Urban Innovators Fund I  ·  2026

New York City’s
most compelling
real estate
opportunity.

Urban Innovators Fund acquires value-add multifamily properties across New York City, implements a comprehensive sustainability upgrade program, and delivers institutional-grade returns through disciplined asset management.

$300M
Target Fund
30%+
Net IRR
2.5×
Target MOIC
8%
Preferred Return
NYC multifamily building
NYC multifamily
The Opportunity

“New York City’s multifamily market represents a generational opportunity for sustainability-focused investors with deep local expertise.”

New York City’s multifamily market presents a compelling acquisition environment for disciplined, value-add investors. Our team brings deep expertise in navigating this complex market — from sourcing and underwriting to sustainability implementation — delivering returns that require specialized local knowledge to access.

~1M
Multifamily apartments in New York City — one of the world’s deepest and most liquid residential markets
1.41%
NYC residential vacancy rate — among the lowest in the nation, supporting strong demand fundamentals
$275M+
NYC public capital projects delivered by our leadership team — unmatched local operational expertise
5
Boroughs of active deal pipeline across New York City’s most compelling multifamily submarkets
Investment Strategy

Our Investment
Approach.

A disciplined, institutionally-managed process for acquiring, upgrading, and optimizing value-add multifamily assets across New York City.

01
🏚
Acquire at Dislocation
Identify and acquire multifamily assets in supply-constrained New York City submarkets at compelling valuations. Our deep local network and underwriting expertise allow us to source off-market opportunities.
02
Green Upgrade & Stabilize
Electrify all building systems. IRA credits + NYSERDA grants offset 60–80% of renovation cost. Reduce operating expenses 41% while improving NOI and building quality substantially.
03
🔄
Regulatory Navigation
Leverage deep expertise in NYC multifamily regulations to optimize asset structure. Tenant-first approach ensures social responsibility while maximizing legal and operational efficiency.
04
📈
Optimized Exit
Execute a disciplined exit at optimal market timing to maximize realized returns for limited partners. Institutional-grade asset management throughout the hold period protects and grows LP capital.
Leadership

The team.

Five decades of collective expertise in New York real estate, capital markets, infrastructure delivery, and sustainable development.

Lucas Bianchi
CFO
ATM · Lazard · Dartmouth / CFA
Has served as CFO for six businesses spanning capital markets and financial services. Dartmouth graduate and CFA charterholder, with experience at ATM and Lazard. Deep expertise in fund accounting, structured finance, and institutional LP reporting frameworks.
Douglas Lawrence
CIO
JPMorgan · TIAA-CREF · Yale / UConn MBA
30+ years in institutional real estate. Former JPMorgan Urban Renaissance Property Fund and TIAA-CREF senior roles. Leads all acquisitions, underwriting, and asset management for the portfolio.
Aundre Oldacre
CSO
Morgan Stanley · Credit Suisse · Cornell CRE · Columbia
Leads UIF’s capital strategy and institutional investor relationships. Former capital markets background across debt and equity at Morgan Stanley and Credit Suisse. Cornell CRE certificate, Columbia Construction Finance.
Kim Wales
COO
Chase · Morgan Stanley · Prudential · DTCC
Raised $500M+ in institutional capital across Chase, Morgan Stanley, Prudential, and DTCC. JOBS Act contributor. Leads fund operations, compliance infrastructure, and LP relations.
Steve Williams
CDO
Danforth Development · NYC DGS Deputy Commissioner
Delivered $275M+ in NYC public capital projects. Former NYC DGS Deputy Commissioner. Leads all development, construction, and Green Advantage program execution.
The Green Advantage

Incentives fund
the upgrades.

Upgrades fund the returns. Our electrification and envelope strategy turns sustainability into a competitive moat that competitors without our expertise cannot replicate.

Operating Cost Per Unit / Year
Pre-Upgrade
Post-Upgrade
41%Reduction in operating costs
Incentive Stack Per Unit
IRA §179D Energy Efficiency
NYSERDA Clean Heat Program
Con Edison Utility Rebates
HPD / DHCR Compliance Credits
Offsets 60–80% of total renovation cost per unit
Electrification
Replace oil and gas systems with cold-climate heat pumps, induction cooking, and EV-ready infrastructure. Qualifies for IRA §25C credits and reduces annual energy spend 40–60%.
🏠
Envelope Sealing
Comprehensive insulation, triple-pane window upgrades, and air sealing reduce heat loss 30–40%. NYSERDA EmPower+ covers up to 100% of cost for income-qualifying units.
💰
Incentive Engineering
Our team delivered $275M+ in NYC public capital projects and maintains direct relationships at NYSERDA, HPD, and DHCR. Incentive capture is a core competency, not an afterthought.
Where We Invest

Five boroughs.
One strategy.

We operate across New York City’s entire multifamily landscape, with primary concentration in Manhattan and Brooklyn where the deepest pipeline and strongest demand fundamentals converge.

Capital Allocation by Borough Fund I — Target Deployment
Manhattan 40%
Brooklyn 35%
Queens 12%
Bronx 11%
Staten Island 2%
40%
Manhattan
Primary Market
Key Neighborhoods
Washington Heights, Harlem, Inwood, Hamilton Heights
Investment Thesis
Highest concentration of multifamily stock. Deepest residential demand fundamentals. Our local expertise creates maximum competitive moat here.
35%
Brooklyn
Primary Market
Key Neighborhoods
Crown Heights, Bed-Stuy, Bushwick, Flatbush
Investment Thesis
Deep pipeline of pre-war multifamily with strong end-buyer demand and improving submarket fundamentals. Best risk-adjusted return profile in the fund.
12%
Queens
Expanding
Key Neighborhoods
Astoria, Jackson Heights, Jamaica, LIC
Investment Thesis
Rapidly growing end-buyer demand driven by transit access, cultural vibrancy, and relative affordability versus Manhattan.
11%
The Bronx
Growth Market
Key Neighborhoods
South Bronx, Mott Haven, Fordham, Concourse Village
Investment Thesis
Significant value dislocation in transitional submarkets undergoing commercial and cultural revival. Attractive pricing with improving fundamentals.
2%
Staten Island
Opportunistic
Key Neighborhoods
St. George, New Brighton, Stapleton
Investment Thesis
Selective opportunities in waterfront submarkets with strong value-creation economics and early-mover advantage in an underinstitutionalized market.
Model Your Returns

What does your
commitment return?

Explore projected returns based on Fund I target economics. Adjust your equity commitment to see real-time projections.

Equity Commitment
$5.00M

Based on target fund economics: 2.5× MOIC, 8% preferred return, 7-year term, 80/20 LP/GP split above pref. Not a guarantee of future returns.

Projected Total Return
$12.50M
Preferred Distributions
$2.80M
LP Profit Participation
$5.76M
Target IRR Range
28–32%
Annual Preferred Distribution — 7-Year Term
Year 1Year 7
The Transformation

What we build.

Every UIF acquisition undergoes a complete transformation — from underperforming New York City apartment building to a modernized, high-performing multifamily property.

Urban Innovators Fund property
Urban Innovators Fund property
Value-Add Acquisition
UIF targets underperforming New York City multifamily buildings with deferred maintenance, aging mechanical systems, and energy inefficiency — creating the opportunity for deep value creation.
Institutional Transformation
Fully electrified systems, modernized units and common areas, and a sealed building envelope. Operating costs reduced significantly through our Green Advantage program. NOI fully optimized.
Fund Structure

Fund terms.

Fund NameUrban Innovators Fund — Fund I
StrategyValue-add multifamily, New York City
Target Fund Size$300,000,000
Minimum Commitment$5,000,000
Fund Term7 years (+ 1-year extension option)
Geographic FocusNew York City — all 5 boroughs
Target Hold Per Asset3–5 years
Target Net IRR30%+ per annum
Target MOIC2.5× – 2.8×
Preferred Return8% (cumulative, non-compounded)
Carried Interest20% above preferred return (80/20 LP/GP)
Management Fee2.0% on committed capital
Maximum LTV40% of acquisition price
NOI Reserve35% of gross operating income
NYC skyline

Ready to access
the UIF opportunity?

Urban Innovators Fund I is accepting accredited investors and qualified institutional capital. Minimum commitment $5,000,000.