04/02/2026
Investors,
I wanted to share a quick update regarding your dividend distribution.
At the moment, funds are still in our account due to a technical issue with our banking partner (Chase). Their team identified that a “public key” used for processing payments had expired, which temporarily halted transactions. Our IT team is actively working on a resolution, and I’ve already seen multiple updates come through.
We expect this to be resolved Monday, and distributions will be sent shortly after. Worst case, distributions will go out late next week. This is the first time we’ve encountered this issue since transitioning to the online portal, so we’re working to ensure it doesn’t happen again.
While I have your attention, here are a few quick updates:
**Azul Door Apartments**
We are preparing to list Azul Door Apartments. It has been a strong asset for us, and we believe this is the right time to redeploy that capital into higher-growth opportunities.
**Hogansville Property**
This project has presented ongoing challenges at the municipal level, particularly around obtaining approvals necessary to lease units. As a result, we’ve made the decision to list the property for $6M and reallocate capital into markets that are more aligned with efficient development and operations.
**Alabama Development**
We are moving forward with our Alabama project, with site work beginning April 20th. The plan is to build 24 units, with a target of having tenants in place by year-end. The local environment has been very supportive, and we’re excited about the economics of this project.
**Investor Liquidity**
We currently have two investors requesting a combined $55K return of capital. These will be addressed upon the sale of Azul Door, which we anticipate closing within the next 2–3 months.
**Capital Raise**
We are continuing to accept new investment as we scale. We are currently raising approximately $3.5M to complete the Alabama project.
As always, I appreciate your continued trust and support.
Best regards,
David Pfotzer
