New Hampshire Multifamily Fund III review: a small, transparent fund with investor-friendly fees
Burns Capital Partners and Aligned Real Estate Partners pooled small apartment buildings across southern New Hampshire into a $4–5 million fund. Its fee structure is one of the leanest we have seen. We reviewed the terms, deals and team.
Unusually clear terms, a lean fee structure with no asset management fee, sponsor co-investment and an experienced local operator. The fund is small and concentrated in one region, gains are not yet realized, and the sponsors’ own company manages the properties.
What the fund is
New Hampshire Multifamily Fund III is a Rule 506(c) fund for accredited investors that buys 2 to 50 unit Class B and C apartment buildings in southern New Hampshire, mostly direct from sellers at what the sponsors say is a 10% or greater discount. It stabilizes properties to a 7–8% yield, then sells or refinances to return capital. The fund targets $4–5 million; by January 2026 it had raised more than $2.5 million and bought 64 units, with an anticipated close in March 2026. Confirm whether it is still open.
Leadership
- TJ Burns, Founder and Principal of Burns Capital Partners, founded in 2022 after a career as an engineer at Amazon; also a partner in DeMok Capital.
- Axel Ragnarsson, Principal of Aligned Real Estate Partners and co-owner of Blue Door Living, the property manager for the fund, which manages more than 800 units.
The sponsors say they have closed 50+ deals and 525+ units in this market, raised more than $20 million of investor capital with zero losses, and co-invest 8–10%. Their earlier NH Small Multifamily Portfolio II returned about 20% of capital in 14 months.
Terms
- Preferred return: 7%; earlier materials offered 7–9%, with higher rates for early investors.
- Profit split: 60/40 between investors and sponsors.
- Fees: a 2% acquisition fee, and no other sponsor fees, including no asset management fee.
- Hold: about five years.
- Minimum: $50,000.
Deals in the fund
The fund made seven acquisitions between July and October 2025, including properties on Ashland St, Church St, Pagewood Oval, N Main St, Avon St and Manchester St, plus a three-building package, with plans for 5–10 more.
Claims versus records
| Claim | Source | Status | What we found |
|---|---|---|---|
| $20M+ investor capital, zero losses | Fund summary | Self-reported | Consistent with prior deal reporting |
| No asset management fee | Fund summary | Published | Only a 2% acquisition fee disclosed |
| Anticipated close | Fund summaries | Shifted | May 2026 in one version, March 2026 in a later one |
Key risks
- Small fund concentrated in one region.
- Older Class B/C buildings with renovation risk.
- Related-party property management.
- Unrealized gains until sales or refinancings.
Strengths and concerns
Strengths
- Lean fees and clear published terms.
- Sponsor co-investment of 8–10%.
- An experienced local operator.
- Detailed deal memos for investors.
Concerns
- Small size and regional concentration.
- Affiliated property management.
- A young lead sponsor.
Who it suits
Good fit: accredited investors who value fee transparency and want hands-on small multifamily exposure.
Think carefully: investors who want broad geographic diversification.
Questions to ask
- Is the fund still accepting investors?
- What does Blue Door Living charge for property management?
- What are the debt terms on each property?
What would change our verdict
- Realized returns from fund properties;
- independent investor reviews.
Verdict history
October 15, 2026 · Initial review · Mixed (7.3)
Sources
- New Hampshire Multifamily Fund III summary, January 2026 (Burns Capital Partners)
- New Hampshire Multifamily Fund III presentation (September 2025)
- New Hampshire Multifamily Fund III summary, May 2025
- NH Multifamily Fund III offering (Aligned Real Estate Partners)
About this review
Investors Verdict is independent. We have no affiliate, referral or business relationship with Burns Capital Partners, Aligned Real Estate Partners or Blue Door Living or any company mentioned, and no payment of any kind affects our verdicts.
This review is based on public records, court filings, news reports, company materials and published sources as of the date shown. Claims and allegations are attributed to their source. Verdicts and scores are our opinion based on the facts disclosed above, using our published review method. This review is not financial, legal or investment advice.