La Mesa, CA · Under Contract
6985 Waite Drive
Asset Class81-Unit Multifamily · Tierra del Rey
StrategyValue-Add in a Prime Location
Execution7.3% Unlevered Return on Cost at Stabilization
$15.6M Purchase · $16.5M Value at Stabilization
The Numbers Behind the Platform
Execution Track Record
Eighty-two investments completed by the principals since 2015. Forty-two deals taken full-cycle from acquisition to exit at a 67.2% equity-weighted IRR and a 1.72x weighted equity multiple, with every realized investment returning capital above cost.
67.2%
Equity-Weighted Realized IRR · 42 Exits
1.72x
Weighted Equity Multiple on Realized Deals
$510M+
Current Portfolio Value · 41 Assets
$1.5B+
Debt & Equity Placed by the Principals
Current Portfolio
Assets Held41
Total Cost Basis$382M
Current Value (Internal Estimate)$510M+
States10
Realized Track Record
Deals Taken Full-Cycle Since 201542
Equity Invested Across Realized Deals$27.8M
Investments Completed by the Principals83
Realized Investments Below Cost0
Track-record information reflects investments made by principals of Trellis Equity and affiliated entities and is unaudited. Current values are internal estimates as of September 2026. Past performance is not indicative of future results.
Portfolio Highlights
San Diego, CA
4384 Hamilton Street
Asset Class29-Unit Multifamily · Nok Nok
StrategyNew Construction Below Replacement Cost
Execution6.25% Unlevered Return on Cost at Stabilization
$8.5M Purchase · $10.0M Value at Stabilization
San Diego, CA
4665-69 34th Street
Asset ClassMultifamily
StrategyValue-Add · Acquired 2024
Execution$698K Capital Plan
$4.5M Purchase · $5.2M Total Project Cost
Representative assets shown. Principal track record, unaudited. Current values are internal estimates as of September 2026. The full schedule of 41 current holdings and 42 realized investments is available to qualified partners upon execution of a confidentiality agreement.
Performance · Assets Acquired 2021 to 2023
Thirty Assets Bought at the Top of the Market Have Gone Full Cycle. Every One of Them Made Money.
What We Paid
$42.2M Total Cost Basis
Thirty assets acquired in 2021 to 2023 at an aggregate purchase price of $32.2M, with a $42.2M total cost basis including capital improvements. These were bought at peak pricing, when rates were near zero and most operators were stretching assumptions to keep acquiring. We underwrote cautiously and always paid below retail price in a risky time in the market. We are never the highest paying buyers in any market, and that has paid off for our investors thus far.
What We Returned
$57.0M Gross Proceeds · 2.15x
A 2.15x equity-weighted multiple on $10.4M invested, and zero investments that lost investor capital. Every one of those thirty exits was realized above cost, with a worst outcome of 1.22x.