02 · Vertical

Real Estate

Acquisition, development, and operation of trophy assets in markets we know intimately.

The Mandate

ONYX Real Estate is a vertically integrated platform: we source, capitalize, build, and operate. We hold for months, not years, and we underwrite to recycle capital.

Active Opportunities

Live pro forma.

United States · By-Right Zip Codes

The Modular Frontier Fund I

$100M asset-backed PE real estate fund. AI-sourced By-Right land, Tier-1 modular construction, and Off-Grid Integrated infrastructure deliver luxury estates in 6–8 months. Capital recycles ~3x over a 24-month window.

Time & Profit

22–28%

IRR

Total Volume

3.275x

Equity Multiple

Market Value

10% Cost / 5% Exit

Cap Rate

Operations

$5.0M / Unit

NOI

Liquidity

50% / Cycle

CoC Return

Jan 2026Dec 2027

Fundraise

18%

$18M of $100M

Deployed

$0 of $100M

Acquisition

Off-market trophy assets, distressed positions, and strategic land plays in supply-constrained markets.

Development

Ground-up ultra-luxury residential and mixed-use, executed with a curated bench of architects and operators.

III

Liquidate or Operate

Long-duration ownership backed by an in-house asset management and hospitality team.

Co-Invest

Selective LP capacity.

Limited co-investment opportunities are made available to qualified partners on a deal-by-deal basis.

Request Deck