Frequently Asked Questions

Founded in 2012, Birgo is a vertically integrated real estate investment firm specializing in workforce housing properties in the Heartland of America. The firm manages $345+ million in assets across 3,600+ units and has distributed more than $45 million to investors since inception.

Birgo Heartland Multifamily Fund V LP (the “Fund” or “Fund V LP”) is a real estate investment fund designed to provide institutional and family office investors exposure to workforce housing in the Heartland. The Fund seeks to build a well-diversified portfolio of multifamily properties, targeting both stabilized properties for reliable income and value-add opportunities for enhanced returns. Fund V aims to capitalize on Birgo’s market expertise and operational efficiencies to generate strong, risk-adjusted returns.

Fund V LP follows a dual-pronged strategy: (1) acquiring stabilized properties with strong in-place cash flow to provide steady distributions, and (2) selectively targeting underutilized assets with clear value-add potential through renovations and operational improvements. By leveraging Birgo’s vertically integrated platform, Fund V enhances property performance through cost-effective management, strategic capex, and disciplined acquisitions in supply-constrained markets with strong fundamentals (e.g. Pittsburgh, Columbus, Cleveland, Indianapolis, Cincinnati, and Louisville). This approach balances downside protection with growth potential, allowing Fund V to navigate evolving market conditions while maximizing returns.

As the market evolves, Birgo believes now is the right time to execute a more balanced strategy that allows us to have strategic flexibility to navigate investments that generate steady distributions and capitalize on value-add opportunities in markets with reduced competition and limited transaction volume.

Unlike previous funds focused solely on value-add or stabilized deals, Fund V builds a blended portfolio utilizing renovation and operational efficiency tactics that we’ve mastered over the past decade. Fund V LP also caters primarily to institutions and family offices, offering institutional-grade governance reporting and strategy execution.

We believe Fund V is unique in the marketplace due to the combination of three factors:

1.Track record - 2025 is Birgo Capital’s 10th year managing private funds! This is the opportune time to leverage our existing track record and launch with scale.

2.Exclusive access - Providing exposure to a diverse group of multifamily assets within our target markets is not common within the real estate investment landscape. We’ve essentially developed an index fund for Heartland multifamily, and provide exclusive access to this safe and reliable asset profile. Furthermore, our reputation as a buyer allows us to get first glances at deals from the brokerage and ownership community before they’re widely marketed, a major competitive advantage in this industry!

3.Impact - In addition to strong financial returns, we’re creating a “double bottom line” by providing clean, well-maintained housing and quality customer service to an often overlooked resident population, and addressing the societal shortfall of quality affordable housing

Like any real estate investment, Fund V LP is subject to market cycles, interest rate fluctuations, and operational risks. Birgo mitigates these risks through:

Acquiring below replacement cost creating a built-in margin of safety that minimizes risk of capitalloss in downturns. For value-add deals, we pay particular attention to the inclusion of capital expense costs in the interpretation of “replacement cost.” This enables strong investor returns without relying on aggressive underwriting assumptions.

Disciplined underwriting and strategic leverage prevents over-leverage and enhances flexibility(distributions, refinances, business plan pivots, etc.). Fund V targets 50-75% LTV/LTC and fixed-rate and floating-rate debt from agencies and banks as a function of deal specifics

Proven operational efficiencies with Birgo’s in-house management and construction teams work to minimize costs and maximize tenant retention.

Strategic capital deployment to maximize rent growth and property appreciation with a focus on overall fund level returns.

Diversified portfolio approach by blending stabilized assets with select value-add projects wereduce reliance on any single deal in any single market

7-years, starting in June 2025.

$100 million, scalable to $150 million.

No, Fund V has not acquired any properties at this point. However, Fund V has pre-identified approximately $30m worth of acquisitions that it is currently pursuing.

Birgo’s 100+ team members oversee acquisitions, asset management, investor relations, marketing, accounting, operations (property management, maintenance, and leasing), and human resources. The founding team has managed all Birgo funds since inception.