.png)
Orinova Diversified Income Portfolio I
Milwaukee, Shorewood, and Racine, Wisconsin
Three cash-flowing multifamily investments across Milwaukee, Shorewood, and Racine designed to provide diversified income, downside protection, and long-term appreciation.
Investment Highlights
Cash Flow + Value Appreciation
Fund Size: $2.8 million
Hold Period: 5 Years
Target IRR: 17.2%
Equity Multiple: 1.8x
Average Cash Yield: 10.7%
Sponsor Co-Invest: 10%
Minimum Investment: $25,000
ACCEPTING COMMITMENTS
Opportunity Resources
Executive Summary
Orinova Diversified Income Portfolio I provides investors with diversified exposure to three high-quality multifamily communities strategically located throughout the Milwaukee metropolitan area. The Portfolio combines stabilized, cash-flowing assets with disciplined operational value creation, offering investors the opportunity to participate in multiple investments through a single offering while reducing concentration risk associated with any individual property.
The Portfolio includes Riverbend Lofts in Racine, Oakland Avenue Apartments in Shorewood, and Alexander Lofts in Milwaukee. Each property was selected based on attractive in-place cash flow, positive leverage, favorable replacement cost dynamics, and the opportunity to create value through operational improvements rather than heavy renovation. By focusing on assets that are substantially leased and financed with long-term fixed-rate debt below the going-in capitalization rate, the Portfolio is designed to generate current income while preserving downside protection.
We believe today's Milwaukee multifamily market presents one of the most compelling risk-adjusted investment opportunities in the country. Apartment fundamentals continue to strengthen as limited new supply, improving occupancy, and healthy rent growth support durable operating performance across the region. These favorable market conditions, combined with Orinova's disciplined acquisition strategy, experienced local operating platform, and meaningful sponsor co-investment, create a compelling foundation for long-term value creation.
Rather than relying on a single business plan or exit event, Portfolio I is intentionally structured to provide diversified sources of return through multiple assets, staggered value realization, and individual property dispositions over the investment period. We believe this approach offers investors an attractive balance of current cash flow, capital appreciation, and risk management while aligning our interests directly alongside those of our investment partners.
Why We Like This Investment
Immediate Cash Flow
Portfolio I is designed to generate current income through stabilized operations. Since acquiring Riverbend Lofts in February 2026, the property has distributed monthly cash flow at an annualized rate of approximately 7.0%, demonstrating the Portfolio's emphasis on acquiring assets with durable in-place income.
Attractive Acquisition Basis
We seek opportunities where investors can acquire high-quality real estate at pricing that provides meaningful downside protection. Riverbend Lofts was acquired for $5.25 million and subsequently appraised at $6.17 million shortly after closing. Investors in Portfolio I participate in Riverbend at its original acquisition basis, allowing them to benefit from value already created through the acquisition rather than purchasing at the higher appraised value.
Similarly, Oakland Avenue Apartments was acquired through an off-market relationship at $6.90 million, a price we believe represents an attractive basis relative to comparable replacement costs and recent transactions. Alexander Lofts is under contract at $6.30 million, or approximately $105,000 per unit, representing a significant discount to its estimated replacement cost.
Positive Leverage
Each acquisition utilizes long-term fixed-rate financing with borrowing costs below the property's going-in capitalization rate, creating positive leverage from day one. We believe this provides a durable foundation for current income while reducing refinancing and interest rate risk throughout the investment period.
Operational Value Creation
Rather than relying on extensive renovations, the Portfolio's business plans focus primarily on operational improvements, including expense optimization, leasing initiatives, collections, and ancillary revenue opportunities. We believe operational execution provides a more predictable and lower-risk path to increasing Net Operating Income while preserving stable cash flow.
Attractive Milwaukee MSA Fundamentals
The Milwaukee metropolitan area continues to benefit from limited new apartment supply, improving occupancy, and healthy rent growth supported by a diversified employment base and relatively affordable housing. We believe these fundamentals position well-located multifamily communities to generate durable cash flow and long-term appreciation.
Meaningful Sponsor Alignment
Orinova is investing approximately 10% of the required equity alongside our investors. Our capital is invested on the same terms and subject to the same risks and rewards as every investor in the Portfolio, reinforcing our commitment to disciplined decision-making and long-term value creation.
Portfolio Construction
Orinova Diversified Income Portfolio I was intentionally designed to provide investors with the benefits of diversification, current cash flow, and multiple opportunities for value realization within a single investment. Rather than concentrating capital in one asset or relying on a single exit event, the Portfolio combines three complementary multifamily investments into a single offering, creating a balanced investment strategy designed to perform throughout multiple stages of the real estate cycle.
Diversification by Design
Portfolio I provides exposure to three multifamily communities across Milwaukee, Shorewood, and Racine through a single investment. By allocating capital across multiple assets and submarkets, the Portfolio reduces concentration risk while providing broader exposure to the Milwaukee metropolitan area's multifamily fundamentals.
One Investment, Three Opportunities
Rather than evaluating and investing in each acquisition separately, investors participate in all three properties through a single investment vehicle. This streamlined structure provides exposure to multiple business plans while simplifying the investment process through one subscription, one investor portal, one annual K-1, and consolidated reporting.
Staggered Capital Realization
Each property is expected to be sold independently as its business plan matures. Rather than relying on a single portfolio disposition, this staggered approach is designed to return capital progressively throughout the investment period while allowing the remaining assets to continue generating income and appreciation.
Balanced Return Profile
The Portfolio is designed to combine current cash flow with long-term capital appreciation. Stabilized operations support ongoing distributions, while operational improvements and individual asset sales create multiple sources of value creation over the investment horizon.
Business Plan
The Portfolio's business plan is centered on disciplined ownership rather than speculative redevelopment. Our objective is to acquire high-quality multifamily communities that generate durable cash flow from day one, enhance operating performance through active asset management, and create long-term value through thoughtful execution. By focusing on operational improvements, conservative financing, and strategic dispositions, we seek to deliver attractive risk-adjusted returns while preserving investor capital.
Key Initiatives
Acquire High-Quality Assets
We focus on acquiring well-located multifamily communities with durable cash flow, attractive acquisition bases, and opportunities to create value through disciplined ownership. Each investment is selected based on long-term market fundamentals rather than short-term market timing.
Drive Operational Performance
Working alongside Tenova Management, our primary objective is to improve Net Operating Income through disciplined property management, leasing initiatives, expense optimization, and resident retention. We believe operational excellence is the most predictable source of long-term value creation.
Preserve Capital
Portfolio I emphasizes downside protection through positive leverage, long-term fixed-rate financing, limited deferred maintenance, and disciplined capital allocation. We believe preserving capital is just as important as growing it.
Generate Current Income
The Portfolio is designed to produce consistent cash flow throughout the hold period. Stabilized operations support regular investor distributions while operational improvements create opportunities for additional growth over time.
Maximize Value Through Individual Dispositions
Rather than selling the entire portfolio simultaneously, each property is expected to be marketed individually as its business plan matures. This approach provides flexibility to optimize timing, maximize pricing, and return capital progressively throughout the investment period.
Why Milwaukee?
The Milwaukee metropolitan area represents one of the most compelling risk-adjusted multifamily investment markets in the United States. While many high-growth Sun Belt markets continue to absorb record levels of new apartment supply, the Milwaukee region benefits from a more balanced supply-demand dynamic, relatively affordable housing, and stable employment supported by a diversified economic base. These fundamentals have contributed to resilient occupancy, healthy rent growth, and renewed investor interest in well-located multifamily communities.
At Orinova, we focus on markets where durable cash flow—not speculative appreciation—is the primary driver of investment performance. Milwaukee's combination of attractive acquisition pricing, positive leverage, and long-term demographic stability allows us to acquire institutional-quality multifamily assets that generate meaningful current income while providing opportunities for long-term value creation.
Milwaukee Market Fundamentals
Why We Believe Milwaukee Is Different
-
Balanced Supply & Demand - Limited new construction and healthy absorption support long-term occupancy and rent growth.
-
Affordability - Apartment rents remain affordable relative to many peer markets, supporting sustained renter demand.
-
Institutional Investment Activity - An active transaction market domonstrates continued investor confidence and provides long-term liquidity.
-
Economic Stability - A diversified employment base and steady population trends create a durable foundation for multifamily housing demand.
The Portfolio
Orinova Diversified Income Portfolio I consists of three multifamily communities strategically located throughout the Milwaukee metropolitan area. Together, the Portfolio provides diversified exposure to 154 apartment units across Milwaukee, Shorewood, and Racine, combining stabilized cash flow, operational value creation, and multiple avenues for long-term appreciation.
Each property was selected using the same investment philosophy: acquire well-located apartment communities with attractive acquisition pricing, durable in-place cash flow, and opportunities to create value through disciplined operations rather than speculative redevelopment. While each asset has a unique business plan, all three benefit from favorable market fundamentals, positive leverage, and long-term fixed-rate financing.
The sections below provide an overview of each investment and its role within the Portfolio.
| 3 Properties | 154 Units | $17.85M Portfolio | 3 Wisconsin Markets | 2 Closed / 1 Scheduled to Close |
Alexander Lofts
Milwuakee, Wisconsin
60 Units
Acquiring: August 2025
Purchase Price: $6.30 million
Investment Highlights
- Dramatic 14'-16' ceilings and authentic loft architecture
- Community amenities located on each residential floor
- Acquired for approximately $105,000 per unit
- Opportunity to improve operating efficiency through Tenova
- Recently redeveloped with limited near-term capital improvements
Riverbend Lofts
Racine, Wisconsin
40 Units
Acquired: February 2026
Purchase Price: $5.25 million
Investment Highlights
- Acquired for $5.25 million and independently appraised at $6.17 million
- Distributed 7.0% annualized cash flow monthly since acquisition
- Large floor plans averaging approximately 1,500 SF
- Opportunity to simplify and ultimately dissolve the condominium structure
- Historic adaptive reuse with unique brick and heavy timber architecture
Sheridan Apartments
Shorewood, Wisconsin
50 Units
Acquired: June 2026
Purchase Price: $6.90 million
Investment Highlights
- 98% two-bedroom units with broad renter appeal
- Attractive returns on planned interior unit renovations
- Ample off-street parking in supply-constrained Shorewood
- Off-market acquisition in one of Milwaukee's strongest submarkets
- Significant operational upside through active asset management
Shared Investment Characteristics
-
Positive leverage across all three acquisitions
-
Long-term fixed-rate financing
-
Acquired below replacement cost
-
Stabilized, cash-flowing multifamily communities
-
Operational value creation through active asset management
Portfolio Performance
Orinova Diversified Income Portfolio I is designed to generate returns through a combination of current cash flow, operational value creation, and strategic property dispositions. Rather than relying on a single exit event, the Portfolio is structured to return capital progressively as each asset's business plan is completed. This approach is intended to provide investors with meaningful current income throughout the hold period while creating multiple opportunities for capital appreciation.
The projected returns below reflect our current underwriting assumptions. Actual results may differ and are dependent on market conditions, operating performance, financing, and the timing of future dispositions. We believe transparency is an important part of the investment process and encourage investors to review the assumptions outlined in the Investment Memorandum.
Risks & Mitigating Factors
Successful investing is not about eliminating risk - it's about understanding and managing it. Portfolio I has been structured with an emphasis on conservative underwriting, operational execution, and financial flexibility. The table below highlights several of the principal investment risks and the factors we believe help mitigate those risks. This summary is intended as an overview and should be considered alongside the Investment Memorandum and other offering documents.
Frequently Asked Questions
Every investment is unique, and we encourage prospective investors to perform their own due diligence before making an investment decision. Below are answers to several of the questions we are most frequently asked. If you have additional questions, we welcome the opportunity to discuss the investment with you directly.
What is the minimum investment?
The minimum investment is $25,000.
How are distributions made?
The investment is projected to make monthly cash distributions, subject to available cash flow and the discretion of the Manager. Distributions are deposited directly to investors' designated ACH account through the Juniper Square investor portal.
When will I receive tax documents?
Investors should expect to receive an annual Schedule K-1 through the Juniper Square investor portal on March 15th of each year. While timing may vary, K-1s are generally targeted for delivery before applicable tax filing deadlines.
Can I invest through an LLC, trust, or retirement account?
Yes. Many investors participate through legal entities, trusts, self-directed IRAs, or other retirement accounts. We recommend consulting your legal or tax advisor to determine the ownership structure that best fits your individual circumstances.
How long is the expected investment?
The business plan contemplates an approximately five-year hold, although market conditions may result in a shorter or longer holding period if doing so is in investors' best interests.
Will the properties be sold individually or as a portfolio?
The current underwriting assumes staggered property sales as each business plan is completed. However, Orinova will evaluate market conditions, buyer demand, and investor interests throughout the hold period and may pursue individual property sales, a portfolio sale, or another strategy if we believe it maximizes value for investors.
How involved is Orinova after closing?
Orinova provides active asset management throughout the investment, working closely with Tenova Management to oversee operations, monitor financial performance, execute the business plan, communicate with investors, and evaluate strategic decisions throughout the hold period.
How will I receive updates?
Investors receive ongoing communication through the Juniper Square investor portal, including distribution notices, quarterly reporting, tax documents, and other investment updates.
What happens if market conditions change?
Real estate investments involve risk, and market conditions may change throughout the hold period. Orinova continually evaluates the business plan and may adjust operating strategy, refinance timing, or disposition plans when appropriate to protect investor interests.
How do I move forward if I'm interested?
Schedule an introductory call using the link below. After discussing the opportunity and determining that the investment is an appropriate fit, subscription documents and funding instructions will be provided securely through Juniper Square.
Ready to Take the Next Step?
If you've reviewed the opportunity and believe Orinova Diversified Income Portfolio I may be a good fit for your investment objectives, we'd welcome the opportunity to discuss the investment in more detail and answer any remaining questions.
Schedule an Opportunity Review Call
A 30-minute discussion to review the business plan, answer questions, and determine whether Orinova Diversified Income Portfolio I is a good fit for your investment objectives.
Request an Invitation to Invest
Ready to move forward? Complete the brief form below and we'll provide access to the offering documents through Juniper Square.
We believe every investment decision deserves a conversation. Before accepting a commitment, we encourage prospective investors to speak with us directly to ensure the opportunity aligns with their investment objectives.