M1 Real Wealth Fund LP — Apartments just went on sale

The Real Problem

You work hard for your money. Is it working that hard for you?

You've built a practice, a business, or a career that earns well. But earning money and growing money are two different jobs — and the cash you've piled up faces three problems most people don't talk about.

Cash

It shrinks every year

Prices keep rising, so the same dollars buy less over time. Sitting still means slowly falling behind.

The stock market

It swings — hard

Big ups and downs. You can wake up to find a chunk of your savings gone, with no control over it.

Owning rentals yourself

It's a second job

Real estate works — but being a landlord means tenants, repairs, and late-night phone calls.

There's a fourth door

Own interests in apartment buildings — run by pros — that can pay you over the long term, without the day-to-day landlord headaches.

What that means for you

Income without the job

Buildings run by pros that can pay you — no tenants, no 3 a.m. phone calls.

Return of capital

Target to refinance and return all or part of your money in 3–5 years — while you still own the asset.

Tax treatment your paycheck never gets

Depreciation and simple K-1s can help you keep more of what you earn.

Goals and potential benefits — not guarantees. See the full disclosures below.

Source: Inflation reduces the buying power of cash over time — U.S. Bureau of Labor Statistics (Consumer Price Index). Disclaimers: For general illustration only; not investment advice. Investing in the Fund involves risk, including possible loss of principal, and does not guarantee protection from stock-market volatility or the risks of direct property ownership.

The Opportunity

Cheap loans built the boom. Now the bill is due.

For years, money was almost free. Real estate investors bought apartments with cheap, short-term loans. Then rates jumped. Some loans are now coming due — and many owners can't pay them off or get new ones. They may have to sell. Fast.

+5%How much interest rates jumped in 2022–2023.

−28%How much apartment values have dropped since 2022.

$1.26TLoans coming due by 2027. A lot can't be paid back.

~45%And −28% is just the average. On distressed loans, new appraisals are coming in about 45% below original values.

Apartment values since the peak

The average hides the damage: the market is down ~28% — but on distressed loans, appraisals are running about 45% below original values. Two measures, one direction.

Sources: Rate increase — Federal Reserve (Fed Funds target, 2022–2023). Value decline — Green Street Commercial Property Price Index (apartment sector, vs. 2022 peak). $1.26T maturities — MMG Capital and S&P Global estimates of U.S. commercial real estate debt maturing through 2027. Distressed-loan appraisal declines — KBRA, “Appraisal Values of Distressed Loans Highlight CMBS Stress” (analysis of appraisals vs. origination values, 2024). Figures approximate and subject to revision. Disclaimers: This information was derived from sources believed to be reliable; however, we cannot assure that information from third-party sources is accurate, current, or complete.

Some owners have to sell — and there aren't many buyers who can close fast. That's where we find opportunity.

Why Most People Miss These Opportunities

Most people read this backwards.

“The good deals are already gone.”

No. The biggest wave of forced sales is forecast to continue — all the way through 2027.

“High rates ruined the opportunity.”

High rates are what made the opportunity. They're the reason many owners have to sell.

“You have to sell at the right time to win.”

Not if you're never forced to sell.

The fear that keeps everyone else out is what helps us get the low price.

Where We Buy

We focus on the Sunbelt —
most of all, the Texas Triangle.

This is where the people and jobs keep coming. Yet it's also where distressed loans are piling up fastest. The demand isn't the problem — the debt is. That's where the best buys come from. Other U.S. markets will be considered on a deal-by-deal basis.

~950apartment properties · 250,000+ units

In the Dallas–Fort Worth metro alone. Loan stress at today's rates is what creates motivated sellers — and buying opportunities.

DFW North

570+ properties

More than 157,000 units

DFW Suburban

375+ properties

Over 93,000 units

Real examples: the discounts these properties are selling at.

Recent foreclosed and distressed assets in our target markets — what the owner paid vs. what the asset is worth now.

Property	Owner paid	Worth now	Change
Class A- · 500 units · Dallas	$125.5M	$78.0M	−38%
Class B+ · 222 units · Austin	$46.6M	$31.5M	−32%
Class B- · 562 units · Austin	$69.6M	$40.5M	−42%
232 units · Tulsa	$17.0M	$14.0M	−18%

Sources: Distressed-loan counts (debt-service coverage ratio at or below 1.00) and property values from M1's analysis of third-party commercial real estate and loan data for the Dallas–Fort Worth metro. The properties listed are actual foreclosed or distressed assets in M1's target markets. Disclaimers: Owner identities are withheld. The information above is based on available market data from sources deemed reliable but not guaranteed or independently verified.

The Opportunity Underneath

Every forced seller on that map is a chance to buy your future income stream at a discount.

#1Texas added 391,000+ residents in 2025 — the most of any state, for the third straight year. Over 1,000 new Texans, every single day.

2.6MNew Texans since 2020 — more added people than any other state in America.

8.5MPeople now call Dallas–Fort Worth home — up ~810,000 since 2020 and on track to pass Chicago as America's #3 metro.

−50%New apartment construction in Texas is set to fall by roughly half in 2026. The renters keep coming — the new competition stops.

The Irony Of This Opportunity

The buildings are full. The rent gets paid. But many owners took cheap short-term loans — and a new loan now costs more than they can afford. The debt is the problem. The demand is not. So we can buy good buildings, in the fastest-growing place in America, at a discount.

Sources: Population and metro-area figures: U.S. Census Bureau, Vintage 2025 population estimates (state and metro totals, net migration, 2020–2025 change). Dallas–Fort Worth vs. Chicago trajectory: U.S. Census Bureau metro estimates as reported by Texas Monthly, 2026. Apartment construction outlook: RealPage Market Analytics, 4Q 2025 Texas market review (2026 supply schedule vs. 2024–2025 delivery pace). Figures are rounded and reflect the most recent data available as of early 2026. Disclaimers: Population, employment, and construction statistics describe general market conditions; they are not a forecast of any specific property, market, or investment outcome, and past growth does not guarantee future growth.

How We Look At Opportunities

In this market, a deal only works if it meets 5 criteria.

Whether you invest with us or with anyone else — this is the test. Most people only make money when the market goes up. These five criteria are how a deal can make money even when it doesn't:

Priced below build cost

We aim to pay less than it would cost to build it new. That gap is our cushion.

Pays for itself now

The rent covers the loan at today's rates — not someday's.

Safe, long loans

Fixed-rate, long-term loans.* No surprise payments down the road.

We run it

We control the building and how it's run — not an outside manager.**

A clear safety net

We plan the way out of a deal before we ever get in.

Miss one criterion, and the deal is relying on the market to bail it out. Five criteria, one purpose: protecting the money you worked twenty years to save.

Important Disclaimers: All investing carries risk, including the possible loss of your entire investment. These steps describe how M1 aims to manage risk and do not guarantee any outcome or prevent loss. *“Long-term” reflects a combination of maturity dates and amortization rates, as determined by M1. **The Fund is managed by M1 Real Wealth Fund Manager LP, a Delaware limited partnership. See full disclosures below.

Here's the thing

This framework isn't theoretical for us. It's exactly how we invest our own money — and if a deal misses even one criterion, we walk away. Here's the playbook, step by step.

How It Works

Four simple steps. We focus on lowering the risk first, then go for the reward.

Step 1

Buy

Our goal is to buy for less than it costs to build. That low price is our cushion.

Step 2

Fix

We improve the building and increase the rents, which increases the property value.

Step 3

Refinance

In as little as 3–5 years, we get a new loan and return all or part of investor capital.

Step 4

Hold

We hold for the long term, pursuing cash flow, growth, and maximizing tax benefits when possible.

We refinance to return all or part of the invested capital in 3–5 years — then either hold for the long term or sell when conditions are right.

Proof — We've Done This

We didn't just draw up a plan. We did it.

The Burke Apartments · 144 units · Houston, TX

We bought it for $11.1M from a seller who was stuck.

+37%

Value increase over our all-in cost, in 2 years

~21%

Capital returned to date

+32%

Higher rents since purchase

The owner was in trouble. Rates spiked, they ran out of money, and the deal — which was on the market near $16M — kept falling apart. We bought it for $11.1M. We spent about $2M to fix it up. Then we refinanced and began returning capital to investors — and we still own it today.

Source: M1 Real Wealth Fund LP. Reflects a single completed transaction (The Burke Apartments, Houston, TX). Appraised value is based on a third-party appraisal and does not reflect a sale. Capital returned reflects amounts distributed to date and is not a projection of total returns. Past performance is not indicative of, and provides no guarantee of, future results. All references to “we” in this section refer to an affiliated syndicate in which both of the M1 principals participated in management.

The Burke apartment community, Houston TX

What We Buy

Real communities. Real addresses. Real rent checks.

Garden-style apartment communities in the Texas Triangle and the Sunbelt — the kind families choose, with the pools, green space, and room that keep them there.

Aerial view of a garden-style apartment community — Garden-style communities, seen from above

Apartment community pool and amenities — Amenities renters choose — and pay for

Apartment buildings and green space — Green space and room to live

Apartment community exterior — 150–400 units, below what it costs to build

Renovated apartment kitchen at The Burke — Renovated interiors renters pay more for

Apartment community clubhouse — Well-kept properties in growing suburbs

Note: Images are representative of the asset type M1 targets and may include assets held by affiliated entities. They are not an offer with respect to any specific property.

Who Runs M1 Real Wealth Fund LP?

M1 principals have done this for decades.

$3.5B

Bought & sold

39 yrs

In apartments

Managing Partner · Capital Strategy

Marcin Drozdz

20 years · Nine-figure raises

Marcin has spent nearly 20 years in private capital, raising multiple nine figures and co-managing several equity funds. He leads the Fund's capital strategy and investor relations, and has helped 1,000+ operators build their capital-raising systems.

Principal · Acquisitions & Operations

Raymond W. Lord

$3.5B+ · 39 years

Raymond has spent 39 years in apartments, with $3.5B+ in deals. He was President of The Lyon Group, and advised the U.S. government during past housing crises (FNMA, FDIC, and the RTC). He has bought, operated, and sold through every market cycle since the 1980s.

Our unfair advantage

We manage our own buildings

No outside property managers. Our own dedicated management team runs the buildings we buy — so the people leasing units, controlling expenses, and caring for residents answer to us, and to you. One team, one goal: run the property well and protect the cashflow.

Almost 40 years of relationships

Great outcomes in this business come down to people — contractors, lenders, brokers, and the trades. After almost 40 years, the people we need are people we've worked with for years or decades. That can mean better pricing, faster turnarounds, and early looks at deals before they're widely known.

Source: M1 Real Wealth Fund LP. Disclaimers: Figures reflect the principals' combined career track record across prior firms, funds, affiliates, and transactions in various capacities — not the results of any single fund or of an investment in the current offering. Past performance is not indicative of future results.

Our Commitment

We invest our own money right alongside yours. We win when you win — and we plan to grow the assets acquired by the Fund, via its Series, for the long haul, not a quick fee.

The Four Pillars

Four ways real estate builds wealth.

Own an apartment building the right way, and it can pay you four ways — all at the same time:

Pillar 1

Cash Flow

Rent comes in every month. After the bills and the loan are paid, what's left can be paid out to investors.

Pillar 2

Mortgage Paydown

Part of every rent check pays down the loan. Month by month, the renters build the owners' equity.

Pillar 3

Appreciation

A better building with higher rents is worth more. Over time, the value of the property can grow.

Pillar 4

Tax Benefits

Depreciation can shelter much of that income from taxes — so you may keep more of what you earn.*

Disclaimers: *These four pillars describe how apartment investing can create value in general. None of them is promised or guaranteed — results depend on the property, the market, financing, costs, and tax rules, which can change. Tax outcomes vary by investor; talk to your own tax advisor.

Why We Hold

Built for long-term cashflow.

People will always need a place to live — and there aren't currently enough homes to go around.

Not enough homes

The country needs millions of homes and not enough new housing is being built.

Priced out of buying

Buying a house costs too much for many people. So they rent instead.

Renting by choice

A lot of people just like renting. It's simpler and easier to move.

Prices keep rising

As housing costs rise, rents often follow — and apartment owners can benefit.

Sources: U.S. housing shortage and household-formation data — U.S. Census Bureau and Freddie Mac / National Association of Realtors estimates. Homeownership affordability and rental trends — National Association of Realtors and U.S. Bureau of Labor Statistics (CPI rent of primary residence). Disclaimers: These statements reflect general market conditions, not a forecast of any specific result. Results depend on markets, costs, and regulation.

The Tax Advantage

It's not what you make. It's what you keep.

Every dollar you earn at work gets taxed at your full rate. Money from owning buildings is treated differently — in ways that can help you keep more of it.

Depreciation

Deductions while you collect

The IRS lets building owners deduct wear-and-tear on paper — even while the property earns cash. Those deductions can offset rental income, so you may owe less tax on the cash you receive.

Refinance, not sale

A tax-smart way to get paid back

Our core move is the refinance. Money returned through a new loan is generally not taxed the way profits from a sale are. It's one more reason the strategy is built around refinancing — not flipping.

Simple paperwork

One K-1. That's it.

You get a single K-1 tax form for each Series you invest in. No bookkeeping, no property manager, no pile of receipts. Hand it to your CPA and you're done.

Important — this is not tax advice: Tax treatment depends on your personal situation and can change with the law. Depreciation may be recaptured on a sale, refinancing outcomes vary, and no tax benefit is guaranteed. The Fund's tax approach for each Series is described in its Offering Materials. Talk to your own tax advisor about what applies to you.

Is This For You?

This is built for a certain kind of investor.

This may be for you if…

You are an accredited investor as defined by the SEC.
You're a doctor, dentist, business owner, or high earner with investment money set aside.
Your cash is sitting in the bank or on the market — and you want it working harder.
You want the potential for steady income that can come from real estate — without being a landlord.
You think in decades, not days.
You want to participate in real assets that may also lower your taxes.

This may not be for you if…

You may want to pull your money out at any time.
You want a quick flip or a fast exit.
You want to manage the property yourself.
You're not yet an accredited investor.

How The Fund Is Built

One fund. Separate deals. You choose.

M1 Real Wealth Fund LP is a Delaware series limited partnership. Each investment opportunity is offered through its own “Series” — a separate compartment with its own property, its own offering documents, and its own investors.

Structure

One fund, many Series

Each Series holds its own investment, separate from every other Series in the Fund.

Your choice

You pick your deals

When a new Series opens, you see the deal first and decide whether to invest. This is not a blind pool.

Management

Professionally managed

The general partner is M1 Real Wealth Fund Manager LP, a Delaware limited partnership, run by the M1 principals.

Fund purpose: The Partnership's investment strategy is to focus on identifying, acquiring, owning, financing, improving, managing, operating, leasing, and ultimately disposing of real estate and real estate-related assets, including but not limited to commercial and multifamily properties and/or notes on such properties, consistent with value-add, opportunistic, and distressed investment strategies in select U.S. markets that the General Partner believes exhibit strong underlying economic and demographic fundamentals. The General Partner will seek to identify assets that are underperforming, undervalued, or improperly managed, and where it can implement a specific business plan to increase net operating income and enhance property value. In the case of promissory notes, the strategy may include acquisition of distressed notes with the intent to foreclose or co-manage the property as part of a work-out plan. This strategy is designed to achieve the Partnership's target returns of a 15–25% net IRR and a 2.0x–3.0x equity multiple for its investors. Disclaimers: Targeted returns are objectives only, are not guaranteed, and are subject to the assumptions, risks, and uncertainties described in the applicable Offering Materials. Investors could lose some or all of their investment.

Why Now — Not Next Year

Three clocks are ticking. All three favor the buyer — for now.

Clock 1 · The sellers

The forced-sale wave is projected to peak soon

$1.26T in loans comes due by 2027. Every month, more owners run out of road and have to sell. This wave will eventually end.

Clock 2 · The buyers

Fewer buyers can close right now

Capital is scarce and many buyers are frozen. Less competition means lower prices — but only while the paralysis lasts.

Clock 3 · The rebound

When rates ease, the discount may disappear

The moment interest rates decrease, buyers can flood back and prices firm up. The best basis is bought before that day, not after.

The takeaway

The deals of a cycle are bought in a window like this one — while it's uncomfortable. By the time buying feels safe, it's over.

Sources: Loan maturities — MMG Capital and S&P Global estimates of U.S. commercial real estate debt maturing through 2027. Transaction and pricing conditions — Green Street; Federal Reserve. Disclaimers: Statements about future market behavior reflect M1's opinion, are forward-looking, and are not a guarantee of any outcome.

M1 Real Wealth Fund LP

Join the waitlist for our next opportunity.

Our opportunities go to a limited group of accredited investors, and waitlist members see them first. Joining requires no commitment — it simply puts you at the front of the line to see our deal information when we have an investment opportunity.

— Invest With Us —

First Name* Last Name* Email* Mobile Phone* How much are you interested in investing?* Are you an accredited or non-accredited investor?* Have you ever invested passively into a real estate private placement before?*

No obligation · Accredited investors only — verification of accredited status is required before subscribing to any offering. investors@m1realwealthfund.com

Straight Answers

The questions smart investors ask.

The Strategy

What if there's another 2008?+

We plan for it. We aim to buy below what it costs to build, use long-term loans, and make sure the rent covers the loan at or shortly after purchase. If values dip, we don't have to sell — we hold and keep collecting rent until things turn.

What if interest rates stay high?+

High interest rates are the reason some owners are selling cheap. We lock in long-maturity, fixed-rate loans, so a high interest rate today won't surprise us later. And we only buy at prices that work even at today's interest rates.

If these deals are so good, why do you need my money?+

Banks only lend part of the price — often 60–70%. The rest is equity, and that's the gap investors fill. Pooling capital lets us buy more great buildings than we could alone — and it's why you get to own a piece of them.

Why not just buy a REIT or an index fund?+

A REIT trades like a stock — it swings with the market every day. Here, you own a share of specific buildings we chose, valued on the properties themselves, not the day's headlines. Direct ownership may also carry tax benefits REITs can't pass through. Ask your tax advisor what applies to you.

How are you different from other syndicators?+

Two ways. First, we don't plan on a quick sale — we refinance, return all or part of investor capital, and plan to hold for the long term or until sale conditions are optimal. Second, we put our own money in right next to yours.

Your Money

What's the minimum investment?+

Our target minimum is $50,000 per Series. The exact minimum for each opportunity is set in its offering documents.

Can I invest through my IRA, 401(k), or trust?+

In most cases, yes — many investors use a self-directed IRA or invest through a trust or entity. Your custodian and tax advisor can confirm what works for your situation.

How and when do I get paid?+

When a property produces cash flow, we plan to make distributions to that Series' investors. The schedule for each deal is set out in its offering documents. Distributions depend on how the property performs and are not guaranteed.

What are the tax benefits?+

Owning buildings comes with tax treatment that working income doesn't get — like depreciation deductions that can offset rental income, and capital returned through refinancing rather than a taxable sale. You get one K-1 per Series. Benefits depend on your personal situation and are not guaranteed — ask your tax advisor what applies to you.

When do I get my money back?+

Our goal is to refinance and return all or part of investor capital in as little as 3–5 years, depending on market conditions at the time of refinance or sale. The exact timing depends on each deal and market conditions — it's a goal we work toward, not a promise.

What fees do you charge?+

We're paid to manage the deal, not to churn it. Every fee for each Series is laid out plainly in its offering documents — you see them all before you invest a dollar.

What's the biggest risk here, honestly?+

This is a long-term, illiquid investment. Your money is tied to real buildings — you can't sell your stake with a click like a stock. Values can fall, refinances can take longer than planned, and you could lose money. That's why we buy below build cost and keep a cushion — but no one can promise you a result.

What happens if something happens to you two?+

The Fund's general partner is a company, not one person, and our agreements address succession. The properties, their on-site managers, and the legal structure keep running. The details are in the offering documents.

Getting Started

Do I have to invest in every deal?+

No. Each deal is its own Series. You see each opportunity and choose, deal by deal. Sitting one out doesn't affect your place on the waitlist.

What happens after I join the waitlist?+

You'll get a short note confirming you're on the list. When the next Series opens, you see the deal first — the property, the numbers, and the documents. You review, ask questions, and decide. No pressure, and no calls you didn't ask for.

How do I get started?+

Join the investor waitlist. There is no commitment. When our next opportunity opens, waitlist members see it first — you attest that you're an accredited investor, and we share the documents for you to review. Formal verification happens before you subscribe to an offering.

Note: These answers describe M1's general approach and are for information only. They are not investment, legal, or tax advice, and are not a guarantee of any result. Minimums, fees, distributions, and all other terms are established solely by each Series' offering documents, which control in all respects. Any investment involves risk, including loss of principal. See full disclosures below.