The VCP Report / Q4 2026 Update
Performance first.
Discipline always.
Roughly one year into ownership, Summit Ridge and Broadway Reserve are both ahead of their original pro forma.
$900K+
Distributed portfolio-wide in 2026 to date
November 4, 2026
Across the portfolio, our focus remains consistent: buy at a compelling basis, execute the business plan, and manage each community with care.
Our current syndication portfolio
Portfolio / 01
Summit Ridge
168 units • Lawton, Oklahoma
A strong basis. Consistent distributions.
Acquired at a strong basis, Summit Ridge is performing ahead of its original pro forma at roughly one year of ownership. We have averaged 97% occupancy since taking ownership, and total monthly income is over $206,000, an increase of more than 14.4% from $180,000.
Over $500K in total distributions
11 consecutive months of distributions
Portfolio / 02
Broadway Reserve
100 units • Tyler, Texas
A turnaround taking hold.
Occupancy has increased from approximately 50% at acquisition to 87% currently, with 89% preleased. Total monthly income has increased more than 55% since January 2026.
Renovations are complete. At roughly one year of ownership, Broadway Reserve is ahead of its original pro forma. We are still working toward stabilization with occupancy in the 90s and look forward to reaching that milestone.
Check out the progress at Broadway Reserve →
87% Occupied / 89% Preleased
Renovations Complete
Portfolio / 03
The Gallery
210 units • Tyler, Texas
Strong operations enabled the refinance.
Total monthly income increased approximately 39% from January 2023 to August 2026, reflecting sustained operating progress across the communities.
3 Distributions
Since the April 2026 Fannie Mae refinance
Strong operations are creating tangible results. At the Gallery, operating performance paved the way for a Fannie Mae refinance in April 2026 with a five-year term and an average interest rate of 4.96% across the portfolio, reducing the blended borrowing rate by more than 2.5 percentage points. The property has completed three distributions since the refinance.
Market outlook
Prepared for opportunity.
Patient on price.
We believe the coming months will present compelling opportunities to acquire multifamily communities at attractive prices. A colleague recently acquired a community at 2016 pricing—one example of the opportunities beginning to emerge as the market reprices.
As the multifamily market works through this adjustment phase of the cycle, economic, operational, and physical challenges are creating situations where properties need fresh capital and experienced ownership. While many sellers’ expectations remain above what current operations and financing support, we expect that gap to continue narrowing as owners and lenders work toward practical solutions.
At VaultCap Partners, we have remained patient on pricing and disciplined in our underwriting. That patience has kept us focused on opportunities where a strong acquisition basis and an achievable business plan can create meaningful, lasting value for our investors.
We are encouraged by what we’re seeing and actively pursuing our next acquisition. Our experience with Summit Ridge, Broadway Reserve, and The Gallery reinforces our confidence in our approach: buy well, execute consistently, and improve the communities we own. We’re excited about the opportunities ahead and prepared to act when the right opportunity arises.
VaultCap news
A new look for VaultCap Partners
We recently launched a redesigned website with a refreshed look and updated information about our team, investment approach, and communities. Take a look around—we’d welcome your feedback.
Explore our new website →Stay connected with VaultCap Partners.
Thank you for your continued trust and interest. Please feel free to reach out to me to discuss our portfolio or learn more about VaultCap Partners.
Best,
Neil Hoy
Director of Investor Relations & General Partner
VaultCap Partners
Reporting notes. Prepared November 4, 2026. This is a Q4 2026 update as of November 4, not a final quarterly or annual report. Operating and distribution figures are management-reported and have not been independently verified for this newsletter. Figures are approximate where indicated; property reporting periods differ as stated. Comparisons to pro forma refer to original acquisition underwriting. Distributions are cash payments and should not be interpreted as investment returns or yields; they may include return of capital.
For informational purposes only. This communication is not an offer to sell or a solicitation to buy securities, or investment, legal, or tax advice. Any offering will be made only through definitive offering documents and where permitted by law. Investments involve risk, including possible loss of the entire investment, and may be illiquid. Past performance does not guarantee future results. Forward-looking statements, including market expectations and future opportunities, are subject to risks and uncertainties; actual results may differ materially. Future distributions are not guaranteed.