Zenith Opportunity
Fund I

Institutional-grade Assisted Living Communities (ALC) investments through a differentiated hotel-to-ALC conversion strategy, targeting superior risk-adjusted returns in America's most undersupplied housing sector.

Request the PPM Our Thesis

Private placement available exclusively to verified accredited investors under Reg D, Rule 506(c). Past performance is not indicative of future results. All investments involve risk including possible loss of principal.

$15M
Total Raise
15–18%
Target Net IRR
$100K
Minimum Investment
2.0x
Target Equity Multiple
Investment Thesis

A Structural Opportunity
in Assisted Living Communities (ALC)

The US faces an acute shortage of affordable Assisted Living Communities (ALC) housing as the 65+ population surges past 55 million. Zenith targets a largely overlooked conversion play: repositioning underperforming hospitality assets into licensed ALCs at a fraction of ground-up development cost.

01

Demographic Tailwind

By 2030, all Baby Boomers will be 65+. The AARP estimates a shortage of over 1.2 million Assisted Living Communities (ALC) units nationally. This is structural, not cyclical; demand is durable across all economic conditions.

02

Conversion Arbitrage

Acquiring distressed hotel assets at $30–$60 per sq ft and converting to licensed ALCs creates an immediate value spread versus $150–$250 per sq ft ground-up construction costs.

03

Fragmented Market

Over 70% of Assisted Living Communities (ALC) facilities are independently owned. This creates acquisition, consolidation, and operational improvement opportunities institutional capital has not fully captured.

04

Recession Resilience

Senior housing occupancy has historically outperformed other real estate asset classes in downturns. Healthcare-necessity demand provides a natural floor against market volatility.

Flagship Asset

Roswell, Georgia: Hotel-to-ALC Conversion

A full-service hotel conversion in the Atlanta metro targeting 60–80 licensed assisted living beds. Acquired below replacement cost in one of the Southeast's fastest-growing senior demographic corridors.

Target Property Overview

Full-service hospitality asset repositioned as a state-licensed Assisted Living Community, capturing conversion arbitrage in an undersupplied senior housing market.

Market
Atlanta MSA
Strategy
Value-Add Conversion
Asset Type
Assisted Living
Hold Period
5–7 Years
Our Approach

How We Create Value

Zenith's edge is operational: sourcing off-market conversions, navigating state licensing, and optimizing operations for stabilized yield and institutional exit.

Phase 01

Acquire Below Replacement Cost

We target hospitality assets trading at significant discounts to intrinsic value, specifically properties whose structural characteristics translate efficiently to ALC floor plans, minimizing conversion capex.

Phase 02

Navigate Licensing & Entitlements

State ALC licensing creates a meaningful moat. Our team manages the full regulatory pathway, transforming regulatory complexity into competitive advantage unavailable to generalist buyers.

Phase 03

Stabilize & Exit to Institutions

Stabilized communities are positioned for sale to healthcare REITs or regional operators, capturing maximum value at the highest point in the asset lifecycle with multiple exit pathways.

Investment Timeline

From Acquisition to Exit

A disciplined, phased approach where each milestone builds value before the next phase begins.

Months 1–6

Acquisition & Capital Deploy

Off-market sourcing, due diligence, closing. Fund capital deployed into target assets below replacement cost.

Months 6–18

Conversion & Construction

Physical conversion to ALC standards. Room reconfigurations, safety compliance, amenity buildout.

Months 12–24

Licensing & Certification

State ALC licensing, Certificate of Occupancy, operator engagement. Revenue begins on first move-in.

Years 2–5

Ramp-Up & Stabilization

Occupancy ramp to 85%+ target. Quarterly LP distributions commence post-stabilization.

Years 5–7

Institutional Exit

Sale to healthcare REIT, regional operator, or strategic buyer. Capital returned with realized gains.

Target Returns

Built for Attractive
Risk-Adjusted Performance

Our return profile reflects the value-add nature of the conversion strategy: meaningful upside during development and ramp-up, with stabilized income upon full occupancy.

Net IRR (Investors)15–18%
Equity Multiple1.8–2.2x
Preferred Return8%
Profit Split (post-pref)70% LP / 30% GP
Hold Period5–7 Years
DistributionsQuarterly (post-stabilization)

Targeted returns are not guaranteed. All projections are forward-looking and subject to material risks.

8%
Preferred Return

Investors receive an 8% preferred return on invested capital before the GP participates in profits. We only earn carried interest after you've been made whole on your hurdle rate.

Why Assisted Living Communities (ALC) Outperforms

  • Demand driven by demographics, not economic cycles
  • Higher revenue per sq ft than multifamily
  • Conversion creates value unavailable to REIT buyers
  • Fragmented ownership creates institutional exit optionality
Leadership

Operators First,
Investors Always

Raj
Raj
Founder & Fund Principal, Zenith Opportunity Fund I
34+ Years in Construction & Development CCP: Certified Construction Professional SL: Assisted Living Communities (ALC) Conversion Specialist

Raj brings over three decades of hands-on construction and real estate development experience to Zenith, combining deep operational expertise with institutional-grade capital deployment knowledge. A Certified Construction Professional (CCP), Raj has overseen complex ground-up and value-add development projects across multiple asset classes.

His construction background provides Zenith with a significant underwriting edge: the ability to validate conversion budgets, assess structural feasibility, and manage contractor relationships that directly protect investor capital during the most critical phase of value creation.

Why This Matters to Investors

Most real estate funds outsource construction oversight entirely. Raj's hands-on background means Zenith underwrites conversion budgets from first principles, not third-party estimates, reducing cost overrun risk at the most capital-intensive stage of the fund's strategy.

Regulation D, Rule 506(c) · Accredited Investors Only
The Offering

Regulation D 506(c) Offering

Zenith Opportunity Fund I is structured as a Regulation D, Rule 506(c) offering, allowing general solicitation to verified accredited investors. Every investor must independently verify their accredited status before subscribing.

Offering TypeReg D, Rule 506(c)
Fund StructureDelaware LP
Total Raise$15,000,000
Minimum Investment$100,000
Investor EligibilityAccredited Investors Only
Management Fee1.5% per annum
Carried Interest30% (post 8% pref)
Investment Period24 Months
Target Hold5–7 Years

What is a 506(c) Offering?

Rule 506(c) allows issuers to broadly advertise a private placement, provided all investors are verified accredited. Zenith can market openly, but every investor must verify accredited status through a third-party process before subscribing.

An accredited investor generally means net worth exceeding $1M (excluding primary residence) or annual income exceeding $200K individually ($300K jointly) in each of the last two years.

investments@zenithofunds.com Verify & Request Documents
FAQ

Common Questions

Answers to what accredited investors most often ask before reviewing the PPM.

An ALC is a state-licensed residential facility providing housing, meals, and personal care services to seniors who need daily assistance but not intensive medical care. ALCs generate revenue through private-pay monthly resident fees, typically $3,500–$6,000+ per month per resident.
Licensing timelines are one of the most significant execution risks in Assisted Living Communities (ALC) conversion. Zenith mitigates this through early regulatory engagement, experienced healthcare licensing counsel, and capital reserves specifically allocated to bridge any delay periods.
Quarterly distributions are targeted to begin following stabilization, generally defined as 75–85% occupancy. This is anticipated 24–36 months post-acquisition. The preferred return accrues from the date of investment and is paid prior to any GP participation in profits.
This is a closed-end, illiquid private fund. Investors should expect to hold their position for the full 5–7 year target hold period. There is no secondary market for LP interests. Investors should only commit capital they will not require access to during the fund's life.
Protections include: an 8% preferred return hurdle before GP carried interest, a 70/30 LP-favored profit split, asset-level property insurance, and a construction team with 34+ years of hands-on experience validating all capex budgets from first principles.
The fund is structured as a pass-through LP; taxable income, losses, and credits flow directly to investors and are reported on your individual return via K-1. Real estate depreciation may generate paper losses that offset passive income. Consult your own tax advisor for your specific situation.
Stabilized, licensed ALCs are attractive acquisitions for healthcare-focused REITs (Welltower, Ventas, Sabra), regional Assisted Living Communities (ALC) operators, and family office investors. Institutional buyers consistently pay premium multiples for stabilized, licensed, well-located assets in undersupplied markets.
Under Rule 506(c), we must independently verify accredited status; self-certification alone is not sufficient. Acceptable methods include a letter from a licensed CPA, attorney, or registered investment adviser. We can also facilitate third-party verification services. Typically takes 2–5 business days.
How to Invest

Three Steps to Participation

01

Verify Accredited Status

Submit your accreditation documentation through our secure process. We work with third-party verification to confirm your eligibility under SEC Rule 506(c) before sharing offering documents.

02

Review the PPM

Access the Private Placement Memorandum, LP Agreement, and financial projections. Schedule a direct call with the Zenith Opportunity Fund I team to ask questions before committing. No pressure, no timeline.

03

Subscribe & Fund

Complete the subscription agreement and wire your investment. Receive quarterly reporting and capital account statements with direct access to the Zenith team throughout the fund's life.

Book a Meeting

Schedule a Call with the Zenith Opportunity Fund I Team

Select a time that works for you and speak directly with the Zenith Opportunity Fund I team to ask questions, review the opportunity, and determine if the fund is right for your portfolio.

Express Your Interest

No commitment required. Complete this brief form and a member of the Zenith team will follow up within one business day.

  • Receive the Private Placement Memorandum
  • Schedule a Call with the Zenith Opportunity Fund I Team
  • Ask questions before committing to anything
  • Available to verified accredited investors only

Verify & Request Documents / Contact Us

Reach out directly to verify your accredited investor status, request offering documents, or ask any questions before submitting the form.

Investor Interest Form

Zenith Opportunity Fund I · Reg D 506(c)

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