NH Small Multifamily Portfolio II review: a small New Hampshire deal returning capital ahead of schedule

What the deal is

NH Small Multifamily Portfolio II is a single syndication, not a fund. In March 2024, Burns Capital Partners raised $1.27 million from investors to buy seven scattered-site buildings in southern New Hampshire for $3.51 million. TJ Burns describes the portfolio as 25 apartments and two small commercial spaces; other listings describe it as 27 units, likely counting the commercial spaces. The sponsors say they bought at about a 10% discount, largely through direct-to-seller sourcing.

The deal is closed to new investors. Burns Capital’s current New Hampshire offering is NH Multifamily Fund III, which pools 10 to 15 small apartment buildings and targets a 15–17% IRR over five years. This review is useful for evaluating the sponsors’ record before investing in their newer offerings.

As a private placement, full terms and financials are provided to investors in the offering documents. This review lists what to request rather than treating unpublished detail as a weakness.

The sponsors

The deal is a joint venture between Burns Capital Partners and Aligned Real Estate Partners.

• TJ Burns founded Burns Capital Partners in 2022 after leading mechanical product design at Blink, a smart home division of Amazon. He holds a mechanical engineering degree from MIT, was a limited partner in about a dozen private placements before sponsoring his own, and is also a partner in DeMok Capital and co-founder of Zendra Lending. He reports raising about $12 million from more than 100 investors across eight offerings.
• Axel Ragnarsson, principal of Aligned Real Estate Partners, is the local operating partner. Aligned says he owns or holds a general partner interest in more than 450 units and has been a principal in more than $60 million of transactions. Burns says his partner has completed more than 50 small multifamily transactions in New Hampshire.

Burns Capital and its partners also work with Mammoth Properties in New Hampshire.

Financing

The acquisition was financed at 75% loan-to-cost, with the lender also funding 80% of the renovation budget. That is relatively high leverage for small, older buildings, which increases both potential returns and risk if values or rents fall.

Performance so far

• Partial refinance: about a year after purchase, the sponsors refinanced four of the seven buildings and returned about 20% of investors’ initial capital, which Burns says was roughly a year ahead of schedule.
• Valuation: based on appraisals and recent comparable sales, Burns reported the portfolio’s value at about $4.835 million, with portfolio-level equity up about 52% as of April 2025. His 2025 investor letter said the partial refinance marked the portfolio from about $3.9 million to about $5.1 million on paper.
• Next steps: the sponsors are working toward a 2026 capital event to return more capital through a refinance while keeping ownership, and are evaluating partial sales where pricing is attractive.
• Problems disclosed: Burns has publicly noted regulatory challenges from the local town with one of the commercial spaces.

Sponsor track record

Burns Capital reports zero investor losses and zero capital calls across its offerings. In 2025 it doubled its investor capital managed to about $15 million and acquired 64 units through NH Multifamily Fund III. Its 2025 investor letter says the firm narrowed its focus to New Hampshire multifamily and direct lending, citing a lesson from earlier activity. Burns publishes deal updates and annual investor letters publicly on his Substack.

Claims versus records

Key risks

• Leverage: 75% loan-to-cost plus lender-funded renovations leaves less cushion if values fall.
• Paper gains: reported value increases depend on appraisals until properties are sold or refinanced.
• Small, scattered assets: seven small buildings can be harder and costlier to manage and sell.
• Local regulation: one commercial space faces town regulatory issues.
• Refinance dependence: further capital return depends on 2026 interest rates and lender appetite.
• Young sponsor: Burns Capital has operated since 2022, relying on its local partner’s longer record.

What investors say

Burns says the deal’s investors were a mix of repeat investors, referrals and new investors. We found few independent reviews of this specific deal and no complaints, lawsuits or regulatory actions involving Burns Capital Partners, TJ Burns, Aligned Real Estate Partners or Axel Ragnarsson.

Strengths and concerns

Strengths

• Early return of about 20% of capital.
• Candid public reporting, including problems.
• An experienced local operating partner.
• A purchase at a reported discount through direct sourcing.
• No losses or capital calls reported across the sponsor’s offerings.

Concerns

• Relatively high leverage at purchase.
• Gains mostly unrealized.
• Small reported figure differences between updates.
• A local regulatory issue with one commercial space.
• A short operating history for the lead sponsor.

Who it suits

Questions to ask the sponsors

1. What are current occupancy, rents and debt terms across the seven buildings?
2. What is the status of the town regulatory issue with the commercial space?
3. What would investors receive under the planned 2026 refinance or partial sales?
4. What fees do Burns Capital and Aligned earn on this deal?
5. What lesson led Burns Capital to narrow its focus in 2025, and did it affect any investors?

What would change our verdict

• A completed refinance or sale realizing the reported gains;
• resolution of the commercial space issue;
• independent investor reviews.

What to request in the offering documents

• The operating agreement and waterfall.
• Fee schedules for Burns Capital and Aligned Real Estate Partners.
• Current loan terms and rate structure.
• Property-level operating statements and appraisals.

Verdict history

October 15, 2026 · Initial review · Mixed (7.3)

Sources

• Deal Stories: NH Small Multifamily Portfolio II (TJ Burns, Substack)
• Burns Capital Partners 2025 investor letter (TJ Burns, Substack)
• NH Multifamily Fund III
• Burns Capital Partners portfolio
• About Burns Capital Partners
• Burns Capital Partners investor reviews (Invest Clearly)
• Aligned Real Estate Partners portfolio