Matthew Dickson
Partner
- $15B+ equity deployment experience
- $20B in loan portfolios acquired/managed
- Macroeconomic and microeconomics expertise
B.S. Economics, Southern Methodist University
Devon on Northgate
Irving, TX
448 Units · Irving, TX (Las Colinas-Adjacent) · Stabilized, Cash-flowing Asset
Overview
Devon on Northgate
Devon on Northgate is a 448-unit, recently-renovated, institutionally-managed Irving, TX multifamily asset available at $125,000/unit — a ~15% discount to the seller's all-in basis of ~$146,205/unit and a $6M discount to the active $62M contract. The existing contract is currently in default; while the seller continues to provide the contracted buyer additional time, they have signaled a willingness to terminate and reaward to a counterparty that can deliver speed and certainty of close.
The seller, a best-in-class institutional operator, has invested $8M+ in interior and exterior capital improvements during their hold, delivering a turnkey asset with modern finishes (quartz countertops, brushed nickel hardware, stainless appliances) and minimal near-term CapEx needs. A recent site tour confirmed excellent physical condition.
The transaction is financed with senior agency debt at 75% loan-to-value (5.25% fixed, with a 24-month interest-only period), with the balance funded by common equity. The capitalization supports a ~11% Year 1 cash-on-cash distribution to common equity after all fees and expenses — a profile we believe is well-suited to investors prioritizing durable, current income alongside total return. Base case underwriting targets a 15.6% net IRR and 1.90x equity multiple; a 17% IRR / 2.01x upside case is achievable with higher agency leverage, which requires a Fannie/Freddie waiver that has been granted infrequently in recent years and is not assumed in the base case.
With no preferred equity tier in the structure, 100% of depreciation is allocated to common equity. Early estimates assume 1.3x to 2.0x of depreciation for each equity dollar invested, supported by accelerated depreciation methodology and a cost segregation study. Final allocation is subject to cost segregation study completion and tax counsel review; investors should consult their own tax advisors regarding the suitability of these benefits to their individual situation.
Property Photos
EXTERIORS
COMMUNITY AREAS
APARTMENT INTERIORS
Details
Key metrics at a glance. Talk to investor relations for the full deal package.
- Estimated First Distribution
- Q3 2026
- Estimated Hold Period
- 5 years
- Investment Type
- Equity
- Target Avg. Cash on Cash
- 11.0%*
- Minimum Investment
- $50,000
- Investment Strategy
- Value-add / Core-plus multifamily
- Target IRR
- 17.05%
- Target Equity Multiple
- 1.90x
Deal Highlights
- Discount to Seller Basis: Available at $125,000/unit — a ~15% discount to seller's all-in basis of ~$146,205/unit (acquisition + capex during hold).
- Discount to Active Contract: $6M discount to the active $62M contract; existing contract in default, seller open to reaward on certainty-of-close.
- Recently Renovated, Institutionally Operated: Seller invested $8M+ in interior and exterior capital improvements — quartz countertops, brushed nickel hardware, stainless appliances. Site tour confirmed excellent physical condition.
- Income Profile: Agency financing at 75% LTV supports a ~11% Year 1 cash-on-cash distribution to common equity, after accounting for all fees and expenses.
- Tax-Efficient Structure: With no preferred tier, 100% of depreciation is allocated to common equity. Early estimates assume 1.3x to 2.0x of depreciation for each equity dollar invested. Final allocation subject to a cost segregation study and tax counsel review.
- Simplified Capital Structure: Senior agency debt ($41.63M) and common equity ($17.4M) — no land sale-leaseback and no preferred equity. Total capitalization $59.04M.
- Base & Upside Returns: Base case targets a 15.6% net IRR and 1.90x equity multiple at 75% LTV agency leverage. An upside case of 17% IRR / 2.01x is achievable with higher agency leverage, which requires a Fannie/Freddie waiver that has been granted infrequently in recent years and is not assumed in the base case.
- Strong Sponsorship Alignment: Uplift commits 10% of common equity (~$1.74M) alongside the raise; partners bring 30+ years of institutional experience from Lone Star Funds and Hudson Advisors. Current portfolio ~1,000 multifamily units across Dallas, Austin, and Birmingham (~$142M combined value).
Management
Uplift Capital Management, LLC
Uplift Capital Management, LLC is a Dallas-based real estate private equity firm focused on the strategic acquisition and active management of real estate assets across the Sunbelt. Founded in 2022, the firm is led by Partners Matthew Dickson and Scott Hill, who collectively bring more than 30 years of institutional real estate, capital markets, and operating experience from senior roles at Lone Star Funds and Hudson Advisors.
Uplift's existing portfolio includes ~1,000 multifamily units across Birmingham, Austin, and Dallas with a combined market value of approximately $142 million — providing direct in-market familiarity with Dallas, where half of the current portfolio is located. The Sponsor is committing 10% of the equity capital ($1.13M) alongside its raise on this transaction, reinforcing long-term alignment with the asset's performance.
Management Team
Scott Hill
Partner
- 12
- 500+ SFR assets managed
- $1B+ in structured capital
- Vertically integrated operations expertise
B.S. Molecular Biology, University of Alabama · MBA, Southern Methodist University
Property
Tenant Overview
Resident Profile: Devon on Northgate is a 448-unit multifamily property serving professionals and families in the Irving / Las Colinas-Adjacent submarket.
Submarket Demand Drivers:
- DFW MSA continues to lead the U.S. in net in-migration and corporate relocations
- Irving is home to major employers including ExxonMobil, Kimberly-Clark, and McKesson
- Property sits 6.2 miles from DFW International Airport
- Minutes from Las Colinas Urban Center and the President George Bush Turnpike
- Submarket benefits from limited Class B supply additions; recent deliveries skew Class A at materially higher rents
Unit Mix: 1BR and 2BR units, 701 to 1,137 SF
Expected Return Profile
Projected quarterly distributions over the investment term. Choose an investment amount to scale the figures. Illustrative only — see disclaimer below.
$5,000
Investment
$9,500
Total 5-Yr Distributions
1.90x
5-Yr Equity Multiple
The final bar includes the projected capital event (principal repayment, refinance, or sale) and is shown at full height for scale; its projected amount is labeled. Operating-distribution bars are scaled to the largest operating quarter for readability.
| Quarter | Projected Distribution | Cumulative |
|---|---|---|
| Y1 Q1 | $107.00 | $107.00 |
| Y1 Q2 | $107.00 | $214.00 |
| Y1 Q3 | $107.00 | $321.00 |
| Y1 Q4 | $107.00 | $428.00 |
| Y2 Q1 | $101.25 | $529.25 |
| Y2 Q2 | $101.25 | $630.50 |
| Y2 Q3 | $101.25 | $731.75 |
| Y2 Q4 | $101.25 | $833.00 |
| Y3 Q1 | $100.62 | $933.62 |
| Y3 Q2 | $100.62 | $1,034.25 |
| Y3 Q3 | $100.62 | $1,134.88 |
| Y3 Q4 | $100.62 | $1,235.50 |
| Y4 Q1 | $102.50 | $1,338.00 |
| Y4 Q2 | $102.50 | $1,440.50 |
| Y4 Q3 | $102.50 | $1,543.00 |
| Y4 Q4 | $102.50 | $1,645.50 |
| Y5 Q1 | $103.62 | $1,749.12 |
| Y5 Q2 | $103.62 | $1,852.75 |
| Y5 Q3 | $103.62 | $1,956.38 |
| Y5 Q4 | $7,543.62 incl. capital event | $9,500.00 |
Important disclaimer. The figures above are hypothetical projections based on the sponsor's underwriting assumptions and are provided for illustrative purposes only. They are not a guarantee, promise, or forecast of actual results. Projected distributions scale proportionally with investment amount and depend on property performance, financing, refinancing or sale, and market conditions, any of which may cause actual results to differ materially. Distributions are not fixed or guaranteed. An investment is illiquid, speculative, and involves the risk of loss of the entire amount invested. Past performance is not indicative of future results. This is not an offer to sell or a solicitation of an offer to buy any security; securities are offered only to verified accredited investors under Rule 506(c) of Regulation D pursuant to definitive offering documents, which supersede this summary in their entirety. Consult your own financial, legal, and tax advisors before investing.
Financials
For more information, view Uplift Capital Management, LLC's Investment Memorandum.
Capital Stack
- Senior Debt $21.13M
- Land Sale Proceeds $23.50M
- Pref Equity $7.10M
- LP Common (90%) $6.58M
- GP Co-Invest (10%) $731K
Total Capitalization
$59.04M
Sources of Funds
| Senior Agency Debt | $21.13M |
|---|---|
| Land Sale Proceeds | $23.50M |
| Pref Equity | $7.10M |
| Equity Partner (LP, 90%) | $6.58M |
| Sponsor (GP Co-Invest, 10%) | $731K |
| Total | $59.04M |
Uses of Funds
| Purchase Price | $56M |
|---|---|
| Loan Closing Costs | $718K |
| Other Closing Costs | $736K |
| CapEx Reserves at Closing | $1M |
| Partnership Fees & Acquisition Fee | $590K |
| Total | $59.04M |
Debt Assumptions
Senior Agency Loan
- Lender Type: Agency (Freddie Mac preferred)
- Loan Type: Permanent Loan
- Estimated Proceeds: $24,375,000
- LTC (Loan-to-Cost): 41.2%
- Interest Type: Fixed
- Term: Term-matched to hold period (5 years)
- DSCR Year 1: 2.04x
- Amortization: Sized off ground-lease-adjusted NOI
- Notes: No refinance required during hold
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