Small to mid-sized multifamily
Building Communities.
Creating Wealth.
Cedar Vault Capital is focused on identifying and evaluating small to mid-sized multifamily
opportunities in growth-oriented U.S. markets through conservative underwriting, disciplined execution
planning, and long-term value creation.
TARGET CASH-ON-CASH
6–10%
Stabilized · Years 3–7
Target IRR
15–20%
Annual
Distribution
Quarterly
Beginning Q+2
Minimum INVESTMENT
$25k
Why Multifamily Real Estate?
Cedar Vault Capital focuses on value-add apartment opportunities in markets supported by real rental demand, income growth, and positive population trends. Our approach is grounded in disciplined operations, not speculation. We seek to create value through careful acquisition, improved management, and operational execution rather than relying on market movement alone.
Income Potential
Multifamily investments may create income through several potential sources, including preferred returns when offered, periodic cash flow distributions from rental income, refinance proceeds when appropriate, and potential profits at sale or exit. These income streams depend on the property’s performance, financing, market conditions, and the terms of each specific opportunity.
Value Creation
Value can be created through disciplined acquisitions, operational improvements, expense control, strategic renovations, and rent alignment where market conditions support it.
Potential Tax Benefits
Real estate investments may provide tax advantages such as depreciation, mortgage interest deductions, cost segregation, and potential 1031 exchange planning, depending on each investor’s situation.
Inflation Hedge
Multifamily real estate may help protect against inflation because rents and property values can adjust over time as housing demand, replacement costs, and market conditions change.
Hassle-Free Management
Investors are not responsible for day-to-day property operations. Property management, renovations, leasing, and reporting are handled through the Cedar Vault Capital operating plan and professional management partners.
Transparent Reporting
Investors receive clear updates on property performance, operations, distributions, and key milestones throughout the hold period.
LEADERSHIP
Built on Experience.
Guided by Discipline.
Cedar Vault Capital is led by Frank Khatibi and Brian Maas, who bring a numbers-first approach to evaluating multifamily opportunities. Our focus is simple: conservative underwriting, careful due diligence, responsible decision-making, and long-term value creation.
Co-Founder & General Partner
Frank Khatibi
BS, Finance & Real Estate — CSU Northridge
Underwriting & Investment Analysis
Market Research & Risk Analysis
Frank Khatibi is Co-Founder and Principal of Cedar Vault Capital, where he leads the identification and analysis of small to mid-sized multifamily opportunities in growth-oriented markets. With a background spanning finance, real estate, banking, underwriting support and investment property analysis, he brings a disciplined, numbers-first approach to every acquisition.
He earned his Bachelor's Degree in Finance and Real Estate from California State University, Northridge, and has built his career around financial analysis, lending, client relations and business development. His work centers on value-add multifamily analysis — reviewing income and expenses, capital expenditures, rehab potential and rent-growth opportunity against the metrics that decide a deal: cap rate, cash-on-cash return, IRR and debt service coverage ratio.
Before launching Cedar Vault Capital, Frank worked across real estate investment services, mortgage and loan modification operations, quality control, sales, underwriting support and investment analysis. His experience includes time with Marcus & Millichap Real Estate Investment Services, Bank of America, and Infinity Solutions Management Group, where he evaluated multifamily opportunities and communicated investment concepts to agents, lenders, buyers and investors.
At Cedar Vault Capital he focuses on conservative underwriting, market research, risk analysis and investor-aligned deal evaluation — reading each opportunity through both the property-level numbers and the market fundamentals around it, including rental demand, income trends, population movement, economic strength, crime data and long-term growth potential.
Co-Founder & General Partner
Brian Maas
BS, Electrical Engineering — University of New Mexico
33 Years — Hughes Aircraft & Raytheon
Systems Integration & Risk Assessment
Brian Maas is Co-Founder and General Partner of Cedar Vault Capital, where he applies a disciplined, analytical approach to identifying and evaluating multifamily investment opportunities. His interest in real estate began at an early age while growing up in New Mexico, where he was introduced to multifamily investing through his father's small apartment portfolio.
Brian earned a Bachelor of Science in Electrical Engineering from the University of New Mexico and built a distinguished 33-year career with Hughes Aircraft and Raytheon. Throughout his career, he supported advanced reconnaissance radar programs, including the U-2 and Global Hawk platforms, developing expertise in systems integration, technical problem-solving, operational planning, risk assessment, field mission support and mission-critical execution.
Today, Brian brings that same engineering discipline to multifamily real estate. Drawing on his real estate investment experience and continued professional education alongside experienced multifamily operators, he focuses on careful underwriting, operational efficiency, and in identifying value-add opportunities to create long-term value while managing risk responsibly.
Brian believes successful investing begins with trust, transparency, and in building strong relationships with investors, brokers, operators, lenders and in the communities. He is committed to serving investors with professionalism, transparency, and integrity while helping Cedar Vault Capital identify and pursue quality multifamily investment opportunities designed to create long-term value for investors and the communities they serve.
STRATEGIC ADVISOR
Experienced Guidance.
Disciplined Execution.
Cedar Vault Capital is supported by strategic real estate relationships that strengthen our underwriting, acquisition planning, investor communication, and long-term asset strategy.
Multifamily Strategic Advisor
Justin Brennan
Multifamily & Syndication
Acquisitions · Operations · Finance
Institutional Underwriting Bench
Justin Brennan is a seasoned multifamily investor with experience across real estate, construction, land planning, operations, and syndication. Through our relationship with Justin and the Multifamily Schooled network, Cedar Vault Capital has access to experienced guidance across acquisitions, operations, financing, market evaluation, and investor-focused execution.
This relationship supports our commitment to conservative underwriting, responsible deal selection, professional execution, and long-term value creation.
“The value of hard work, cash flow, and a slow, disciplined approach to wealth-building is what creates durable success through changing market cycles.”
— Justin Brennan
Professional Advisory Network
Experienced Support for Disciplined Execution.
Cedar Vault Capital is building relationships with experienced professionals across tax, securities, entity structuring, asset protection, and investor administration to support future multifamily transactions with discipline, transparency, and proper documentation.
CPA & Tax SUPPORT
Khalsa McBrearty Accountancy, LLP
Tax preparation, K-1 coordination, cost-segregation coordination, and real estate accounting support for multifamily transactions, where applicable.
Securities COUNSEL
Eric Weingold
Securities counsel support for offering documents, subscription agreements, investor disclosures, and Regulation D compliance, when required for any offerings.
Entity & AsseT Protection
Clint Coons/Anderson Advisors
Entity-structuring and asset-protection guidance designed to help establish proper ownership, operating, and compliance frameworks.
Investor Administration
Syndication Pro
Investor portal support for document delivery, investor communication, reporting, distributions, and subscription workflows when used for any offerings.
Mission Statement
Cedar Vault Capital is committed to acquiring and operating exceptional multifamily real estate assets that generate strong risk-adjusted returns for investors while enhancing the communities in which we invest through thoughtful stewardship, operational excellence, and long-term strategic ownership.
VISION Statement
Our vision is to establish Cedar Vault Capital as a premier real estate investment firm recognized for acquiring exceptional multifamily assets, creating enduring wealth for our investors, and generating positive community impact through disciplined long- term ownership.
Value Statement
Our values are rooted in integrity, disciplined investing, investor alignment, responsible execution, and long-term value
creation. These principles guide how we evaluate opportunities, manage assets, communicate with partners, and build
trust with the communities we serve.
How It Works
Every opportunity we review follows the same disciplined process:
sourcing, underwriting, acquisition planning, and operational execution.
We do not adjust assumptions simply to make a deal look better on paper.
I
Source
Identify the Right Opportunities
We focus on small to mid-sized multifamily properties in markets with strong fundamentals, rental demand, and potential operational upside. Our goal is to find opportunities that may be overlooked by larger institutions but are still too substantial for many individual buyers.
II
UNDERWRITE
Prove It Through the Numbers
Every opportunity is reviewed through conservative underwriting, including income and expense analysis, rent assumptions, capital improvement needs, financing terms, market data, and downside risk. If the numbers only work under aggressive assumptions, we pass.
III
Structure
Build the Deal with Discipline
Before moving forward, we evaluate the capital structure, debt terms, investor alignment, legal documentation, and risk profile. The goal is to pursue opportunities with clear terms, realistic projections, and a defined business plan.
IV
OPERATE
Execute the Business Plan
After acquisition, the focus shifts to property management, operational improvements, renovations where appropriate, tenant experience, expense control, and ongoing investor communication. The goal is disciplined execution, not speculation.
Who We Are
Built on Discipline. Focused on Value.
Representative image · not a Cedar Vault Capital-owned asset
Cedar Vault Capital was founded to identify and evaluate small to mid-sized multifamily opportunities through conservative underwriting, market research, and long-term operational planning. We believe durable value is created by buying carefully, operational improvements, executing value-add strategies, managing responsibly, and aligning each opportunity with realistic assumptions — not by chasing inflated prices.
The goal is to preserve capital, improve the community, and build long-term wealth in that order.
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Conservative underwriting
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Detailed due diligence
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Full-service asset management
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Transparent investor reporting
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Disciplined use of leverage
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Investor-aligned deal selection
General Multifamily Investing FAQs
If your question is not here, ask it on the call. We answer in writing whenever we
can.
What is multifamily real estate investing?
Multifamily real estate investing involves investing in apartment communities or residential properties with multiple rental units. Instead of relying on one tenant, multifamily properties generate income from several households within the same property.
How does a multifamily investment usually work?
A real estate investment team identifies a property, analyzes the financials, arranges financing, structures the investment, and manages the business plan after acquisition. Investors may participate passively while the investment team handles operations, reporting, and asset management.
Do I have to manage tenants or repairs myself?
No. Passive investors are not responsible for day-to-day property management. Leasing, maintenance, renovations, tenant communication, and operations are handled by the Cedar Vault Capital team, asset-management professionals, and property-management partners.
What is a preferred return?
A preferred return is a target return that investors may receive before the general partner or investment team participates in certain profits. The exact preferred return, if offered, will depend on the specific opportunity and will be described in the applicable offering documents.
How do investors potentially make money?
Investors may receive returns through preferred returns, rental income distributions, property appreciation, value-add improvements, and potential tax benefits. The goal is to improve the property’s operations and value over time, but results depend on the specific property, market, financing, and business plan.
What types of properties does Cedar Vault Capital focus on?
Cedar Vault Capital focuses on small to mid-sized multifamily properties in markets with rental demand, population stability or growth, employment strength, and potential operational upside.
Why invest in multifamily instead of single-family rentals?
Multifamily properties can offer scale, multiple income streams, professional management, and operating efficiencies. Instead of one tenant supporting one property, multifamily properties spread income across multiple units.
What does “value-add” mean?
Value-add means improving a property in ways that may increase income, reduce expenses, improve tenant experience, or raise the property’s long-term value. Examples may include renovations, better management, improved leasing, expense control, and operational improvements.
What does Cedar Vault Capital review before pursuing a property?
We review the property’s income, expenses, rent levels, market conditions, financing options, capital improvement needs, value-add opportunities, reserves, downside scenarios, and long-term business plan. If the financials do not support the investment, we do not move forward.
Is Cedar Vault Capital currently offering an investment?
There may not always be an active offering available. When a future opportunity becomes available, details will be shared through appropriate offering materials and in compliance with applicable securities laws.
How can I learn about future opportunities?
You can join the Cedar Vault Capital investor interest list. Submitting your information does not create an investment commitment and does not guarantee access to any future opportunity.
Why Cedar Vault Capital
What investors can expect from our approach.
Cedar Vault Capital is built around disciplined underwriting, market research,
responsible operations, and transparent communication. Our goal is to evaluate each opportunity carefully,
manage risk thoughtfully, and pursue long-term value creation through small to mid-sized multifamily real estate.
UNDERWRITING
The numbers must support the investment.
Every opportunity is reviewed through conservative underwriting, including income, expenses, rent assumptions, financing terms, capital improvements, reserves, and downside scenarios. If a deal only works under optimistic assumptions, we pass on that deal.
MARKETS
We study the market, not just the building.
We evaluate rental demand, income trends, population movement, employment strength, supply and demand, neighborhood fundamentals, and long-term growth potential before pursuing an opportunity.
EXECUTION
Disciplined execution after acquisition.
A strong business plan requires more than closing the deal. We focus on operations, property management, capital improvements, expense control, tenant experience, and long-term asset performance.
ALIGNMENT
Investor-aligned decision making.
Our approach is built around realistic assumptions, responsible use of leverage, clear communication, and long-term management. We aim to make decisions that align with the interests of our investors and the communities we serve.
Real Estate Investor FAQs
If your question is not here, ask it on the call. We answer in writing whenever we
can.
What is Cedar Vault Capital’s investment focus?
Cedar Vault Capital focuses on small to mid-sized multifamily assets with value-add potential, operational upside, and strong market fundamentals. We prioritize disciplined underwriting, realistic assumptions, and long-term value creation.
What size properties do you target?
Our current focus is generally small to mid-sized multifamily properties, often up to approximately 50 units, depending on the market, financing structure, and overall opportunity.
What markets do you evaluate?
We evaluate growth-oriented U.S. markets with rental demand, employment strength, population stability or growth, income trends, landlord-friendly fundamentals, and long-term economic potential.
What does your underwriting process include?
Our underwriting process includes income and expense review, rent analysis, market comps, cap rate assumptions, debt terms, reserves, renovation budgets, downside scenarios, exit assumptions, and debt-service coverage analysis.
What types of value-add opportunities do you look for?
We look for opportunities where value may be created through improved operations, rent alignment, expense control, strategic renovations, added amenities, better leasing, improved property management, and a stronger tenant experience.
How do you evaluate debt and leverage?
We focus on responsible use of leverage, realistic debt assumptions, refinance risk, interest-rate sensitivity, reserves, and debt-service coverage. The financing structure must support the business plan rather than force the deal to work.
Do you use third-party property management?
Yes. Cedar Vault Capital expects to work with professional property-management partners where appropriate. The goal is to combine local market execution with disciplined asset oversight and clear investor communication.
What is the minimum investment?
Minimum investment amounts may vary by opportunity. Future offerings may have minimum investment requirements, such as $25,000 or more, depending on the specific deal structure, investor eligibility, and applicable offering documents.
What are typical investor return structures in multifamily deals?
Multifamily investment returns vary by opportunity, but many private real estate offerings include a combination of preferred return, cash flow distributions, and profit participation at refinance or sale.
A common structure may include a 6%–8% annual cumulative preferred return, paid quarterly from available cash flow when available. After the preferred return is met, remaining profits may be split between investors and the general partner based on the specific distribution waterfall.
Depending on the opportunity, investors may also review projected metrics such as cash-on-cash return, internal rate of return, equity multiple, and projected hold period. These projections are not guaranteed and will vary based on property performance, financing, market conditions, and the terms of each offering.
How are investors updated?
Investor communication may include periodic updates on operations, occupancy, collections, capital improvements, distributions when applicable, and key milestones. Specific reporting details may vary by opportunity.
Will Cedar Vault Capital invest alongside investors?
When appropriate, Cedar Vault Capital may invest alongside investors in future opportunities. The exact investment structure, co-investment amount, and ownership details will be explained in the offering materials for each specific deal.
How can experienced investors review future opportunities?
Experienced investors can join the investor interest list and schedule an introductory call. Future opportunities, if available, will be shared through appropriate materials and only in compliance with applicable securities laws.
OPPORTUNITIES
Each Cedar Vault Capital property is referenced by its unit count while it is under contract —
CV24 is a 24-unit property, CV31 is 31. Names and locations stay confidential during
diligence; the full deal memo goes to accredited partners as each acquisition closes.
- A 30-minute conversation
Let’s Start a Conversation.
Whether you are an investor, broker, property owner, or strategic partner, we welcome the opportunity to connect. We can discuss Cedar Vault Capital’s investment approach, future multifamily opportunities, and how we evaluate potential acquisitions, without pressure or obligation.
- CONTACT
Frank Khatibi & Brian Maas
Co-Founders & General Partners
(307) 346-7776
CedarVaultCapital.com
1718 Capitol Avenue, Cheyenne, WY 82001
This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any future investment opportunity will be made only through appropriate offering documents and in compliance with applicable securities laws. Investments in real estate involve risk, including possible loss of principal. Past performance is not indicative of future results. Please consult your own tax, legal, and financial advisors before investing.
Cedar Vault Capital · All rights reserved
Site v1.9 · Updated 31 July 2026