Multifamily · Now Raising: 509 North
Build Wealth Through Multifamily Real Estate
Wappler Capital helps high-net-worth investors build wealth through multifamily real estate. We buy apartment communities in secondary markets with limited new supply, then force appreciation through hands-on operations.
20%
Projected LP net IRR
2.00x
Projected equity multiple
6%
Preferred return
$50K
Minimum investment
509 North terms for accredited investors. Projected returns and the preferred return are not guaranteed.
Now Raising · Accredited Investors
509 North
252-unit multifamily acquisition · Albany, Georgia
20%
Projected LP Net IRR
2.00x
Projected Equity Multiple
4-Year
Target Hold
No new supply. Built-in advantage.
Projected returns are not guaranteed. Past performance does not predict future results. Capital at risk. Illiquid investment. Accredited investors only. Any offer is made solely through the offering documents.
Who We Serve
Built for High-Net-Worth Investors
We help high-net-worth investors build wealth through multifamily real estate. Our investors get passive ownership in institutionally underwritten deals, with regular cash distributions, tax benefits from depreciation, and transparent reporting.
Current offering: 509 North
Purchase Price
$17.0M
$67,460 per unit
Units
252
Built 1985, 14 three-story buildings
Preferred Return
6.0%
Paid current, quarterly or monthly
Split Above Pref
70 / 30
70% LP, 30% GP
Assumed Debt
5.66%
$15.1M Fannie Mae, fixed to June 2031
Minimum Investment
$50,000
Accredited investors only
Investor EligibilityAccredited investors
Offered to accredited investors through the offering documents only. Projected returns and the preferred return are not guaranteed.
Partner Track Record
$3B+
Transaction experience across our partners
21% IRR
Partners' multifamily track record
18% IRR
Partners' industrial track record
Hands-On
Asset management
These figures reflect some deals our partners completed before founding Wappler Capital, including at prior firms. Past performance doesn't guarantee future results.
Our Strategy
Secondary Markets. Limited New Supply Markets.
We acquire multifamily communities in secondary markets where new apartment construction is limited. Less new supply means less competition for renters, which supports occupancy and rent growth without the heavy concessions common in oversupplied metros.
Over the past few years, many large metros absorbed waves of new construction. The result was months of free rent, rising vacancy, and flat or falling rents. We focus on markets with growing jobs and population where development has stayed disciplined.
Why It Matters
Why Limited Supply Matters
When few new units are being built, the market works in the owner's favor. That shows up in five ways:
Limited Concessions
Without new lease-ups nearby offering free rent, we don't have to give rent away to keep units full.
Limited Rent Decline
Markets without a construction surge are less exposed to the rent cuts that follow oversupply.
Low Vacancy
A tight housing supply keeps occupancy high and turnover costs low.
Steady Rent Growth
Consistent demand against a limited housing stock supports durable rent increases.
No New Supply Pressure
Few new deliveries means our properties aren't competing with brand-new buildings for the same residents.
Better fundamentals at the market level create more predictable cash flow at the property level.
Our Edge
Institutional Discipline in Markets Institutions Overlook
The partners come from institutional real estate and bring more than $3 billion in combined transaction experience. We apply that rigor in secondary markets that see limited institutional activity. Fewer institutional buyers means less competition for deals, better entry pricing, and properties with room to improve under professional management.
Institutional Underwriting
Every deal goes through institutional-grade underwriting, due diligence, and investor reporting.
Less Competition for Deals
Limited institutional activity in our markets means fewer bidders and better entry pricing.
Proven Results
A track record of 21% IRR in multifamily and 18% IRR in industrial across the partners' prior investments.
These figures reflect some deals our partners completed before founding Wappler Capital, including at prior firms. Past performance doesn't guarantee future results.
Operations First
We Force Appreciation Through Operations
We don't wait for the market to lift values. In multifamily, a property's value is driven by its net operating income (NOI), so every dollar of NOI we add increases what the property is worth.
Illustration
+$100K
annual NOI at a 6% cap rate
≈ $1.67M
added property value
At a 6% cap rate, increasing a property's annual NOI by $100,000 adds roughly $1.67 million in value (value = NOI ÷ cap rate). Illustrative math only, not a projection.
Hands-On Management
We run our RV parks and Perryton communities ourselves, and at 509 North we oversee an institutional third-party manager engaged at closing. Either way, leasing, collections, maintenance and resident experience get our direct attention.
Revenue Growth
We bring rents to market and add income through utility billback, pet fees, storage, and parking.
Expense Control
We rebid vendor contracts, appeal property taxes, review insurance, and invest in preventive maintenance.
Targeted Renovations
We upgrade interiors and amenities where the rent premium justifies the cost.
Targeted Renovations
Interiors Residents Pay a Premium For
We upgrade kitchens, finishes and amenities where the rent premium justifies the cost, the same playbook we run at Perryton Apartments, our 86-unit portfolio in Perryton, Texas.
Illustrative stock photos of a classic and a renovated unit (not the same unit and not a Wappler Capital property).
Investment Criteria
What We Buy
Target Markets
- Secondary markets with population and job growth above the national average
- Limited institutional ownership
- Landlord-friendly states in the Southeast
Target Assets
- 100–300 units
- Class B to Class A-, built 1980–2010
- $10M–$30M purchase price
- Clear operational or rent upside
Risk & Mitigation
How We Manage Risk
Every investment carries risk, including the possible loss of capital. Here is how we seek to mitigate key risks in secondary markets.
Exit Liquidity
Mitigation
Secondary markets can have fewer buyers at sale, so we underwrite conservative exit cap rates, use long-term fixed-rate debt, and keep hold periods flexible.
Interest Rates
Mitigation
Fixed-rate or capped debt, moderate leverage, and rate-stressed underwriting.
Future Supply
Mitigation
Submarket pipeline review before every acquisition; we avoid markets where deliveries are rising.
Capital Expenditures
Mitigation
Third-party inspections, conservative CapEx reserves, and phased renovations.
Stay Informed on Our Multifamily Opportunities
Building Our Multifamily Portfolio
We are actively underwriting communities in Southeast secondary markets with limited new supply. Join our investor list for early access to new offerings.
Join our newsletter for market insights and early access to new multifamily investments.
Questions
What Investors Ask Us
Don't see your question? Our founders answer every one on a call.
What is Wappler Capital raising for right now?
Our current raise is 509 North, a 252-unit multifamily acquisition at 509 N Westover Blvd in Albany, Georgia. Terms include a 6% preferred return paid current and a $50,000 minimum, with a projected 20% LP net IRR and 2.00x equity multiple over a four-year hold (projections, not guaranteed). Equity commitments are due November 1, 2026. Schedule a call to review the offering documents.
Who can invest?
509 North is open to accredited investors, with a $50,000 minimum. Eligibility is set out in the offering documents, and we confirm fit on your call.
How are distributions paid?
509 North's 6% preferred return is paid current, quarterly or monthly, from operating cash flow, with regular reporting and annual K-1s.
What are the tax benefits?
Real estate can qualify for depreciation, including accelerated year-one bonus depreciation, which may offset taxable income. Talk to your tax advisor about your situation.
Who manages the properties?
Our team runs our RV parks and Perryton communities directly. At 509 North, an institutional third-party property manager will be engaged at closing, with Wappler Capital overseeing the business plan and asset management.
How do I get started?
Schedule a 30-minute call with our founders. We'll walk you through the current offering, answer your questions and send the offering documents.
Build Wealth With Real Assets
Invest in 509 North
We help high-net-worth investors build wealth through real estate, backed by institutional discipline, hands-on operations, and transparent reporting.