• Summary


  • Strategy


  • Diligence


  • Team


  • Record

    Track Record

  • Closed


Investment Overview

  • Summary


    Fund Overview

  • Strategy


    Investing in Multi-Family Property

  • Diligence

    Due Diligence

    Independent 3rd Party Fund Diligence Report

  • Our Team


    Real estate professionals with 100 years of experience

  • Track Record

    Track Record

    Historical IRR over 25%

Investment Summary

Fund Type


Multi-Family Property

Targeted Return

17% Net IRR



Min. Fund Investment


Hard Close Date

December 29, 2022 or 99 Investors

Welcome to Croatan Access Fund

It's Alan Donenfeld with CityVest. I am excited to be working directly with Accredited Investors. Please feel free to call me directly at 917.747.3091 or if it's more convenient to book a meeting please click on my appointment scheduler.

Croatan Access Fund LLC

Croatan Access Fund LLC (the “Access Fund”) is raising capital to invest in Croatan Multifamily All-Weather Fund II LP (the “Fund”, "Croatan", the "Croatan Fund" or "All-Weather Fund II") which is described below. The Access Fund is raising capital through a “feeder fund” structure called an access fund by aggregating up to 100 investors at a minimum investment of $25,000 each and will invest the capital into Croatan Fund. Since the Access Fund will aggregate several million dollars, the Access Fund has been able to negotiate to receive a 12% preferred return and then 80% of profits thereafter, as agreed in a side letter agreement between the Access Fund and Croatan Fund. In comparison, direct investors into Croatan Fund who invest a minimum of $100,000 will only receive a 6% preferred return.


Croatan Multifamily All-Weather Fund II LP (“Croatan” or “Croatan Fund”) is seeking to raise $150 million to acquire value-add and opportunistic class A/B multifamily properties throughout the Southeast, as well as, ground up multifamily development projects in markets deemed exceptional for growth and returns. Croatan Fund has already concluded 9 property acquisitions composed of 2,765 units with a total capitalization of $444 million. Croatan Fund is targeting a net IRR of 17%. Croatan’s investment manager has achieved a 32.7% Net IRR and 2.8x realized equity multiple at the deal level since 2004 on over $650 million of realized real estate acquisitions. Croatan is offering investors in the Croatan Fund “Promote Sharing” of 10% to 35% on so-called GP co-investments.

  • Performance

    32.7% Net IRR on Realized Investments
    2.8x Net Equity Multiple on Realized Investments
    Croatan Fund is targeting a 17% Net IRR
    Croatan Provides the Access Fund a 12% Preferred Return (vs. 6% Pref for a direct investment)

  • Experience

    18 Year Acquisition Track Record (First Acquisition in 2004)
    20+ Professionals Across 6 States
    Croatan’s investment manager is investing $7 million into the Croatan Fund

  • Investments

    Over $1.5 Billion in Real Estate Acquisitions
    Over 9,000 Multifamily Units Purchased
    Over $400 million in Total Capitalization of Existing Croatan Fund


Key Considerations

  • Access to an Institutional Fund - The Access Fund provides individual investors with access to the Croatan Fund with a $25,000 minimum investment, as compared to a $100,000 minimum investment for a direct investment into Croatan Fund.
  • Strong Targeted Return - Croatan Fund is targeting an annualized net IRR of 17%.
  • Higher Negotiated Returns - The Access Fund has negotiated to receive a 12% preferred return from Croatan, as compared to an 6% preferred return for direct investors into Croatan. In addition, the Access Fund has negotiated to receive 80% of profits after the 12% preferred return has been achieved.
  • Proven Track Record – Croatan’s investment manager has achieved a 32.7% net IRR and a 2.8x Equity Multiple on realized multifamily investments.
  • Desirable Investment Niche – Croatan specializes in multifamily rental housing throughout the south from Maryland to Arizona. Croatan will make direct and co-investments, with the Croatan Fund participating in “Promote Sharing” of 10% to 35% on so-called GP co-investments.
  • Experience – Croatan has been investing in real estate since 2004 and now has over 20 professionals in 6 offices in Atlanta, Austin, Dallas, New York, Virginia Beach, and Washington DC. Croatan has a highly experienced investment management team with over 100 years of combined experience with over $1.5 billion of real estate projects since 2004.
  • Attractive Portfolio Acquisitions Already Closed – Croatan Fund has already concluded 9 property acquisitions composed of 2,765 units with a total capitalization of $444 million.
  • Skin-in-the-Game – Croatan’s investment manager and general partner will invest approximately $7 million into the Croatan Fund.

Croatan Service Partners

  • Legal Counsel

  • Fund Auditor

Access Fund Service Provider

  • Tax and Accounting Services

Why Invest Through a Fund


    As an institutional investment manager, Croatan will review every aspect and decision related to the acquisition, finance and ongoing operations of the properties.


    At completion, Croatan will own multiple investments in Multi-Family properties.


    CityVest searches for institutional investment managers who have a strong historical track record with IRR returns well over 20%.

Why Real Estate?

  • Diversification

    Real estate investments are considered a non-correlated alternative asset class.

  • Cash Flow & Appreciation

    Stabilized real estate generally benefits from regular and predictable cash flow.

  • Low Interest Rate

    Historically low interest rates may allow real estate to generate higher cash flows.

  • Income Tax Treatment

    Ordinary income can be minimized through the use of an accelerated depreciation strategy that may generate passive losses.

  • Hedge Against Inflation

    Rents, land values and replacement costs typically move upward with inflation.

  • Multiple Exit Strategies

    Real estate assets can be disposed of through individual or portfolio liquidations, asset refinancing, mergers, or a “roll up” through a portfolio capitalization.


The investment objective of Croatan is to consistently generate attractive risk-adjusted returns across all market cycles through (i) the development and acquisition of multifamily commercial real estate, (ii) investments in structured financial products for multifamily commercial real estate such as preferred equity and mezzanine debt, among other instruments described below, and (iii) the acquisition and securitization of multifamily real estate for syndication to retail investors through various channels. Investments shall also include financial instruments that reference or represent interests in real estate operating companies and multifamily commercial real estate, including underlying investment vehicles, public equity (including, without limitation, shares of REITs), first-lien mortgage debt, distressed real estate assets or derivatives referencing multifamily commercial real estate or interests therein.


Croatan Three-Pillar Investment Thesis

Opportunistic in Nature, Agnostic in Approach, Nimble in Execution. We take great pride in our track record and the trust we have built with our investors as thoughtful stewards of their capital. This success is driven by the three pillars of our investment strategy:

  • Laser-focus on the multifamily asset class

    • Multifamily rental housing enjoys a long-term macroeconomic tailwind as we foresee a multi-decade shortage of affordable housing stock, shifting preferences away from homeownership toward the rental model, and the recession-resilient nature of the asset class.

  • Invest where people want to work and live

    • We target high job and population growth markets with positive long-term housing demand drivers.

  • Seek inefficiencies across the market cycle

    • With an opportunistic mindset, agnostic approach to investment structure, and nimble execution, we are able to quickly pivot and execute on investment strategies to produce the most attractive risk-adjusted returns for our investors.

Pillar 1: Specialize in Rental Housing

  • Historically Recession-Resilient with Stable, Long-Term Returns

    • Rental housing provides a fundamental, non-discretionary need: shelter.
    • It has delivered superior risk-adjusted returns relative to other asset classes over the past 30 years with low correlation.1
  • Tailwinds from Extended Housing Supply Constraints

    • 4.3 million apartment units are needed nationally by 2035, over 330 thousand annually, to compensate for demand and the shortfall in construction.2
  • Homebuying Has Become Less Attainable which Should Drive Demand for Rental Housing

    • Due to rising interest rates and prices, the cost to own and maintain a home has grown higher than renting and sits higher than the prior peak of the mid 2000s housing market boom.3

1 | Based 20 years of data ending December 31st, 2018 with returns based on data from the NCREIF Multifamily Property Index for private multifamily returns, the FTSE All Equity and NCREIF ODCE Indexes combined for real estate returns; the S&P 500, Dow Jones, and Nasdaq combined for equities returns; and the Vanguard Total Bond Market Index for bonds returns. 2 | National Multifamily Housing Council and the National Apartment Association. 3 | John Burns Real Estate Consulting.

Pillar 2: Invest Where People Want to Work and Live

We Employ Data-Driven Analytics in an Effort to Identify Demographic Patterns That Drive Demand

1 | U.S. Census Bureau. 2 | U.S. Bureau of Labor Statistics.

Pillar 3: Seek Inefficiencies Across the Market Cycle

Our Broad Investment Capabilities Across The Risk Spectrum Allow Us To Quickly Seize Dislocations

Existing Properties

Multifamily Assets Across the Mid-Atlantic and Sun Belt

  • Broadstone Vintage Park

    Houston, TX
    386 Units | Acquired 2022

  • Arco & Pilare

    Georgetown, TX
    350 Units | Acquired 2021

  • Blackwolf Run

    Raleigh, NC
    329 Units | Acquired 2021

  • Sutter Ranch

    Houston, TX
    228 Units | Acquired 2021

  • SkylineATL

    Atlanta, GA
    225 Units | Acquired 2021

  • Addicks Stone Village

    Houston, TX
    70 Units | Acquired 2021

  • Villas at Cordova

    Memphis, TN
    256 Units | Acquired 2020

  • North Oaks Landing

    Raleigh, NC
    200 Units | Acquired 2019

  • Sparrows Point

    Norfolk-Virginia Beach, VA
    300 Units | Acquired 2019

  • Park Crescent

    Norfolk-Virginia Beach, VA
    400 Units | Acquired 2019

  • Trail Creek

    Norfolk-Virginia Beach, VA
    300 Units | Acquired 2018

  • Banyan Grove

    Norfolk-Virginia Beach, VA
    288 Units | Acquired 2017

  • Luna Pointe

    Norfolk-Virginia Beach, VA
    210 Units | Acquired 2017

  • Venue Emerald Coast

    Destin, FL
    233 Units | Acquired 2015

  • Audubon Briarcliff

    Atlanta, GA
    227 Units | Acquired 2014

  • Waters Edge

    Atlanta, GA
    208 Units | Acquired 2014

  • Preston Trails

    Norfolk-Virginia Beach, VA
    404 Units | Acquired 2011

Croatan Partnerships

Partnerships With Established Institutions Amplify Croatan's Platform

Croatan Due Diligence

CityVest requires that all Investment Fund Managers/General Partners meet certain minimum criteria when being considered for inclusion on the CityVest platform. third-party firm (the "Firm") has been engaged by CityVest to conduct a due diligence verification on the following aspects of the investment fund manager:

  • Current property portfolio
  • Principal experience
  • Manager/GP Co-investment
  • Property sales/dispositions
  • Principal succession
  • Background check/review

The Firm has verified the due diligence information and below is a review of the findings.

Building Wealth In Real Estate - CityVest

Croatan Investment Management LLC
932 Laskin Road, Ste 200
Virginia Beach, VA 23451

Real Estate Acquisition Experience

The Fund Principals have a minimum level of $50 million of combined lifetime acquisition cost as a General Partner or Managing Member of an entity that owns real estate. Applicable experience includes those situations where the Principals had equity invested and at risk in the project(s) and day-to-day involvement in the management and ownership of the project(s).

Criteria Has Been Met

Current Portfolio Value:


Value of Property Dispositions:


Failed Project Investor Equity Lost:


Real Estate Principal Experience

The Fund Principals have a minimum level of combined lifetime experience in the real estate field. The Combined Minimum Principal Experience is 15 Years and a Principal is defined as someone who was a General Partner or Managing Member of an ownership entity with real cash equity invested, and at risk, in the project and with day-to-day involvement in ownership.

76+ Years Combined

True Principal Experience

76+ Years

Years as Current Company

15 Years

Investment Fund Governance

The Investment Fund Governance follows the highest level of fiduciary standards by utilizing an independent auditor.

Criteria Has Been Met

Fund Auditor: KPMG LLP
KPMG audits the consolidated financial statements, which comprise the consolidated assets, liabilities, and partners' capital, including the schedule of investments and the related consolidated statements of operations, changes in partners' equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements.


Fund Administrator: Croatan Investments, LLC
Maintain capital accounts, balances owed, distributions, KYC/AML.


Key-Man Succession Insurance

The Fund maintains a “key man” insurance policy on at least one or more key members of Manager/General Partner management. This requirement is in place to ensure that the Managing entity has the financial resources to maintain operations in the event that a key Principal is incapacitated.

Policies must have the following provisions:
• The policy names the Manager/General Partner or the underlying project entity as the entity to be paid upon exercise of the policy.
• The policy has a minimum coverage amount of $1 Million.

Criteria Has Been Met

Policy Payable Party

Croatan Investments, LLC

Policy Coverage

$5 Million

Manager/General Partner Co-Investment

The Fund's Partners invests in the funds they are offering alongside their investors.

Investment requirements include:
• An investment of at least 2.50% of the total targeted raise amount; or
• A minimum investment of $500,000.

Criteria Has Been Met

Manager Co-investment


Manager Co-investment Amount


Public Information Search

The Firm has reviewed publicly available information sources to confirm management identity and claims. Further, this review is conducted to help identify any objectionable material that may demonstrate character issues or that may impact the Manager’s ability to successfully manage real estate assets.

Criteria Has Been Met

Adverse Reporting/Articles/Findings

Web search for relevant news articles and reporting on any sponsor or manager activities that may impact or inform their ability to manage real estate.

None Reported

Adverse Social Media Profiles

Search of common social media platforms for profiles that contain offensive content or material relevant to ones moral turpitude.

None Reported

LinkedIn Search

Search of LinkedIn to confirm professional experience conforms with reported experience.


FINRA Broker-Check

The Firm has reviewed FINRA databases to confirm that all Principals are screened to identify any past disciplinary actions related to employment at brokerage firms.

No Actions

SEC Filings

The Firm has reviewed all filings made by the manager to the SEC. The Securities and Exchange Commission (SEC) requires certain financial statements and other formal documents to be submitted to them regularly. Public companies, certain company insiders–which the SEC defines as officers, directors, major stockholders, and employees of a public company–and broker-dealers are required by the SEC to make regular filings. Financial professionals and investors rely on the information that the SEC makes public in order to make prudent decisions when they are evaluating a company for investment purposes.

None Reported

Management Background Review

The Firm conducted a background search on the primary principals of the Manager/General Partner as well as on the primary entities. This background check is designed to reveal liens, claims, judgements, bankruptcies, criminal convictions, lawsuits, etc.

No Issues Found


None Reported

Other Legal Matters Current or Pending

None Reported

Criminal Filings and Convictions

None Reported

Judgements and claims

None Reported


None Reported

Liens (greater than $10,000)

None Reported

UCC Defaults

None Reported

Croatan Fund Management Team

Croatan has assembled a team of motivated real estate professionals with a combined 100+ years.

  • Paul Van

    Paul Van

    Chief Executive Officer and Chief Investment Officer

  • Eric Smith

    Eric Smith

    Chief Operating Officer

  • Jeffrey Mack

    Jeffrey Mack

    Chief Administrative Officer and Head of Portfolio Management

  • Adam Nelik

    Adam Nelik

    Vice President Capital Markets

Chief Executive Officer and Chief Investment Officer

Paul Van is the Chief Executive Officer and Chief Investment Officer of Croatan Investments. Maintaining the vision for Croatan is his main focus, which includes growth planning and corporate culture development. He also guides Croatan’s overall investment strategy and provides leadership to the firm’s transactions function.

Mr. Van began his career as a mergers and acquisitions investment banker at UBS in New York City and advised on transactions in the gaming, consumer product, food service, agricultural, healthcare, and technology industries. Mr. Van then transitioned to Harbor Group International where he became a Vice President of Acquisitions covering multifamily markets across the Mid-Atlantic, Southeast, Midwest and Texas.

Mr. Van is currently active with the Urban Land Institute (ULI), National Multi-Housing Council (NMHC), Alternative & Direct Investment Securities Association (ADISA), and Association of Asian American Investment Managers (AAAIM). He received his Bachelor of Arts degree from Duke University.

Chief Operating Officer

Eric Smith is the Chief Operating Officer of Croatan Investments. Executing the corporate growth plan and driving efficiency across the day-to-day operations of the firm is his main focus. He also provides leadership to the firm’s capital markets function and ground-up development investment efforts.

Mr. Smith most recently served as Chief Operating Officer and Chief Investment Officer for Armada Hoffler Properties (NYSE: AHH), a publicly-traded REIT. His experience includes a broad range of asset types, including multifamily, retail, office, mixed-use, and hospitality, across the mid-Atlantic and Southeastern U.S.

In addition to the acquisition of stabilized assets, Mr. Smith had oversight of over $1 billion of development projects during his tenure as COO and CIO of Armada Hoffler with many of these projects containing a public-private partnership component. Mr. Smith was also part of the three-member executive team that shepherded Armada Hoffler through its 2013 IPO on the New York Stock Exchange which raised in excess of $230 million.

Mr. Smith spent the early years of his career in the management consulting, international corporate finance, and investment advisory fields as well as owning his own trading seat on the New York Futures Exchange. Mr. Smith holds a Master of Business Administration from The Wharton School at the University of Pennsylvania and a Bachelor of Science in Finance from the University of Connecticut.

Chief Administrative Officer and Head of Portfolio Management

Jeffrey Mack is the Chief Administrative Officer & Head of Portfolio Management of Croatan Investments. He provides management and leadership to the firm’s asset management, construction management, fund management, accounting, and corporate administration functions.

Mr. Mack brings 30 years of extensive experience and expertise in real estate investment management covering multifamily, office, retail, industrial, and parking asset types. Most recently, Mr. Mack served as a senior executive at CIM Group where he oversaw a multibillion-dollar national portfolio and managed a team of over 250 personnel. His previous experience includes positions at Jones Lang LaSalle, publicly-traded REIT SITE Centers (NYSE: SITC), and Robinson Development Group. Mr. Mack has also performed advisory work for Harbor Group International as a consultant.

Mr. Mack holds a Master of Business Administration from The University Chicago Booth School of Business and a Bachelor of Arts in Economics and Computer Studies from Northwestern University.

Vice President Capital Markets

Adam Nelik is a Vice President of Capital Markets for Croatan Investments. He is primarily focused on building and expanding the firm’s private wealth investor base, joint venture partnerships, and institutional relationships.

Prior to Croatan, Mr. Nelik was a director for Henley USA and held previous posts at Morgan Stanley Investment Management, TD Ameritrade, and Morgan Stanley Wealth Management. Over the course of his career, Adam has successfully raised capital for both alternative and traditional strategies, covering both direct- and fund-level investments for a variety of clients. He received his Bachelor's degree in Finance from Pennsylvania State University and earned his Master's of Business Administration from New York University's Stern School of Business. Mr. Nelik currently holds a Chartered Alternative Investment Analyst (CAIA) designation as well as Series 7 and 66 licenses.

  • Charles Barry

    Charles Barry

    Vice President National Accounts

  • Geoffrey Chen

    Geoffrey Chen

    Senior Vice President Capital Markets

  • Justin Stelzer

    Justin Stelzer

    Analyst Transactions

  • Shaunte Cooper

    Shaunte Cooper

    Vice President Accounting

Vice President National Accounts

Real estate financial executive, accomplished in controllership levels of asset and property management, corporate accounting and development.
Directed portfolio accounting and reporting activities of core-plus value/add closed-end commercial real estate funds generating annual revenues of over $350MM.
Led the accounting and treasury onboarding of a $1.6B light industrial portfolio comprising 30MM sq. ft. across 16 major US markets.
Experienced in REIT compliance, lender financial reporting, restricted and cash monitoring.
Graduate of Boston College.

Senior Vice President Capital Markets

Geoffrey “Geo” Chen is a Senior Vice President at Croatan Investments. Mr. Chen involved in business development and capital sourcing.

Mr. Chen started his career in New York City as a currency trader for the Royal Bank of Scotland. He then segued to Credit Suisse in Singapore where he managed the developed markets currency trading business. In 2017, Mr. Chen left the banking industry to manage capital through his family office, Stratosphere Trading.

Mr. Chen is a member of the Association of Asian American Investment Managers (AAAIM) and received his Bachelor of Science degree from Duke University. He is active in the Asian investment community as well as philanthropy, where he supports causes in environmental conservation and humanitarian aid.

Analyst Transactions

Justin Stelzer is an Analyst at Croatan Investments. He is responsible for identifying, underwriting, and structuring investments across the company’s portfolio.

Prior to Croatan, Mr. Stelzer served as a private equity analyst at Brown Advisory, where he supported senior members of the investment team with sourcing, market research, financial modeling, due diligence, and analysis. At Brown Advisory, he prepared due diligence reports for investment opportunities across a variety of asset classes and was responsible for maintaining relationship coverage on over 75 investments equivalent to over $500M of committed capital. Mr. Stelzer earned his Bachelor of Science in Business Administration at the Stevenson University.

Vice President Accounting

Shaunte Cooper is the Director of Accounting for Croatan Investments. She manages the corporate and investor accounting systems and financial information and implements processes to ensure compliance with reporting requirements.

Ms. Cooper brings 16 years of accounting experience to Croatan. Seasoned in both the public and private sectors, Ms. Cooper previously focused on commercial and residential property management accounting at Divaris Real Estate and SL Nusbaum. She is currently an adjunct accounting professor at ECPI University. Ms. Cooper received her Bachelor's degree from Elizabeth City State University and her Masters in Accounting at Strayer University.

  • Angus Yau

    Angus Yau

    Senior Associate Asset Management

  • Chris Madden

    Chris Madden

    Senior Vice President Transactions

  • Jamie Skinner

    Jamie Skinner

    Vice President Construction

  • Katie Himlin

    Katie Himlin

    Vice President Marketing and Investor Relations

Senior Associate Asset Management

Angus Yau is a Senior Associate at Croatan Investments. He provides analytical support for the asset management team.

Prior to joining Croatan Investments, Mr. Yau served as a Senior Analyst on Cushman & Wakefield’s Research & Consultancy team in Hong Kong and focused on providing reports and research on residential, office, retail, and industrial sectors; and advisory services to financial service firms and developers. Mr. Yau is a member of the Association of Asian American Investment Managers (AAAIM) and received his Master’s degree in Business Administration from The Mason School of Business at The College of William & Mary and a Bachelor of Science degree in Business Administration with a double major in Finance and Business Analytics from Old Dominion University.

Senior Vice President Transactions

Chris Madden is a Senior Vice President at Croatan Investments. Mr. Madden is responsible for identifying, underwriting, and structuring investments across the company’s portfolio. He is also intimately involved with acquisitions, financings, dispositions, and investor relations.

Prior to joining Croatan Investments, Mr. Madden priced and securitized residential mortgages at Atlantic Bay Mortgage Group.

Mr. Madden is a member of the Urban Land Institute (ULI), National Multi-Housing Council (NMHC) and various civic organizations. He received his Bachelor of Science degree in Business Administration with a concentration in Finance from East Carolina University.

Vice President Construction

Jamie Skinner is the Vice President of Construction for Croatan Investments. He focuses on developing and executing capital investment plans across the Croatan portfolio.

Prior to joining Croatan, Mr. Skinner worked at Harbor Group International where he oversaw $70MM in total capital projects. In addition to multifamily assets, he has extensive experience in commercial properties and government contracts. He previously held a Class A General Contractor license in the State of Virginia and received his Bachelor of Science degree in Construction Management from East Carolina University.

Vice President Marketing and Investor Relations

Katie Himlin is the Vice President of Marketing and Investor Relations at Croatan Investments. Her primary focus is building national brand awareness and leading the investor relations function of the firm.

Prior to Croatan, Ms. Himlin specialized in branding and marketing for small businesses. While the Digital Marketing Consultant at Ciniva Advertising Agency, she managed new business and connected clients with personalized marketing solutions, from digital advertising to video production. Ms. Himlin received her Bachelor of Science in Marketing from the Smeal College of Business at Pennsylvania State University.

  • Shannon Riner

    Shannon Riner

    Vice President Asset Management

  • Ben Bartlett

    Ben Bartlett

    Senior Vice President Transactions

  • Chris Zollo

    Chris Zollo

    Head of Capital Markets and Investor Relations

  • Jimmy Leffler

    Jimmy Leffler

    Senior Associate Asset Management

Vice President Asset Management

Shannon Riner is the Vice President of Asset Management for Croatan Investments. She focuses on the execution of asset-level business plans and maximizing performance across the portfolio.

Mrs. Riner brings over two decades of industry experience to the team ranging from real estate development, property management, acquisitions, and sales of commercial, multifamily, and single-family homes. Prior to joining Croatan, Mrs. Riner worked with Related Group, LYND, Bell Partners, Fogelman, and The Franklin Johnston Group. Mrs. Riner received her Bachelor’s degree from the University of Georgia.

Senior Vice President Transactions

Ben Bartlett is a Senior Vice President at Croatan Investments. In addition to identifying, underwriting, and structuring investments across the company’s portfolio, Mr. Bartlett will be leading our Build-to-Rent division.

Prior to joining Croatan Investments, Mr. Bartlett was the CEO of Convergence Investments, where he was responsible for all corporate leadership for a Real Estate Private Equity Fund focused on the development of Residential Master Planned Communities across the country. During his tenure as CEO, he developed over 2,000 single family units across multiple projects in the mid-Atlantic and Texas. Earlier in his career, he served as Vice President of Operations for Artemis Real Estate Partners, where he was responsible for corporate operations initiatives including the development of a comprehensive Business Intelligence platform with a focus on property, fund, and portfolio level financial performance. Mr. Bartlett received his Bachelor of Science in Business Administration with a concentration in Finance from Towson University.

Head of Capital Markets and Investor Relations

Chris Zollo is the Head of Capital Markets and Investor Relations at Croatan Investments. He is responsible for overseeing fund raising activities for all Croatan investment products, the development of additional vehicles, and communications with both existing and potential investors.

Over Mr. Zollo’s 25 years of experience, he has led best in class client service and investor relations teams directly responsible for developing and servicing $10B in assets under management. His roles have been focused on capital raising, executing distribution models, and product development. He also helped create investor relations teams while fostering the professional growth of his teammates. Prior to Croatan, Mr. Zollo was the Senior Managing Director of Capital Markets at Waypoint Real Estate Investments and led a team that launched their commingled fund business into the institutional and private wealth segments. He received his Bachelor of Arts in History from the University of Massachusetts and is an active member of the MMI, AIMSE, and PREA.

Senior Associate Asset Management

Jimmy Leffler is a Senior Associate at Croatan Investments. He executes the firm’s investment strategy at the asset-level and focuses on value creation through direct oversight of property operations and capital programs.

Prior to joining Croatan, Mr. Leffler served as an associate appraiser with Hotel and Club Associates where he valued existing hospitality properties and performed feasibility studies for proposed developments across the country. He brings years of real estate experience to the firm ranging from property management, construction, and appraisals. Mr. Leffler received his Master’s in Business Administration from The Mason School of Business at The College of William & Mary and a Bachelor of Science degree in Business Administration with a concentration in International Business from Old Dominion University.

  • Nicolas Kane

    Nicolas Kane

    Analyst Transactions

  • Shelby Been

    Shelby Been

    Office Administrator

  • Caitie Wallace

    Caitie Wallace

    Vice President Accounting

  • David Faggert

    David Faggert

    Chief Legal Officer

Analyst Transactions

Nicolas Kane is an Analyst at Croatan Investments. He is responsible for identifying, underwriting, and structuring investments across the company’s portfolio.

Prior to Croatan, Mr. Kane served as a Project Manager at OWN Real Estate, focusing on accounts receivable and the commission payout process, along with building financial models to educate business planning. Previously, he was an intern at LifeGuide Financial Planning, where he assisted financial advisors. Mr. Kane earned his Bachelor of Science in Finance at Messiah University.

Office Administrator

Shelby Been is the Office Administrator at Croatan Investments. She coordinates office responsibilities and provides interdepartmental support.

Prior to Croatan, Ms. Been served as a tax processor and office administrator at Vaughan and Company, CPA. In this role, she managed client relationships, controlled confidential documentation, submitted invoices, and oversaw office needs.

Vice President Accounting

Caitie Wallace is the Vice President of Accounting. She manages the fund accounting systems and financial information for the company’s investment partnerships and implements processes to ensure compliance with reporting requirements.

Prior to joining Croatan, Mrs. Wallace spent 9 years with FD Fund Administration, where she specialized in supporting private equity and complex middle-market real estate funds. Her experience includes managing multiple client engagement teams while providing accounting services for various fund structures throughout all stages of the fund life cycle. Mrs. Wallace received her Bachelor of Business Administration in Accounting from James Madison University.

Chief Legal Officer

David Faggert is the Chief Legal Officer at Croatan Investments. He oversees Croatan’s legal work, including participation in the structuring and execution of all investments made by Croatan Investments.

Following his tour as a First Lieutenant in the US Army, Mr. Faggert attended the University of Virginia School of Law and began his career as a law clerk to the Honorable Laurence I’Anson, Chief Justice of the Supreme Court of Virginia. He then shifted his focus to real estate and related financing concerns at Kaufman, Oberndorffer & Spainhour (now Kaufman Canoles), until starting his own firm, Faggert & Frieden, P.C. in 1988. For over 30 years, Mr. Faggert specialized in commercial real estate acquisitions, development, dispositions, related financings, and business organizations and entities.

  • Juleah Landis

    Juleah Landis

    Coordinator Portfolio Management

  • Ryan Trainor

    Ryan Trainor

    Vice President Transactions

  • Will Martin

    Will Martin

    Senior Associate Asset Management

Coordinator Portfolio Management

Juleah Landis is a Coordinator at Croatan Investments. She provides interdepartmental support and assists with accounting, portfolio management, construction management, and transaction functions.

Prior to Croatan, Ms. Landis was a Lead Pharmacy Technician, overseeing a team of six. She managed inventory, training, filing, and scheduling.

Vice President Transactions

Ryan Trainor is a Vice President at Croatan Investments. In this role he is responsible for identifying, underwriting, and structuring investments across the company’s portfolio.

Mr. Trainor most recently served as Assistant Vice President at RXR Realty, where he was responsible for the execution of debt and equity capitalization and ongoing development oversight of several ground-up multifamily and industrial projects throughout the greater New York City region. Mr. Trainor previously held roles with Goldman Sachs, where he was responsible for portfolio and asset management for a variety of operating, development, and redevelopment investments across student housing, office, hospitality, and multifamily throughout the United States.

Mr. Trainor began his career in corporate finance and investment management. He holds a Master of Business Administration from Columbia Business School at Columbia University and a Bachelor of Science degree in Business Administration with concentrations in Finance and Accounting from The University of Richmond.

Senior Associate Asset Management

Will Martin is the Senior Associate of Asset Management for Croatan Investments. He is primarily responsible for the fund management function with oversight of all current and future investment vehicles.

Prior to Croatan, Mr. Martin was the Head of Investor Relations at Scientia Ventures, where he oversaw communication to fund investors and supported the investment team by providing market research for prospective and current portfolio investments across the healthcare and technology space. Mr. Martin received his Bachelor of Science from Regent University in Economics and is pursuing his Master of Business Administration at Duke University’s Fuqua School of Business. He currently holds a Chartered Alternative Investment Analyst (CAIA).

Croatan History

Our Three-pillar Investment Strategy Has Created Value Across Our 18-year History

Croatan Properties

* Portfolio Return
** Projected Return

Croatan Realized Properties

Croatan Properties

a) Deal level gross returns exclude acquisition fees, asset management fees, disposition fees, construction management fees, refinancing fees, guarantee fees, management (AUM) fees, and sponsor promotes (profit sharing). For purpose of calculating Gross IRR Returns, the original equity requirement for each investment was adjusted to reflect the absence of all such fees and promotes.
b) Deal level net returns include customary deal fees, including: a) the actual asset management, b) a 1% acquisition fee, and c) a 1% disposition fee (excluding preferred equity investments).

Croatan Fund Current Properties

Croatan Properties

a) Market Value represents the current value of Croatan's unrealized portfolio as well as the disposition price of Croatan's realized investments. For the unrealized portfolio, current Market Value is determined by Croatan based on trailing gross potential rent and normalized expenses, an economic rent loss of 7%, a current market cap rate determined by Croatan, and a real estate expense based on the resultant estimated Market Value.

All-Weather Fund II Investments to Date

Croatan Properties

Croatan Access Fund LLC

The following Croatan Access Fund documents are available to view:

  • Investor Document Package Croatan Access Fund

  • Entity Investor Document Package Croatan Access Fund

  • Payment Instructions

  • Accredited Investor
    Verification Letter

Croatan Multifamily All-Weather Fund II LP Terms

The following Croatan Fund Documents are available to view:

  • Executive Summary

    The Presentation provides an overview of Croatan Multifamily All-Weather Fund II LP and investing in multifamily communities.

  • PPM

    The Private Placement Memorandum (PPM) for prospective investors for the Croatan Multifamily All-Weather Fund II LP.

  • Subscription Agreement

    The Subscription Agreement for prospective investors for the Croatan Multifamily All-Weather Fund II LP.

  • Limited Partner Agreement

    The Amended and restated Limited Partnership Agreement for the Croatan Multifamily All-Weather Fund II LP.

  • Croatan Multifamily All-Weather Fund II LP Audited Financials

    This document contains an audited financial summary of the Croatan Multifamily All-Weather Fund II LP.

  • All-Weather Fund II Report Q3 2022

    This document contains a summary of the All-Weather Fund II Report Quarter Ending September 30, 2022.

Croatan Access Fund LLC Terms

The following is a summary of the investment terms of the Access Fund and Croatan Fund. The following is qualified in its entirety by, and must be read in conjunction with, the more detailed information in the Access Fund documents and Croatan Fund documents.

Investment Summary


Croatan Access Fund LLC (the “Access Fund”)


The Access Fund is a feeder fund. The net proceeds raised by the Access Fund will be invested in Croatan Multifamily All-Weather Fund II LP.

Fund Managing Member

CV Manager LLC or CityVest affiliate

Access Fund Administrative Fee

The Access Fund will pay CV Manager or an affiliate 1.75% of the Access Fund capital per year for administrative services. For investments of $100,000 to $200,000 by an investor, the Administration Fee will be reduced in half in the first year through a rebate of 0.875% back to the investor. For investments over $200,000 by an investor, the Administrative Fee will be zero in the first year through a rebate of the full 1.75% fee back to the investor.

Organizational Expenses

The Access Fund will pay CV Manager a one-time fee of $50,000 for organizational expenses. Such organizational expense is maintained at a low level as a result of CityVest earning additional one-time organizational and listing fee income from Croatan Fund.

Minimum Investment Amount

$25,000 minimum investment for up to 99 accredited investors.


There are no selling commissions, marketing allowances or broker dealer fees.


Quarterly, paid out of distributions as received from Croatan.

Targeted Fund Amount

Estimated $3,000,000 to $5,000,000

Investment Closing Steps

You may initiate your investment by clicking “Invest Now” and following the instructions.

Step 1. DocuSign. Documentation through DocuSign should be completed as soon as possible as investments are accepted on a first-come, first-served basis.
Step 2. Accredited Verification form or documents should be sent immediately after DocuSIgn is completed.
Step 3. Wire Transfer can be sent after the DocuSign is completed, and it will be required within 5 days of request, which will occur when 99 investors have subscribed or as late as December 29th, 2022.

You may initiate your investment by clicking “Invest Now” and following the instructions.


The Croatan Fund is an open end fund. The Access Fund will seek a full redemption at 7 years.

Investment Return

The Access Fund has negotiated a side-letter agreement with Croatan Fund to receive a 12% preferred return, followed by 80% of the remaining profit, with 20% of the remaining profit going to the Manager. Of the amount of the enhanced distribution amount that the Access Fund receives, the Access Fund will distribute 100% of such amounts received, after fees and expenses, to the Access Fund investors pro rata to their respective capital account.

Fund Administration/Accounting

Accounting, tax, administration and other services will be managed at the discretion of CityVest with the cost of any such services to be paid by the Access Fund to third-party providers and/or CityVest. Use of funds of the Access Fund, including loans by the Access Funds, may be provided by the Access Fund to CityVest.

Croatan Multifamily All-Weather Fund II LP Terms

Investment Summary

Investment Manager

Croatan Investment Management LLC ("Manager")

Targeted Return

17% Net IRR (calculated for the Direct 6% Pref Investor)

Preferred Annual Return

Access Fund:
12% Preferred Return

Direct Investors:
6% Preferred Return

Profit Split Over Preferred Return

80% Investors / 20% Croatan Management

Promote Sharing

10% to 35% of certain promote earned by Manager from institutional JV equity on co-investments will be shared with Croatan Fund

Management Fee

Acquisition Asset Fee: 1% - 2%
Management: 2% of Net asset value
Property Management: 1% - 2% of Property Income

Fund Term

Open-ended fund with a 3 year minimum hold period. Repayment will be made after 3 years upon redemption request at Net Asset Value.

Revised Target Fund Size


Fund Administrator




Legal Counsel

Seward & Kissel LLP

Investment Manager Investment

$7 million by the Manager and Affiliates

Important Disclosure Statement for Croatan:

An investment in the Access Fund, and the Access Fund’s investment in the Fund, is speculative and risky. No assurance can be given that investors will realize their investment objectives or will realize a substantial return (if any) on their investment. Investors should be able to bear the complete loss of their investment in the Access Fund. For this reason, each prospective subscriber should carefully read the Access Fund’s investment documents (“Memorandum”), including the Operating Agreement, Subscription Agreement, Investor Questionnaire and Risk Factors, as well as all of the Fund’s investment documents. Each prospective subscriber should consult with his attorneys, accountants, and business advisors prior to making an investment in the Access Fund. Only qualified, eligible investors who are accredited investors may invest in the Access Fund.

The Access Fund will invest in the Fund which will invest in real estate properties and assets. As such, investment in the Access Fund does not constitute a diversified investment. Because this is a blind pool offering, investors will not have the opportunity to evaluate investments in the Access Fund or the Fund before the Fund makes them, which makes an investment in the Fund more speculative. The investors must rely on the management of Fund and to make all investment decisions. There can be no assurances or guarantees that the Access Fund’s or the Fund’s investment objectives will be realized or that the Access Fund’s or the Fund’s investment strategy will prove successful.

An investment in the Access Fund’s or the Fund’s may be affected by a number of factors beyond the control of their management that will affect the value of the investments. These include risks typically associated with investments in real estate related to, but not limited to, vacancy rates, renting risk, or decreased rental rates, adverse changes in general economic conditions or local conditions that may reduce the demand for real estate, changes in the demand for or supply of competing properties in an area, unanticipated holding costs, the availability and cost of necessary utilities and services, changes in real estate tax rates and other operating expenses, changes in governmental rules and fiscal policies, changes in zoning and other land use regulations, environmental risks such as mold contamination or environmental claims that could be made, and natural disasters, most of which are not covered by insurance.

The Fund will operate in a highly competitive market for investment opportunities. Croatan's profitability depends, in large part, on the ability to acquire profitable investments. In doing so, the Fund will compete with numerous other entities and individuals engaged in real estate investment activities, many of which have greater financial, technical, marketing, and other resources than the Fund. Poor performance of the investment management in selecting investments for the Fund, or poor performance of any investment, could adversely affect the profitability of the Fund and the overall return to the investors.

The Fund may make investments through a joint venture or co-investment arrangement. Such arrangements may be on terms that limit the Fund’s ability to control the investments and to receive returns on those investments.

Adverse economic conditions may adversely affect the ability of the Fund to obtain financing. Unfavorable financing terms or the inability to obtain financing would adversely affect the operating results of the Fund. The high level of leverage on the properties increases the debt service risks and the likelihood of foreclosure. the Fund's borrowing of capital increases the risks of adverse effects on the Fund’s financial condition.

The manager of the Access Fund and the Fund have a limited operating history and track record upon which prospective investors may base an evaluation of its likely performance. Prospective investors should not rely on the past success of the Access Fund’s or Fund’s investment manager or their affiliates. The success of the Access Fund or Fund is significantly dependent upon the expertise of certain investment or support personnel and any future unavailability of their services could have an adverse impact on the investment performance. The management of the Access Fund or Fund and a majority of their investors may agree to amend the investment agreements, which could be adverse to some investors. It is impossible to predict accurately the results from an investment in the Access Fund or Fund because of general risks associated with the complete reliance on the management of each and its affiliates to identify and negotiate the investments to be made.

The proposed method of operation of Access Fund and the Fund creates certain inherent conflicts of interest among the Access Fund, the Fund, their managers and their affiliates. The liability of the investment manager is limited. The Access Fund and the Fund and its affiliates may compete with other investments and may provide services to other assets. The Access Fund and the Fund may make direct investments in affiliates. The investment manager of the Access Fund and the Fund may have conflicting fiduciary obligations with respect to the allocation of investment opportunities. The investment manager and its affiliates of the Access Fund and the Fund will receive compensation and reimbursements. Certain compensation to the Access Fund’s and the Fund’s investment manager and its affiliates has not been established by arms-length agreement. The Access Fund and the Fund investment manager's officers and agents will engage in other management activities. In addition, a single legal counsel will represent the Access Fund on the one hand and the Fund on the other hand.

The investment manager may have conflicting fiduciary obligations when making investments through a joint venture or co-investment with an affiliate of the Fund’s investment manager. These transactions may not be the result of arms-length negotiations and may involve conflicts between the Access Fund’s and the Fund’s interests or their affiliates. The investment manager will use reasonable efforts to ensure that the terms and conditions of such transactions will be no more favorable to the affiliate than could be obtained by arms-length negotiations with an independent third party.

An investment in the Access Fund and the Fund is illiquid. No public or other market will develop for the investment. These securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act of 1933, as amended and the applicable State securities laws, pursuant to registration or exemption therefrom. Prospective investors should be aware that they will be required to bear the financial risks of any investment in these securities for an indefinite period of time.

An investment in the Access Fund is are offered without registration under any securities laws due to a reliance on an available exemption. Although the Access Fund’s offering documents are not reviewed or approved by federal or state regulators, the Access Fund must comply with a variety of legal and compliance requirements. Failure to comply with the requirements for a private offering exemption would adversely affect the Access Fund. Maintenance of an Investment Company Act exemption may impose limits on the Access Fund’s operations, and if the Access Fund becomes subject to the Act, the Access Fund would likely be unable to continue its business.

To the extent Access Fund’s and the Fund’s cash flow permits, the investment manager intends to make distributions to investors. Prospective investors should be aware that the sole source of cash from which the Access Fund and the Fund will make cash distributions will be from revenues received from investments made by the Fund. No assurance can be made that the Fund will receive sufficient return on its investments to enable it to make any distributions to the investors.

Certain statements included in this presentation constitute "forward-looking statements" and are subject to a number of significant risks and uncertainties. Any such forward-looking statements contained herein should not be relied upon as predictions of future events. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "could" "would likely," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," "continue" or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Such forward-looking statements are subject to numerous risks and are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and may not be realized. In that regard, actual results may differ materially from those in forward-looking statements. As a result of the foregoing, no assurances can be or are given as to future results of operations or financial condition of the Access Fund or the Fund.

The Access Fund’s and the Fund’s investment approach has complex tax implications for investors. These ramifications should be reviewed carefully and applied to each investor’s individual circumstances. The Access Fund’s and the Fund’s investments may involve structures or strategies that may cause delays in important tax information being sent to investors. You should obtain investment and tax advice from your advisers before deciding to invest.

This material includes certain statements, estimates and projections of the Access Fund and the Fund with respect to the anticipated future performance of the Access Fund and the Fund. Such statements, estimates and projections reflect various assumptions that may or may not prove to be correct, and no assurance can be made that the Access Fund or the Fund can or will attain such results. Nothing contained herein is or should be relied on as a promise or representations as to the future performance of the Access Fund and the Fund.

This website and the materials available (the “Presentation”) have been provided for informational purposes only and neither constitutes the definitive documentation of the Access Fund or the Fund nor provide a comprehensive disclosure of both the terms of investment and risk disclosures associated with an investment in the Access Fund or the Fund. This Presentation is not a complete summary of the terms of the Access Fund or the Fund or the background information of persons associated with or affiliated with the Access Fund or Fund and is qualified in its entirety by, and must be read in conjunction with, the more detailed information included in their documents.

This Presentation is furnished on a confidential basis to the recipient, is neither an offer to sell nor a solicitation of any offer to buy any securities, investment products or investment advisory services, including the investment in the Access Fund. This presentation is not an advertisement and is not intended for public use or distribution and is intended exclusively for the use of the person to whom it has been delivered. An offer may be made only by means of the Access Fund’s investment documentation. This sales literature must be accompanied or preceded by that documentation and read in conjunction therewith to fully understand the implications and risks of the securities to which it relates.

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The presentation at the website includes information provided to CityVest by the fund being described. It contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express fund manager’s current views concerning future events, trends, contingencies or results, appear at various places in this presentation.

Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “targets,” “plans,” “may,” or other similar words (including their use in the negative). Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause the fund’s actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

■ Increases in the Company’s borrowing costs as a result of inflation and increasing interest rates and other factors;
■ Changes in real estate market and general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company’s or revenues, earnings and Offering sources;
■ The ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases, the Company’s ability to reposition its units on the same or better terms in the event of nonrenewal, including in the event of a recession;
■ Our ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
■ The Company’s limited operating history;
■ The Company’s success in implementing its business strategies;
■ The nature and extent of future competition, including new construction in the markets in which the Company and its facilities are located;
■ The Company’s reliance on key personnel;
■ The Company’s reliance on third-party vendors of technology, in particular the technology used to process and collect payments, or in the Company’s self-service kiosks or unmanned onsite operations and management;
■ Risks associated with the lack of liquidity of the Company’s securities; and
■ The impact of litigation or any financial, accounting, legal, tax or regulatory issues that may affect the Company or its tenants.

The factors noted above are not exhaustive. The Company operates in a dynamic business environment in which new risks emerge frequently. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s Private Placement Memorandum, which you should read before deciding to invest.

Value Add

Risk of Loss
Medium 1
60-75% 2
Occupancy Rate
Less than 80% 2
Heavy Renovations​/Major Retenanting 2
Stable Tenants
Few​/None 2
Hold Period
1-3 Years 2

1 The Risk of Loss is relative to other investment profiles. There is always a risk of total loss.

2 These are typical attributes for this profile of investment and may or may not represent this particular investment.


A single family residence (SFR) is the most common type of home which is a single family detached, stand-alone structure with its own lot intended for one family.

Target Return (IRR)

The estimated annual return which includes both the annual cashflow and the sale proceeds.

Target Annual Cash

The estimated average percentage annual cash return from the investment.

Estimated Hold

Estimated hold period from investment to realization.

Preferred Return

The preferred return or “pref” is a percentage cumulative return on initial investment that investors must attain prior to the investment manager’s participation in the profits.

Fund Size

Trion Fund is raising a maximum of $20,000,000