300-Unit US Multifamily Tokenization

Overview

Asset.Haus structured a $19M tokenized equity offering for a 300-unit multifamily value-add project with three share classes (A/B/C) offering different risk/return profiles, accessible to both US accredited investors (Reg D 506(c)) and international investors (Reg S).

Challenge

A US-based multifamily operator needed to raise $19M for a value-add renovation. Requirements included:

• Three share classes with different preferred returns and profit splits
• Dual offering for US accredited and international investors
• Complex waterfall with IRR hurdle calculations
• Scalable onboarding for 80-90 investors

Solution

Share Class Structure

Wyoming LLC
    ↓
ERC-1400 Tokenized Equity (3 Classes)
    ↓
├── Class A: 8% Preferred + 50% Profit
├── Class B: 6% Preferred + 70% Profit
└── Class C: No Preferred + 90% Profit (after 12% IRR)

Waterfall Logic

1. Return of Capital — All investors first
2. Preferred Returns — Class A (8%), then Class B (6%)
3. Catch-up — Sponsor catch-up
4. Profit Split — Per class (50%/70%/90%)

Compliance Framework

Key Features

• Three share classes for different investor risk appetites
• Dual Reg D/Reg S expands capital access globally
• On-chain waterfall ensures transparent distribution calculations
• IRR tracking for Class C hurdle monitoring

Results