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Details
Assets Under Management$982M
Average IRR35.00%
Average Equity Multiple1.7x
highlighted review
Verified Investor
1.00
"Invested $100,000. Might lose 90% of my investment."
I invested $100,000 in a multi-family property deal they had. I received an email asking if I wanted to receive only 10% of my investment back, a 90% loss, or try to get more of my money back with the new buyer. I would not invest with them again, and if you are considering it, please consider what happened to investors like me.
Open Door Capital
4.47
The multifamily asset class is facing serious headwinds, particularly in the Sunbelt markets. These challenges aren't unique to us. Across the industry, operators have been dealing with an unprecedented rise in interest rates—largely the result of aggressive fiscal policy in response to a once-in-a-lifetime pandemic. At the same time, we've seen surging insurance premiums, rising property taxes, and an overwhelming wave of new supply that’s flattened or even reversed rent growth in many markets. At the property you’re invested in, we’ve managed to maintain strong occupancy and have grown both revenue and NOI during our hold period to near underwriting targets. However, local cap rates have expanded by 1-2% during that same time, more than offsetting those gains and putting downward pressure on valuations beyond what anyone could have underwritten. Underperforming properties represent a small minority of our overall portfolio, but we’ve taken major operational and company-wide steps in response: - We’ve significantly slowed acquisitions since the headwinds began, including no new acquisitions in 2025—not because we can't, but because we want to maintain strategic focus on the assets already under management - We’ve relentlessly explored creative solutions to protect asset performance—though some were ultimately disrupted by last-minute legislative changes. - We continue to open all major decisions to investor votes, because transparency and alignment matter more now than ever. We know it's disappointing to be in a deal that doesn't go as planned. Please know we’re doing everything in our power to protect and preserve assets. If you have questions, we're always here to talk things over and we’ll keep sharing updates every step of the way.
Verified Investor
1.00
"Invested $100,000. Might lose 90% of my investment."
I invested $100,000 in a multi-family property deal they had. I received an email asking if I wanted to receive only 10% of my investment back, a 90% loss, or try to get more of my money back with the new buyer. I would not invest with them again, and if you are considering it, please consider what happened to investors like me.
Open Door Capital
4.47
The multifamily asset class is facing serious headwinds, particularly in the Sunbelt markets. These challenges aren't unique to us. Across the industry, operators have been dealing with an unprecedented rise in interest rates—largely the result of aggressive fiscal policy in response to a once-in-a-lifetime pandemic. At the same time, we've seen surging insurance premiums, rising property taxes, and an overwhelming wave of new supply that’s flattened or even reversed rent growth in many markets. At the property you’re invested in, we’ve managed to maintain strong occupancy and have grown both revenue and NOI during our hold period to near underwriting targets. However, local cap rates have expanded by 1-2% during that same time, more than offsetting those gains and putting downward pressure on valuations beyond what anyone could have underwritten. Underperforming properties represent a small minority of our overall portfolio, but we’ve taken major operational and company-wide steps in response: - We’ve significantly slowed acquisitions since the headwinds began, including no new acquisitions in 2025—not because we can't, but because we want to maintain strategic focus on the assets already under management - We’ve relentlessly explored creative solutions to protect asset performance—though some were ultimately disrupted by last-minute legislative changes. - We continue to open all major decisions to investor votes, because transparency and alignment matter more now than ever. We know it's disappointing to be in a deal that doesn't go as planned. Please know we’re doing everything in our power to protect and preserve assets. If you have questions, we're always here to talk things over and we’ll keep sharing updates every step of the way.
Verified Investor
2.00
"Multiple ODC Funds: A Disappointment"
My investments in two ODC funds, marketed as "cash-growth" and "day one cash flow," have been disappointing. Distributions on both funds have been paused for multiple years, directly contradicting their initial stated goals. Although ODC's communication is acceptable, their consistent underperformance relative to even their most conservative projections is a significant concern.
Open Door Capital
4.47
We understand how concerning paused distributions can feel, but it's important to note that paused distributions aren’t always a sign of distress. In many cases, we pause as a proactive, strategic decision (to preserve capital, reinvest in the asset, or position the fund to weather market headwinds, etc). We'd love to talk do you about your specific investments and give you more detail into the strategy behind the decision and what we expect moving forward. Feel free to reach out at any time at investors@odcfund.com.
Sutter L.
5.00
"Love Open Door Capital!"
We’ve now invested in three deals with Open Door Capital and couldn’t be happier. The team is exceptional, the deals are solid, and their communication is clear and consistent. Before investing, we spoke with several references and consistently heard glowing feedback about how ODC operates. They’ve proven to be trustworthy and highly transparent. Overall, it’s been a great experience, and we’ve truly enjoyed partnering with ODC.
Zach M.
4.00
"So far, so Good"
Good onboarding. However, initial communication after investment was lacking. I had to reach out to find out some specifics of how the fund was doing in the first few months.
4.47
Website
https://odcfund.com/Overview
Open Door Capital is a privately held real estate investment firm founded by Brandon Turner that specializes in mobile home parks, self-storage facilities and multifamily. Open Door Capital has nearly $1 billion in assets under management (AUM), a portfolio of more than 13,000 units, and has partnered with more than 2,000 investors. Visit odcfund.com/our-offerings to view current opportunities.
Address
Kiehi,
Hawaii
96753
Year Founded
2017
Operates In
Virginia
Florida
Georgia
Mississippi
Texas
Asset Classes
Multifamily
Storage
Mobile Home Parks
Accepted Investors
Accredited
