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Multifamily Investing
for Long-Term Resilience.

Institutional-quality assets. HUD fixed-rate debt. Secondary and tertiary markets where demand structurally outpaces supply.

Investor Inquiries Our Strategy
01 — Strategy

Acquire. Finance. Harvest.

A disciplined three-step playbook built on HUD debt, institutional underwriting, and full-cycle execution.

01 — Acquire
Target Markets
Secondary & tertiary markets. Supply/demand below 1.25. In-migration positive. Diversified economies. Rent-to-income below 25%.
02 — Finance
HUD Debt
35–40 year fixed terms. Fully assumable, non-recourse, and fully amortizing. Eliminates the maturity wall and refinancing risk entirely.
03 — Harvest
Operations
Best-in-class management companies. AI-enabled centralized asset management platform. NOI lift from day one.
02 — Markets

Low-volatility markets where demand outpaces supply.

110 bps
Lower Rent Volatility vs. Primary Markets
>95%
Avg Occupancy Secondary/Tertiary
170+
Target Markets Below 1.25 S/D Ratio
<25%
Rent-to-Income Target
Rent Growth Volatility — Std Dev (Lower is Better)
4.40%
3.30%
Last 5 Years
3.75%
2.80%
Last 10 Years
Top 50 Markets
Secondary & Tertiary
New Multifamily Supply per 100 New Renter Households (2020–2027E)
Lansing, MI
41
Gainesville, FL
44
Austin, TX
198
Salt Lake City, UT
209
✓ Target: <100 new units per 100 new renter households
Target Market
Oversupplied
Financing Strategy

HUD debt eliminates the maturity wall.

Long-duration fixed-rate HUD debt is the structural foundation of every LRC investment.

30–35yr
Fixed Rate Term
No maturity wall or refinancing risk. Rate locked permanently. Can reset lower via A7/IRR if rates decrease.
Non-Recourse
Borrower Protection
Borrower does not personally guarantee the loan. Capital is protected at the asset level.
Amortizing
Passive Equity Build
Builds equity automatically every year without refinancing events or balloon payments.
Assumable
Exit Optionality
Any D4, 223f, A7 or IRR loan is fully assumable. Built-in buyer magnet — assumes avg HUD at 3.7% in a 6%+ rate world.
Full LTV
Market Agnostic
Lends at full LTV in markets where agency lenders cap exposure. Access where competitors can’t follow.
2008–09
Recession Shield
HUD-financed multifamily maintained occupancy and cash flow through the financial crisis. No maturity walls = no forced sales.
Combined Principal Track Record

Institutional scale. Full-cycle execution.

23,000+
Units Acquired
85+
Properties
$2.9B+
Acquired
$2.5B
Starwood Exit 2022

Reflects the combined principal track record across prior institutional platforms. Past performance is not indicative of future results.

The Team

Principals with complementary strengths.

▶ Select a profile to view full track record

Jarvan Shen
Founder & Chief Investment Officer
Jarvan Shen
Built Mt. Auburn Multifamily from the ground up using a comparable playbook — pre-institutional secondary markets, HUD debt, and operational excellence. Delivered top-decile returns across four funds, culminating in a multi-billion exit to Starwood in 2022.
Seth Borland
Co-Founder & Head of Acquisitions
Seth Borland
10 years of multifamily acquisitions experience including multiple HUD assumptions. Maintains an extensive servicer, originator, and broker network in a highly relationship-driven business — consistently sees pre-process and off-market deal flow.
Joe Appel
Co-Founder & Head of Capital Markets
Joe Appel
20-year investor-focused career in workforce housing and HUD. Co-founded Saturn Equities and built Texas Real Estate Fund into an institutionalized private credit platform with vertically integrated lending and servicing across 2,500+ real estate loans.
03 — Warehoused Deals

Acquisition pipeline in motion.

Under Contract
Current Acquisition
Carolinas Market — Secondary Market, High-Growth Submarket
Vintage2009
Units202
HUD Rate3.81% Fixed
LTV at Assumption~74%
Amortization Left31 Years
Equity Check~$9M
Property Tax100% Abatement
Project IRR18.4%
Equity Multiple2.83x
Cash-on-Cash6.4%
CoC + Amortization11.8%
Access Deal Room →
1
Under Contract
5
Near-Term LOI
10+
Active Pipeline
Deal Cadence 3–5 deals/yr
Equity Per Deal $10–15M
Target Cash-on-Cash 6%+
Target Gross IRR 17%+
Near-Term Markets FL · SC · AR · OK
04 — Why Now

The entry point is now.

16%
Below 2022 Peak
Assets priced below replacement cost. Institutional buyers sidelined. Motivated sellers with assumable HUD debt in hand.
2026–27
Supply Wave Cresting
Record 2023–24 deliveries declining sharply. Structural tailwind emerging as new supply dries up in target markets.
17+
HUD Assumptions Closed
3.81% fixed for 35 years. HUD assumptions are complex — execution track record and servicer relationships matter.
$121B
Sourcing Universe
HUD assets available in target markets. 80% servicer network coverage. Off-market as primary sourcing channel.
“As portfolios rebalance, secondary markets are moving from opportunistic allocations to core and core-plus strategies. Secondary cities are no longer emerging. They are established engines of growth.”
— Spark GHC, March 2026
Langsford Road Capital

Building a durable
multifamily platform.

One asset under contract. 15+ deals in active pipeline. The same strategy that built a $2.5B institutional platform — being deployed today.

Investor Inquiries
investors@saturnequities.com