Acquire and operate a portfolio of Parkchester one bedroom and convertible two bedroom condos with stable HUD and VA voucher demand. Transit is upside, the base case does not rely on it.
Parkchester, Bronx NY
100 units target by month 18
Max 70% LTV
We believe Parkchester condos are mispriced relative to nearby submarkets, supported by durable voucher demand and a coming transit improvement.
Market mispricing
Parkchester price per foot lags Hoboken,
Downtown Brooklyn, and Long Island City
even with similar access. Convergence is
likely as value is realized.
Market mispricing
HUD and VA voucher programs provide
predictable support and annual renewal.
Our underwriting uses VPS of $2,677 for
one bedroom units.
Transit catalyst
New Metro North Parkchester Van Nest
station will connect directly to Penn Station.
We model this as upside, not a requirement
for returns.
We believe Parkchester condos are mispriced relative to nearby submarkets, supported by durable voucher demand and a coming transit improvement.
What we are buying
About 100 Parkchester condos, primarily
one bedrooms and convertible two
bedrooms. Typical one bedroom at about
$240,000 with professional management
and strong reserves.
Where and why here
Units pass HUD inspection standards.
Residents complete lease and move in with
VA case management support.
Price per foot arbitrage
Vouchers and tenancy are reviewed and
renewed each year, which supports
consistent occupancy and collections.
A clear process supports stable occupancy and renewals.
Referral and voucher
Veterans are identified through VA
programs and receive housing vouchers.
Underwriting assumes one bedroom VPS
of $2,677 and two bedroom VPS of $3,058.
Inspection and move in
Units pass HUD inspection standards.
Residents complete lease and move in with
VA case management support.
Annual renewal
Vouchers and tenancy are reviewed and
renewed each year, which supports
consistent occupancy and collections.
Purchase new units monthly with disciplined cash flow management. Target about 100 units by
month 18.
Ramp up
Initial phase focuses on acquisitions and
turns, with a consistent cadence for
inventory growth.
Cash flow discipline
Manage incoming and outgoing funds to
support reserves and unit readiness.
Milestones
Month 18 - reach about 100 units. Year
seven - prepare for exit via portfolio sale or
staged sales.
Capital stack
Debt at a maximum 70 percent loan to value, fixed rate, DSCR at least 1.25 times. Equity at about 30 percent. Uses include acquisitions, turns, reserves, platform, and compliance.
Cash flow discipline
Invest by completing KYC, AML, and investor verifications.
Available to Accredited Investors Only
Purchase new units monthly with disciplined cash flow management. Target about 100 units by
month 18.
Operating track record
Parkchester acquisition and management
history from 2011 to 2025. More than 345
units purchased and managed with strong
rent growth.
Leadership
Mathieu Roegiers is a Real Estate Entrepreneur and Co-architect of
the Parkchester Strategy since early 2019.
Mathieu has led the Parkchester strategy
to grow from less than 5 units to over 345 units as of October 2025.
Community focus
House veterans with integrated VA case
management. Measure renewal and
inspection pass rates. Longer tenures
strengthen community stability.
Transit schedule risk
Treated as upside only. Underwriting does
not require new transit timing to meet
targets.
Policy and program risk
Voucher policy risk mitigated by bipartisan
support. HOA and inspection risks covered by reserves, and a strong vendor bench.
Reporting cadence
Quarterly reports and distributions. Clear
KPIs include occupancy, renewal rates,
inspection pass rates, and capital
deployment.
Management and transaction
fees
Two percent management fee on
committed capital, one percent set up, one
and half percent acquisition and exit fee at the asset level.
Preferred return and split
Eight percent preferred return to limited
partners. GP catch up. Then eighty twenty
split in favor of LPs.
Alignment
GP co invests. Property management fee
charged at the asset level to align
operations and service.
Minimum investment of fifty thousand dollars. For qualified investors only. Read all risk factors before investing.
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Email:
mathieu@cosmos-fund.com