Alcreo Capital is a private investment firm focused on acquiring and repositioning retail and multifamily real estate throughout Utah. We are committed to delivering strong, risk-adjusted returns through a disciplined, value-creation strategy. As stewards of our investors’ capital, we focus on assets with clear upside potential and execute with operational rigor. Our vertically integrated approach ensures alignment, transparency, and consistent performance across every investment.
The name Alcreo is derived from a combination of Greek and Latin roots meaning strength and creativity—a reflection of our core philosophy. At Alcreo Capital, we blend institutional discipline with entrepreneurial insight to identify and unlock value in real estate. Our approach is grounded in operational strength and strategic creativity, allowing us to consistently deliver attractive, risk-adjusted returns for our investors.
1
Fund Mandate
Alcreo Capital - Fund II
Alcreo Capital Fund II is focused on acquiring value-add retail and neighborhood retail centers across high-growth markets in Utah. The fund targets properties with strong existing traffic, favorable underlying zoning, and long-term upside through strategic leasing, renovation, expansion, or repositioning. We seek assets priced at a 6.5% cap rate or higher with clear value-creation potential, particularly where operational or physical improvements can unlock stabilized cash flow and appreciation. Our investment approach prioritizes:
Location
High-visibility retail corridors with durable demand
Economic Focus
We leverage Utah's robust economy and growing job market for optimal investment opportunities.
Strategic Targets
We specialize in neighborhood and community shopping centers with strong support.
Quality Tenants
Strong tenant mix or opportunity to re-lease at higher rents
Zoning
Zoning flexibility to allow for future redevelopment or repositioning
Expansion
Strong cash positions support long-term holds and allow for additional acquisitions through appreciation and refinancing—without further capital calls.
2
Business Plan
Acquire Value-Add Retail Assets
Target properties with in-place yields of 6%+ and long-term upside through under-market rents, underutilized land, mismanagement, or deferred maintenance.
Low Leverage Strategy (Fund II)
0-30% LTV during the acquisition phase to maintain a strong equity position and expand capacity as assets appreciate and refinance rates trend downward.
Drive NOI Through Rent Growth
Execute capitalized rent increase strategies with a focus on tenant repositioning and lease re-trades.
Create Forced Equity
With each acquisition, we raise dedicated reserves and capital improvement budgets to unlock value through targeted interior and exterior upgrades, lease-up strategies, and selective development.
Cap Rate-Driven Upside
Through disciplined asset management and strategic lease execution, Alcreo Capital targets measurable rent growth across its portfolio. For example, an average rent increase of just $3 per square foot across a 250,000 square foot portfolio results in a $750,000 annual increase in net operating income. When capitalized at a 6.5% market cap rate, this improvement translates to approximately $11.5 million in value creation—without additional capital investment or expansion. This approach exemplifies our commitment to driving long-term returns through operational excellence and targeted value-add strategies.
3
Fund II Timeline & Strategy
Fund Duration: 7–10 Years (2026–2036)
Additional funds are anticipated following Fund II.
Years 1-2
Acquire first round of assets and implement active management and value-add strategy. Close the fund to new investors.
Years 2-5
Continue property-level improvements, development, and transparent reporting.
Years 4-10
Expand assets under management by increasing leverage to 50–60%, allowing for additional acquisitions or improvements, without capital calls.
Years 5-10
Complete development projects, stabilize the portfolio, and begin evaluating exit opportunities.
Consider structured 1031 exchanges into future funds to preserve capital and defer taxes.
4
PPM/Operating Agreement Language
Class A vs. Class B
85%
Class A Shares
Available to the general investor base and represent up to 85% of total fund equity. These investors will receive an 8% preferred return, followed by a 60/40 split of remaining profits (60% to LPs / 40% to GP).
15%
Class B Shares
Reserved for strategic or early investors and represent up to 15% of total fund equity. These investors will an 8% preferred return, followed by an enhanced 80/20 profit split (80% to LPs / 20% to GP).
Eligibility for Class B Shares may be based on factors such as early commitment, minimum investment size, or strategic contribution to the Fund’s growth. Class B Shares will not dilute the preferred return or profit distribution owed to Class A investors. The Fund Manager will maintain discretion to allocate Class B Shares based on investor profile, contribution timing, or strategic value to the Fund.
The GP will commit 1.5% of total fund capital, funded through a combination of upfront cash and reinvestment of brokerage fees earned by the GP. This ensures all GP transaction income is recycled back into the fund, further aligning our incentives with LPs.
Share Class Comparison
Class A Shares Class B Shares Allocation Up to 85% of Fund Capital Up to 15% of Fund Capital Preferred Return 8% Annual, Non-Compounded 8% Annual, Non-Compounded Profit Split (Above Pref) 60% LP / 40% GP 80% LP / 20% GP Eligibility Standard Investors Early or Strategic Investors Minimum Investment Standard (e.g. $100k) Higher Threshold (e.g. $500k–$1M) Other Benefits Standard Reporting & Terms Enhanced Access, Early Close Priority
5
Distribution Waterfall
Profit Participation
Promote Split
- Class A Shares: 60% to LPs / 40% to GP
- Class B Shares: 80% to LPs / 20% to GP
Preferred Return
8% Annual, Non-Compoundede
European waterfall structure 100% to LPs, pro rata, until an 8% annual preferred return is met.
Return of Capital
100% to Class A and Class B LPs, pro rata, until original capital is returned
(Class B is limited to 15% of fund equity and reserved for early or strategic investors)
Alcreo Capital Fee Structure
Additional Notes
- Distributions from operating income (rents) count toward the preferred return
- If 8% is not met annually, the unpaid balance accrues (non-compounded) and is paid from future proceeds
- All waterfall, fees, and capital account activity are tracked via Juniper Square and a third-party fund administrator
6
Why Invest in Retail?
While some high-profile bankruptcies have been linked to over-leveraged private equity models, Alcreo Capital’s approach to retail is fundamentally different. We focus on neighborhood and necessity-based retail centers in high-growth markets like Utah, so assets are supported by local demand, not national mall trends.
We target properties with:
- Daily-needs tenants (e.g., medical, QSR, fitness, service retail)
- Strong underlying zoning and redevelopment potential
- Under-market rents and low replacement cost per SF
- Smaller average unit sizes or the ability to create smaller units.
These are the kinds of retail assets that weather economic cycles, especially when managed with low leverage, hands-on leasing, and long-term discipline. Retail is often misunderstood—but with the right strategy, it offers durable cash flow, forced appreciation, and recession-resilient fundamentals.
7
Utah Retail Market
salt lake city - Market Outlook – Q4 2024
Limited Supply Driving Resilience
- Availability rate: 3.9% — below the 5-year average of 4.5%, indicating tight supply
- New construction: Only 297,000 SF completed in 2024, down 11% YoY
- Outlook: Minimal new supply expected in 2025, likely to push rents higher
Stable Rent Growth
- Average asking rent: $22.28/SF (NNN) — up 4.5% YoY
- Neighborhood, community & strip centers: Averaging $20.41/SF
- Submarket highlights: Central East and Central West exceeding $25/SF
Product Type Trends
- Positive absorption: Neighborhood & strip centers (+26K SF)
- Challenges: Freestanding retail and lifestyle/malls showed net negative absorption
- Strength: Power centers remain robust with the highest rents at $27.31/SF
Demand Outpacing Supply
- Underbuilt market: Especially in suburban growth corridors
- Development slowdown: High debt costs have further tightened inventory
- Investment activity: Notable sales include Smith’s Marketplace at $115/SF and EOS Fitness at $250/SF
Economic Support
- Consumer spending and GDP: Continue to rise in the Salt Lake Metro area
- Employment: Retail employment stable; population and net migration show steady increases
- Long-term fundamentals: Remain pro-growth and landlord-favorable
2034 Winter Olympics
- Economic impact: Hosting the 2034 Winter Olympics is projected to generate approximately $6.6 billion in total economic output for Utah between 2024 and 2035, including nearly $3.9 billion in state GDP and over 42,000 job-years of employment .
Data from CBRE Q4 2024 Report
8
Risk Mitigation
PROTECT YOUR INVESTMENT Through Diversification
DIVERSIFIED PORTFOLIO
- Fund II will acquire 10–15+ multi-tenant retail properties, reducing concentration risk
STATISTICAL ADVANTAGE
- Diversified funds are shown to be 2.5x less risky than single-property investments
STRONG FUNDAMENTALS
- In-place cash flow at acquisition
- Favorable underlying zoning for long-term flexibility
- Durable tenant profiles
DISCIPLINED UNDERWRITING
- Emphasis on stabilized locations, value-add potential, and cap rates of 6.5% or higher
Fund Structure
- Each asset is held in its own LLC, providing liability protection and clean accounting
- Fund-level oversight ensures consistent execution, reporting, and operational standards
- Vertically integrated team across acquisitions, leasing, and asset management
9
Property Identification
What to Expect When We Identify a Target Property
At Alcreo Capital, our acquisition process is designed to move quickly and transparently once a qualified asset is identified. Here’s what our partners can expect:
1
Initial Identification & Underwriting
- Target meets our acquisition criteria (6.5%+ cap, strong zoning, value-add potential)
- Internal team conducts site visits, lease audits, and financial underwriting
2
Investment Committee Review
- Full internal review of NOI, tenant mix, comps, risk profile, and upside strategy
- If approved, Alcreo issues LOI or PSA and begins due diligence and negotiation
3
Due Diligence & Business Plan Finalization
- Legal, physical, and financial DD (zoning, rent rolls, title, etc.)
- Value-add strategy and capex budget finalized
- Asset-specific cash flow projections prepared
4
LP Communication & Deployment
- Fund investors notified via Juniper Square with deal summary and allocation update
- Capital is deployed from Fund II, with reserves allocated per strategy
- Property placed under management and transitioned into the portfolio
Our vertically integrated approach ensures each acquisition is aligned with fund-level goals and underwritten for long-term value creation. We will repeat this process 10-15 times depending on deal size, close the fund and operate.
10
Financial Outlook
Target Returns
While the fund generates 6–8% annual cash flow through dividend income, investors can expect an additional 5–8% in unrealized annual returns driven by principal paydown, tax-advantaged depreciation, and appreciation. These components enhance overall equity growth and contribute meaningfully to total return at the time of exit.
Long-Term Approach
We take a long-term, fundamentals-driven investment approach that positions us to capitalize on multiple value drivers. Consistent cash flow, principal paydown, and strong market appreciation.
By targeting stabilized retail assets in high-growth markets, we are able to deliver reliable dividend income while steadily building equity through loan amortization and operational efficiency.
Our strategy is built to weather market cycles, emphasizing downside protection without sacrificing long-term upside. Through disciplined underwriting and active asset management, we create opportunities for enhanced value realization at the close of the fund—capturing both carried appreciation and the full impact of principal reduction. This approach allows us to align investor capital with sustainable, risk-adjusted returns over time.
We raise $20,000 per unit to improve them as they turn. Doing this adds even more income potential to the fund, beyond paydown, appreciation, and initial cashflow. As the fund matures, cashflows will increase and alongside the portfolio value.
Return Projections
6-8%
Annual Cash Flow
2-3%
Annual Return of Principal Reduction
3-5%
Forced Appreciation (Renovations, Lease-Ups)
1-2%
Market Appreciation / Interest Rate Arbitrage
12-15%
Total Net Annualized Return Target
12
General Partners
At Alcreo Capital, we believe that strong partnerships are the foundation of lasting success. As General Partners, we are committed to protecting valuable relationships and operating with integrity, transparency, and alignment. Our approach combines disciplined investing with entrepreneurial execution to create long-term value for our investors and stakeholders.
Elliot Abel
Elliot Abel is the Co-Founder of Alcreo Holdings and General Partner at Alcreo Capital, with over $50 million in personal transaction volume across Utah-based residential and commercial investment sales. As Associate Broker at Strategic Partner, Investment Realty Advisors, he leads a commercial leasing team transacting over $12 million annually and has negotiated more than 200 commercial leases. Formerly President of Leasing, Elliot helped grow a managed portfolio from $280 million to over $480 million through disciplined asset management and value-add strategies. He holds a Master of Real Estate Development from the Eccles School of Business, graduating Summa Cum Laude.
Tony RegalMuto
Tony Regalmuto is a General Partner at Alcreo Capital and an accomplished entrepreneur skilled in scaling successful businesses. He previously led major media campaigns for brands including Callaway Golf, HBO, NBC Sports, ESPN, Sirius XM, and more. He was part of the leadership team contributing to Callaway's 84% valuation increase during his tenure. As CEO of Alcreo Holdings since 2020, Tony manages companies ranging from media, marketing, SaaS, real estate, solar, payment processing, web development, and systems integrations. Driving growth through strategic leadership and team building. He plays an active role in asset oversight.
14
Strategic Partners
Alcreo Capital is strengthened by a network of trusted strategic partners who bring deep expertise across brokerage, asset management, and development. These long-standing relationships enhance our ability to execute with confidence and precision at every stage of the investment lifecycle. We value collaboration with proven professionals who share our commitment to performance, integrity, and long-term value creation.
Cory Waddoups
Cory Waddoups is President of Property Management at Investment Realty Advisors and a Strategic Partner at Alcreo Capital. With over a decade of experience across appraisal, development, and deal structuring, Cory has built and managed a portfolio approaching $500 million in assets. As Co-Founder of IRVA Development, he specializes in securitized 1031 exchanges, private placements, and complex investment structures. His expertise spans valuations, asset management, and executing sophisticated transactions on behalf of buyers, sellers, and landlords.
Joseph Mills
Joseph H. Mills is the Founder and Principal Broker of Investment Realty Advisors and a Strategic Partner at Alcreo Capital. With over 18 years of experience in the Salt Lake City market, Joseph has closed more than $300 million in commercial and residential investment transactions, including over 450 value-add deals. A recognized expert in 1031 exchanges and TIC structures, he brings deep market insight, negotiation expertise, and a proven track record of delivering investor returns.
Drew Whitehead
Drew Whitehead is an accomplished architect and project manager with over 20 years of experience in design, development, and construction. He has led a wide range of multifamily, hospitality, commercial, and residential projects, consistently delivering high-quality, impactful spaces. Known for bridging the gap between design and execution, Drew ensures projects are completed with precision—on time, within budget, and aligned with both client goals and community needs.
15
Deeply Experienced, Third-Party Partners
We believe great execution starts with the right team. We work exclusively with proven partners who bring deep expertise across brokerage, construction, architecture, finance, software, and legal. These long-standing relationships allow us to operate with confidence, and precision.
Investment Realty Advisors
Investment Realty Advisors is a seasoned brokerage specializing in strategic acquisitions and value-add investment opportunities.
Cory's Property Management
Cory’s management company specializes in operating retail assets, with a vastly experienced team of agents and property managers.
Affinity Construction
Affinity Construction is a general contractor specializing in tenant improvements, exterior remodels, and ground-up commercial development.
IRVA Development
IRVA Development specializes in ground-up retail projects, drive-thru developments, and multifamily construction.
D3 Architecutre
D3 Architecture is an experienced firm with a strong track record in commercial tenant improvements, remodels, and ground-up development.
JC Capital MArkets
JC Capital Markets is a loan brokerage firm that sources debt financing for commercial real estate projects as needed.
Juniper Square
Juniper Square is an institutional-grade software platform used for investor management, capital tracking, and real-time fund reporting.
Black Rock Law
Black Rock Law is a trusted legal partner with extensive experience in commercial leasing and oversight of all Alcreo legal matters.
16
Disclaimer
General
The information provided in this presentation relating to Alcreo Capital, LLC (“Alcreo” or the “Fund”), its business assets, strategy, and operations is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. This content is not prescribed by securities laws and should not be relied upon as investment, legal, or tax advice. This presentation does not account for your specific investment objectives, financial situation, or tax position. While the information presented is believed to be accurate and reliable, Alcreo and its affiliates, agents, managers, members, directors, officers, employees, and shareholders make no representations or warranties, expressed or implied, regarding its accuracy or completeness. Alcreo expressly disclaims any and all liability that may be based on such information or omissions thereof. Alcreo reserves the right to amend or replace any portion of this material at any time without notice and undertakes no obligation to provide updated information to any recipient. The contents of this presentation supersede any prior materials or discussions. Any statements, representations, or forecasts not contained herein shall not be relied upon for any purpose. Neither Alcreo nor any of its representatives shall have any liability, contractual or otherwise, for any errors or omissions or reliance placed on the contents of this presentation. Confidentiality This presentation is confidential and is provided for informational purposes to the recipient only. It is not to be reproduced, redistributed, or disclosed to any third party without the prior written consent of Alcreo Capital, LLC. By accepting this material, you agree: (i) not to reproduce or distribute this material in whole or in part without Alcreo’s consent, (ii) to return this presentation if requested, (iii) not to disclose any information contained herein unless (a) it was already known to you without breach of confidentiality, (b) is publicly available through no fault of your own, or (c) is lawfully obtained from another source not bound by confidentiality. Forward-Looking Statements and Financial Projections This presentation contains forward-looking statements regarding the Fund and its expected performance, investment strategy, and financial outlook. Terms like “expect,” “anticipate,” “plan,” “believe,” “project,” “intend,” “may,” “will,” “should,” or similar expressions are intended to identify such statements. These projections are inherently subject to risk, uncertainty, and assumptions — many of which are outside of Alcreo’s control. Actual performance may differ materially from projections due to, among other factors: Shifts in economic and capital market conditions Regulatory changes Tenant performance and lease dynamics Property acquisition or development delays Financing availability or cost of capital Competition and valuation pressures Litigation, cybersecurity events, and other unforeseen risks These forward-looking statements reflect Alcreo’s views as of the date of this presentation and are subject to change without notice. Alcreo assumes no obligation to update or revise such projections. ALL PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INQUIRIES AND CONSULT THEIR OWN ADVISORS AS TO LEGAL, TAX, INVESTMENT, AND RELATED MATTERS CONCERNING AN INVESTMENT IN THE FUND.
17
Let's Connect
Call Us
Schedule
Book a confidential consultation today
18