Fund Overview

P8 Housing Investment Fund 1 is a closed-end real estate private equity fund focused on acquiring, renovating, and leasing distressed single-family homes through the U.S. Housing Choice Voucher (HCV) program, commonly known as Section 8. The fund targets value-add single-family rentals priced well below replacement cost across high-yield Midwest, South, and Northeast markets, deploying a proven BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) to generate income and compound returns over a 5-year hold period.

The fund’s competitive edge lies in a structural advantage that most real estate funds cannot replicate: the majority of rent is paid directly by the federal government to the landlord, creating a recession-proof, inflation-adjusted income stream with tenant tenures averaging more than 6 years.

Investment Strategy

The fund acquires distressed single-family homes at approximately 80% below replacement cost, executes value-add renovations that increase property values by 40% or more, and places tenants through the Housing Choice Voucher program. Following stabilization, properties are refinanced at higher appraised values, targeting at least 85% of invested capital within 6 months and recycling it into new acquisitions. This capital recycling engine allows the fund to scale its portfolio without requiring continuous equity contributions from investors.

Target markets include Pennsylvania, Ohio, Michigan, Missouri, Illinois, Indiana, Mississippi, Georgia, Alabama, Iowa, Louisiana, Oklahoma, and others selected for their superior price-to-rent ratios, low inventory, and growing demand driven by AI-related infrastructure investment and population migration trends.

Target Returns

• Fund Size: $30 million target, capped at $50 million
• Projected Investor IRR: 28.8% (Class B) / 30.9% (Class C)
• Investor Equity Multiple: 2.91x (Class B) / 3.11x (Class C)
• Avg. Investor Cash-on-Cash: 16.2%
• Distributions: Quarterly
• Hold Period: 5 years
• Projected Exit Cap Rate: 10% (base case). REITs and Institutional Investors target a 5 to 7% cap rate.

Share Classes

Class B

• Minimum investment: $100,000
• Cash flow preferred return: 6% per annum
• Liquidity event waterfall: 12% IRR pref, then 70/30 (12-15% IRR), 60/40 (15-18% IRR), 50/50 (above 18% IRR)

Class C

• Minimum investment: $2,000,000
• Cash flow preferred return: 8% per annum
• Liquidity event waterfall: 12% IRR pref, then 90/10 (12-15% IRR), 80/20 (15-18% IRR), 55/45 (above 18% IRR)

Why the Housing Choice Voucher Program

The HCV program is the largest federal housing assistance program in the United States, with a $38 billion annual budget (increased by $7 billion in early 2026) and millions of families on multi-year waitlists. Section 8 tenants stay in place for an average of 6+ years compared to the national rental average of 2.5 years, dramatically reducing vacancy and turnover costs. Rent is paid directly by the government to the landlord, regardless of the tenant’s employment status, making collections virtually recession-proof.

The Team

Position 8 Properties brings together 90+ years of combined experience across real estate, private equity, and asset management. The leadership team has managed over $1.5 billion in assets, $2 billion in transactions, and $950 million in real estate development, with 7+ years of direct Section 8 investing experience across 19 markets, a 600+ property track record with $80M AUM.

Fund Structure

• Entity: P8 Housing Investment Fund 1, LP
• Type: SEC Reg D 506(b) private placement
• Domicile: Delaware, USA
• Fund Administrator: One10
• Reporting: Monthly updates, quarterly and annual financial statements

This description is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. Investments are available only to accredited investors. Past performance is not indicative of future results. Please review the full Private Placement Memorandum before investing.