearly every acquisition.
Positive leverage on day one
We only buy assets where going-in yield exceeds our cost of fixed rate debt at closing. Cash flow day one, no rate-cut assumption, no rescue refinance in the model.
Real room to grow NOI
Every asset is bought with a measurable gap between in-place and market income, closed through unit renovation, added units, expense control, and hands-on management rather than market appreciation.
Alignment of Interest, Structurally Enforced
Our reporting, controls, and accounting were built to the standard institutional allocators audit against, and our alignment is written into the capital structure of every venture.
Our Capital in Every Venture
Trellis invests its own capital alongside partners in every venture it sponsors. We invest beside our partners rather than merely on their behalf.
Positive Leverage on Day One
We only buy assets where going-in yield exceeds our cost of fixed rate debt at closing. Cash flow day one, no rate-cut assumption, no rescue refinance in the model.
We Force Appreciation
Returns come from work we perform, not from cap rate compression. Units renovated and re-leased, density added where zoning allows, expenses re-underwritten, and NOI diligently increased. The basis is set at purchase and the value is built after it.
Institutional Reporting
Monthly operating reports, quarterly ownership packages with full financials, asset-level budget-to-actual variance, and audit-ready books.
Request Our Co-Investment Materials
Qualified family offices and institutional partners may request our current partnership presentation, including the full deal-by-deal schedule of 83 investments and 42 realized exits, or schedule a briefing with our principals.