The corner entry, the storefront and the facade, from daylight to after dark. A concept film, not footage: the building is not yet built, and the people, vehicles, drones and robots in it are illustrative.
Concept rendering01 Corner00:00 / 00:26
CYBR Aventura
2511NE 192nd Street · Ojus, unincorporated Miami-Dade — adjacent to the City of Aventura
Project equity
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The offering memorandum
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
The approved ASPR drawing set
The Miami-Dade comment response letter
The Aventura Quattro certified rent roll
Certified rent roll
Trailing twelve months
Week-by-week lease-up curve
Offering memorandum ·
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
01 / ENVELOPE
Seven storeys.
Concept rendering39,000 GSF
Diagram — Vera Fund7 STOREYS OF FACADE
CAP LINE
CYBR
AVENTURA
BASELINE
Diagram — Vera Fund7 STOREYS · 38 APARTMENTS
Seven storeys. Eight were permitted. Here is every floor.
Thirty-nine thousand gross square feet. Twenty-five thousand one hundred and fifty-nine rentable. Six hundred and sixty-two on average.
abc
Diagram — Vera Fund, from sheet A-10238 APARTMENTS · 7 STOREYS
SCHEMATIC · NOT TO SCALEa · head width b · sill width c · opening height. The memorandum publishes none of the three, so none is printed.
Read it from the roof down to the street.
Level 1Level 2Level 3Level 4Level 5Levels 6-7RoofSCHEMATIC · NOT TO SCALE
Roof
2,575 sf roof deck with pool and landscaped terrace
Levels 6-7
Apartments + double-height fitness center, entered from level 6 (sheets A-105 / A-106)
Level 5
Apartments + 905 sf resident common room
Level 4
Apartments
Level 3
Apartments + 855 sf resident common room
Level 2
Apartments + 855 sf resident common room
Level 1
Lobby, glazed arrival bay, package and cold-storage delivery room, service, 2 parking spaces (1 accessible), 8 bicycle spaces
Eighteen studios at 529 square feet. Twenty two-bedrooms at 782.
No rent is published on this page. Rents sit behind the investor gate, with the rent case.
See what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
The programme: every apartment drawn once, by type
Studio · 18
2 bed / 2 bath · 20
38
Apartments by type — counts and average sizes, no rents
Type
Apartments
Average size, sf
Studio
18
529
2 bed / 2 bath
20
782
All apartments (the stated total)
38
662
Sizes are averages for each type, so count times size does not reproduce the building's rentable area. The stated figure is 25,159 square feet, and it governs.
1As stated in the offering memorandum of September 2026. Design-stage areas, not a measured survey.
2An average across both apartment types. Each type's size is itself an average, so count times size does not reproduce the stated rentable area; the stated figure governs.
Offering memorandum · architect's renderings, as reproduced in it ·
Concept rendering38 APARTMENTS · 7 STOREYS
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
Two parking spaces for thirty-eight apartments.
The code wanted forty-eight. The county approved a hundred per cent reduction and two were built, one of them accessible, plus eight bicycle spaces and twenty more spaces across the street.
Concept rendering2511 NE 192ND STREET, MIAMI, FL 33180
Access, in three states
One door, three ways through it, as designed. Each credential is a line item somebody pays for, so each is listed here with what is known about its price. The memorandum does not specify the access hardware or its price.
01
Phone
The resident's phone is the key, presented at the reader beside the door.
A physical fob at the same reader — the credential that needs no phone and no camera.
1 · Published fee, next doorPUBLISHED
Face recognition already has a price on this block. Aventura Quattro's own published fee schedule lists “Face Control — facial-recognition access” at $7 a month. That is next door's fee, not ours: CYBR's price for the credential is not stated in the offering memorandum.
aventuraquattro.com — the property's own website, owned by a Vera Fund affiliate ·
Diagram — Vera Fund38 APARTMENTS
Concept rendering8 BICYCLE SPACES
Deliveries, as a duty cycle
The concierge is a job description, not a character. Packages arrive at street level whether or not anyone is home; the concierge is designed to ride the lift; the plate below is the floor where it arrives.
02 Lift arrives03 Unit door
SHOT PENDING
Typical floor plate with the delivery route — scroll sideways to see the whole floor. Typical floor plate — sheet A-102Typical floor, not the ground floor. The route runs from where the lift arrives to a unit door.
sheet A-102 · route drawn by Vera Fund · Offering memorandum ·
Concept rendering48 SPACES WAIVED
Concept rendering2 CARS ON SITE · 20 ACROSS THE STREET
01Received
A courier leaves the parcel in the package and cold-storage delivery room on Level 1. Courier access does not require a resident to be home.
02Up the lift
As designed, the robot concierge carries it from Level 1 and rides the lift to the resident's floor.
03Handed off
At the unit door.
The memorandum lists the package and cold-storage room and courier access; it does not describe the concierge's operation or its coverage hours.
Two spaces on site. Eight bicycle spaces. Twenty across the street. For thirty-eight apartments, the two on the lot are the only spaces that are ours.
Parking on the lot and across the street, as the memorandum states it
Line
Spaces
Status
Required by the code
48
Waived
Reduction approved
100%
Approved by the county
Built on the lot
2
1 accessible · ours
Bicycle spaces
8
On the lot
Across the street
20
Not on the lot
Memorandum · 100% parking reduction approved; code would have required 48 spaces
Offering memorandum ·
Representative interface — not a live system
Shared resident fleet
Nothing on this panel can be booked. It shows the shape of the booking surface, not its data.
Bay
Level 1 · the glazed arrival bay
Vehicles in the fleet
Not stated in the offering memorandum
Chargers
Not stated in the offering memorandum
Cost to a resident
Not stated in the offering memorandum
The honest read
It is not a car-free population. Only 6% to 7% of households here have no vehicle. The building is underwritten for a car-light renter, not a car-free one, and the shared fleet widens the funnel rather than replacing a car.
Offering memorandum · American Community Survey 2020–2024 five-year estimates ·
What reaches the block, and what does not
Metrobus route 183
West Dixie Highway, a quarter mile from the site, on 22-minute headways.
Offering memorandum ·
Municipal shuttles
The City of Aventura's free shuttles serve the city limits and not this unincorporated block. The building answers the last mile with a shared resident fleet rather than by relying on a municipal service it cannot control.
Offering memorandum ·
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
Twenty-seven per cent of this ZIP code works from home.Three rooms and a floor plate answer that.
Work from home runs at 27.4 per cent across ZIP 33180 and 9.3 per cent in Ojus itself — American Community Survey 2020–2024 five-year estimates.
CYBR LAB
Concept rendering2,615 SF · 7% OF THE BUILDING
Resident common rooms
Resident common room, all levels
2,615 sf
as of
Share of the building
7%
as of
The memorandum, on shared space
Three resident common rooms — 855 sf on levels 2 and 3, 905 sf on level 5. Double-height fitness center across levels 6-7, already inside the hard cost. Lobby with package lockers and cold storage at street level, courier access that does not require a resident.
Offering memorandum ·
No occupancy or utilisation figure is shown for these rooms. The memorandum models none, and we do not invent one.
Shared space by level, roof first — the memorandum's level index
Level
Programme
Roof
2,575 sf roof deck with pool and landscaped terrace
Levels 6-7
Apartments + double-height fitness center, entered from level 6 (sheets A-105 / A-106)
Level 5
Apartments + 905 sf resident common room
Level 3
Apartments + 855 sf resident common room
Level 2
Apartments + 855 sf resident common room
Two coworking rooms are drawn on the typical floor of sheet A-102, marked on the plate. The memorandum's text never lists them: it lists one resident common room on each of three levels, as its level index records. Both are shown; neither is reconciled here.
sheet A-102, traced by Vera Fund · level index · as reproduced in the offering memorandum ·
The thesis, in the memorandum's words
Work from home is exceptionally high in the wider ZIP at 27.4%, which is what the resident common rooms on levels 2, 3 and 5 are built for.
Work from home, by geography
Measure
ZIP 33180
City of Aventura
Ojus CDP
Work from home
27.4% (the ZIP code this building is in)
29.7%
9.3%
American Community Survey 2020–2024 five-year estimates · ZIP 33180 · City of Aventura · Ojus CDP · as reproduced in the offering memorandum ·
A room with desks is not, by itself, a differentiator. The case for these rooms rests on the work-from-home rate, and that is a ZIP-wide rate: Ojus itself runs well below it, as the work-from-home table shows.
American Community Survey 2020–2024 five-year estimates · ZIP 33180 · City of Aventura · Ojus CDP · as reproduced in the offering memorandum ·
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
Aventura — Turnberry and the Intracoastal Waterway22,687 DAYTIME EMPLOYEES WITHIN ONE MILE
9624
04 / TIMING
Miami started 21 per cent fewer apartments this year.We sell in month 48.
about −21%: 6,813 against 8,592 · Vera Fund derivation — MMG Real Estate Advisors · Miami metro · all product types · Q2 2026
Sale in month 48, counted from close · Offering memorandum ·
The plan as the memorandum states it: months counted from close, the hold divided into its model years, the construction start, the refinance and the sale as points. A plan, not a commitment.
The plan, milestone by milestone — as stated, in months from close
Milestone
When
Close
Month 0 — the count starts here
Hold
4 years
Construction start
Month 13
Refinance
Month 36
Sale (the sale)
Month 48
The memorandum counts its schedule in months from close; construction starts in month 13 of its capital-call schedule. It states no completion date and no calendar date for the refinance or the sale, so none is drawn.
No loan has been committed.
The plan, in months from close · Offering memorandum ·
Real Estate, Economic and Certain Other Conditions
The real estate industry is cyclical and sensitive to general economic conditions. Completion may be delayed by regulations, inspections and force majeure.
Supply, as dated readings
Q2 2026
Starts · Miami
6,813 units started, trailing four quarters — down from 8,592 units started, prior trailing four quarters.
MMG Real Estate Advisors · Miami metro · all product types · Q2 2026
Q3 2026
Under construction · Miami
7.3% of inventory under construction.
MMG Real Estate Advisors · Miami metro · top 50 US markets — the highest of them · Q3 2026
January 2026
Inventory growth · Miami
1.6% inventory growth, 2026 forecast.
Marcus & Millichap, via South Florida Agent Magazine · Miami metro · multifamily inventory — slowest growth in a decade ·
May 2026
Starts · United States
about 55,000 multifamily units started in Q1 2026 — a −73% change in quarterly starts from the 2022 peak.
CoStar, via Commercial Observer · United States · multifamily starts — the lowest quarter since 2011 ·
CoStar, via Commercial Observer · United States · multifamily starts ·
Q2 2026
Absorption · Miami
7,608 units absorbed, trailing twelve months — against 7,847 units completed, trailing twelve months.
MMG Real Estate Advisors · Miami metro · all product types · Q2 2026
The argument
CYBR starts construction in month 13 and sells in month 48, so it competes with what breaks ground now; the latest dated readings above show starts falling, not that they will stay down.
The counter
Starts are rate-sensitive. A material fall in the ten-year rebuilds the pipeline CYBR leases into, and the sale is at month 48, with the pro forma holding the cap flat at 5.00 per cent throughout.
Sale month and exit cap rate — projected, not guaranteed · Vera Fund pro forma ·
Basis
Stabilized, untrended 2026 dollars
05 / ENTITLEMENT
The code wanted 48 parking spaces. Two were built.That is 15,600 square feet — two floors we did not have to build.
Our derivation, not the memorandum's
about 15,600 sf = 48 spaces the code would have required × 325 sf per space including aisles and ramps (midpoint) · Vera Fund derivation — offering memorandum × Terrapin CG · this site · the 48 code-required spaces at about 325 sf each, the midpoint of Terrapin CG's range ·
40% = 15,600 sf of structured parking not built ÷ 39,000 gross building area, sf · Vera Fund derivation — offering memorandum × Terrapin CG · this site · the avoided parking area against the gross building area ·
300–350 sf per space, including aisles and ramps · Terrapin CG · United States · above-grade structured parking ·
7 STOREYS · BUILT15,600 SF · NOT BUILT
Diagram — Vera Fund derivation · schematic, not to scale7 STOREYS · 2 PARKING SPACES
Spaces the code required
48 — struck by the approved parking reduction
Spaces built
022
100% parking reduction approved; code would have required 48 spaces · Offering memorandum ·
01The ground
Concept renderingSHOT PENDING8,792 SF NET LOT
Eight thousand seven hundred and ninety-two square feet of net lot, running 144.23 feet back from NE 192nd Street.
Today: Vacant lot, single family structure to be demolished.
Zoned UC-Center, Ojus Urban Area District; RM land use.
Offering memorandum ·
144.23 ft, property line from NE 192nd Street to the rear line · sheet A-102, as reproduced in the offering memorandum · this site · lot depth, property line to rear line ·
Two sources disagree
Site area
Offering memorandum ·
States a figure. Not published here.
COUNTYMiami-Dade County Property Appraiser — tax roll · folio 30-2204-006-0140, 2511 NE 192 St · the recorded fee parcel · 2025
States a different figure. Not published here.
Neither figure is published on this site until the two are reconciled.
Net lot area, per the memorandum: 8,792 sf
The memorandum's gross figure runs to the centreline of the street; the county roll records the fee parcel. We publish the memorandum's own net lot area, which the county roll and the property lines on sheet A-102 corroborate within survey rounding.
02The arithmetic
Forty-eight structured spaces at roughly 325 square feet each, aisles and ramps included, is about 15,600 square feet — forty per cent of a 39,000-square-foot building, or two full structural levels.
Without the reduction, thirty-eight apartments do not fit on this lot.
The memorandum, verbatim
100% parking reduction approved; code would have required 48 spaces.
Offering memorandum ·
48 SPACES · CODE REQUIRED
48 REQUIRED
NOT BUILT
2 BUILT
Diagram — Vera Fund, from the approved ASPR48 SPACES REQUIRED · 2 BUILT
Lease-up and Rental Rate Risk
Underwritten at rents at the upper end of the current sub-market range with a six-month lease-up. A substantial pipeline of larger, structured-parked buildings may offer concessions when the Project opens.
03The levels beneath
7 STOREYS · BUILT15,600 SF · NOT BUILT
Diagram — Vera Fund derivation · schematic, not to scale7 STOREYS · 2 PARKING SPACES
The typical plate fills more than ninety per cent of the buildable envelope. The massing is that envelope, extruded seven times; the two levels beneath it are the ones the code asked for and the approval waived.
more than 90% · Vera Fund derivation from sheet A-102 · this site · the typical plate against the setback envelope ·
What those two levels would have cost is a derived range. It sits behind the accredited gate, on the uses-and-sources page of the data room, with its derivation beside it.
See what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
04The statute
The bonus is the county's, written for the unincorporated area this lot sits in.
Miami-Dade County Code, Chapter 33, Article XIIA
§33-193.7.1
“Workforce Housing Development Program Density Bonuses for the Unincorporated Area”
Statutory cap on the total density bonus
25%
The ceiling, not the bonus taken: 31 units by right, 38 approved.
Miami-Dade County Code §33-193.7.131 → 38 UNITS
Miami-Dade County Code §33-193.7.1 · unincorporated Miami-Dade County · the statutory cap on the total density bonus ·
Thirty-one units by right. Thirty-eight approved.
Five of the thirty-eight are workforce units.
Offering memorandum ·
05The price
Live Local would have required forty per cent, for thirty years.
Florida Live Local Act, 2025 amendments (SB 1730), via Holland & Knight · Florida · units at or below 120% of area median income, for thirty years ·
The county's price was five workforce units.
Nor is the entitlement scarce. Aventana secured the same county incentives and topped off on 13 September 2026.
Hoodline · Aventana, 19640 W Dixie Hwy, Ojus · 334 units, 16 storeys; secured the same county incentives tied to Brightline proximity ·
Typical floor plate, sheet A-102, drawn against its property lines — plate 03, the whole plate.
A-102 / 03 · WHOLE PLATE8,792 SF NET LOT144.23′ PROPERTY LINEmore than 90% OF THE BUILDABLE ENVELOPE, TYPICAL PLATE
The lot, as recorded — every figure stated, none computed here
Item
Stated
Basis
Net lot area
8,792 sf
Offering memorandum — the net figure; see the two sources above
Lot depth
144.23 ft
sheet A-102, as reproduced in the offering memorandum
Floor area ratio
FAR 2.00 · district minimum 1.75
FAR 2.00 is the sponsor's stated ratio. It is not 39,000 gross square feet divided by the lot; we publish the stated figure, not our own division.
Storeys
7 of 8 permitted
Offering memorandum
Open space
4,576 sf · 52 per cent of the lot
Offering memorandum
Parking on site
2 · code required 48
Offering memorandum — the reduction is on the approved plan
Typical plate
More than 90 per cent of the buildable envelope
Our reading of sheet A-102; the readings disagree above the bound, so only the bound is published
The plate is drawn to the lot it sits on. Seven storeys where eight were permitted.
Offering memorandum ·
sheet A-102, as reproduced in the offering memorandum · this site · lot depth, property line to rear line ·
Vera Fund derivation from sheet A-102 · this site · the typical plate against the setback envelope ·
Conditions of approval
Final approval came with conditions. They are recorded, and they are here.
Final Administrative Site Plan Review (ASPR) approval issued. ASPR Submittal 2 dated 14 April 2026.
Offering memorandum ·
01
Curbside trash collection in off-peak hours under a recorded covenant
02
No gates; emergency vehicles serve the building from the street
03
Unity of title recorded on lots 29 and 30
04
Tree Trust Fund contribution for the specimen tree shortfall
06 / TENURE
Three quarters of the rental stock in Aventura is condo.A condo can send its owners a bill for a hundred thousand dollars.This cannot.
Florida Statutes (2025) · Florida
§553.899
“Mandatory structural inspections for condominium and cooperative buildings”
Reaches
Chapter 718Condominiums
Chapter 719Cooperatives
Florida Statutes §553.899VERA FUND 6 LLC
Context, labelled by geography
City of Aventura, not Ojus CDP · Condominium share of rentals
76.3% of rental inventory is in condominiums
Zumper Rent Research · City of Aventura, not Ojus CDP · rental listings ·
Miami condominiums · Special assessments
$10,000 to over $100,000 per unit, observed
Sociedad Media · Miami condominiums · per-unit special assessments observed ·
Aventura's figure is the city's. This site is in unincorporated Ojus, which is why the label says so.
Where this building sits
Height does not keep this building out; ownership does. A purpose-built rental held by a single LLC sits outside both the milestone inspection and the structural integrity reserve study.
It is held by Vera Fund 6 LLC.
Issuer · Offering memorandum ·
Outside the statute is not outside the cost.
Vacancies at Market Place
Significant vacancies could reduce cash available for operating expense or distribution.
What still applies
Miami-Dade's forty-year recertification continues to apply to every building, including this one.
COUNTYMiami-Dade County building recertification programme, via Gabriel Moyers · Miami-Dade County · every building, including purpose-built rentals — a separate, local programme ·
What the statute covers
Height
Buildings of three habitable storeys or more.
Fla. Stat. §553.899 (2025) · Florida · buildings held in whole or in part under the condominium (Ch. 718) or cooperative (Ch. 719) form ·
Form of ownership
Held in whole or in part as a condominium, under Chapter 718, or as a cooperative, under Chapter 719.
Florida Statutes (2025) · Florida · Mandatory structural inspections for condominium and cooperative buildings ·
Reserve study
The structural integrity reserve study sits in the same two chapters, Chapter 718 and Chapter 719, and reaches the same two forms.
Florida Statutes · Florida · condominiums ·
Florida Statutes · Florida · cooperatives ·
Schedule
Per building, not statewide: a milestone inspection at thirty years, then every ten. The twenty-five-year coastal trigger is a local enforcement agency's option, not automatic.
Fla. Stat. §553.899 (2025) · Florida · the milestone inspection, per building ·
The sponsor funds ten per cent of the equity, on the same terms, and is paid last.
Capital comes back in full, with an eight per cent compounding preferred return, before any promote is paid. Across 1,503 funds the average general-partner commitment is 3.5 per cent, and the seventy-fifth percentile is 4.4.
UNC Institute for Private Capital working paper · private-equity funds, not single-asset real estate · 1,503 funds / 917 GPs ·
10%of the equity is the sponsor's commitment, as General Partner.
Sponsor's share of the equity · Offering memorandum ·
That is the entire statement. It is above benchmark, and it does not predict an outcome — an aligned sponsor and a failed building are not mutually exclusive.
What the percentage is a share of
The percentage is public. The amount it represents, and the size of the raise, are offering terms.
The sponsor's commitment
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The offering memorandum
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Project equity
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The offering memorandum
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Vera Fund pro forma, September 2026 · projected, not guaranteed
Cash Flows May Not be Distributed
No guarantee of sufficient cash in any given quarter.
Lack of Liquidity
Interests are restricted and unregistered; investors should be prepared to hold indefinitely.
Basis of these figures
Hard cost
Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
Loan status
No loan has been committed.
Forward-looking statements
Some statements are forward looking and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. The Sponsor cannot guarantee future results and assumes no duty to update them.
Risk of loss
Investors must be prepared to bear the risk of their investment for an indefinite period and be able to withstand a total loss of their investment.
Unregistered securities
The interests have not been registered under the Securities Act of 1933, as amended, or any state securities laws, in reliance upon exemptions from registration provided by Section 4(2) of the Securities Act and similar state exemptions. The interests have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission.
The land
Carried at
$2,010,000
Previously offered at
$2.5mm
Vera Fund owns the land and carries it at $2,010,000 — below the $2.5mm at which it had previously offered the site. The delta runs in investors' favour. It is still a related-party price set by one side, and we publish the delta rather than the assurance.
Uses of funds — the land note · Offering memorandum ·
Sponsor co-investment against a published benchmark: this sponsor's share of the equity, and the band general partners commit across private-equity funds.
Sponsor co-investment — this offering and the benchmark
Measure
Commitment, % of equity
Measured across
Source
This sponsor (this offering)
10%
This offering — Vera Fund 6 LLC, one building
Offering memorandum · September 2026
Benchmark, mean to 75th percentile
3.5%–4.4%
private-equity funds, not single-asset real estate · 1,503 funds / 917 GPs
UNC Institute for Private Capital working paper · December 2024
The benchmark is institutional private-equity funds, not single-asset real estate. It is the nearest published measure of what general partners commit, not a like-for-like one.
A larger commitment aligns the sponsor with investors. It does not make the building more likely to be built on budget or to lease on schedule.
UNC Institute for Private Capital working paper · private-equity funds, not single-asset real estate · 1,503 funds / 917 GPs ·
Sponsor's share of the equity · Offering memorandum ·
Dependence on Management Personnel
Success depends significantly on the Sponsor's management.
Distribution tiers, in the order they are paid: capital and the preferred return first, the sponsor's promote only above it.
Distribution tiers and their splits, in the order they are paid
Tier
Limited partners, %
Sponsor pro rata, %
Sponsor promote, %
Return of capital, then 8% IRR
Offering terms — behind the accredited gate
Tier 2
Offering terms — behind the accredited gate
Tier 3
Offering terms — behind the accredited gate
Tier 4
Offering terms — behind the accredited gate
The existence of a promote is public; its dollar total is modelled in the pro forma and sits behind the accredited gate.
Being paid last applies to the promote. The memorandum also allows the sponsor or its affiliates to be paid fees, named beside this chart.
Distribution waterfall · Offering memorandum ·
Compensation and Other Fees
The Sponsor or affiliates may be paid acquisition, asset management, brokerage, structuring, property management, construction management or developer fees.
Conflicts and alignment
Six conflicts of interest, each set against what the memorandum records. They are present facts, not projections, so every one of them is public.
Underlined in blue: checkable on a public record, with the lookup named.
01
The sponsor owns the land and contributes it to the project.
COUNTYLookup · Miami-Dade County Property Appraiser — tax roll · folio 30-2204-006-0140, 2511 NE 192 St
OM, summarisedVera Fund owns the land free and clear. Carried at $2,010,000, below the $2.5mm value at which VF has previously offered the site.
02
An affiliate may act as property manager and be reimbursed.
OM, summarisedThe Sponsor or affiliates may be paid acquisition, asset management, brokerage, structuring, property management, construction management or developer fees.
03
Aventura Quattro is affiliate-owned, on the same block, and competes for the same tenants.
COUNTYLookup · Miami-Dade County Property Appraiser, owner of record · 2479 NE 192nd Street
OM, summarisedVera Fund LLC owns Aventura Quattro on the same block, which competes with the Property.
04
The general partner takes a promote above an 8 per cent preferred return while committing 10 per cent of the equity.
OM, summarisedFirst tier of the distribution waterfall: Return of capital, then 8% IRR.
05
The sponsor has sole control over the business of the company.
RECORDLookup · Florida Division of Corporations (Sunbiz), entity registration · Vera Fund 6 LLC
OM, summarisedThe Sponsor has sole control; investors have no voice in day-to-day management.
06
No loan has been committed and the construction contract has not been executed.
OM, summarisedHard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
OM, summarisedNo loan has been committed.
Disclosed conflicts — offering memorandum, September 2026AFFILIATE-OWNED · 20 APARTMENTS ON THE SAME BLOCK
We own the building next door,and it competes with this one.
Aventura Quattro · 2479 NE 192nd Street · twenty apartments · delivered 2026 · owned by a Vera Fund affiliate
The building next door · Offering memorandum ·
Aventura Quattro, 2479 NE 192nd Street — delivered 2026 by the same team. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.20 APARTMENTS · DELIVERED 2026
Aventura Quattro, built next door, photographed by the sponsor
Twelve dates from the sponsor's own construction archive, one frame each, from open stud walls to a furnished room. Every frame carries its own date, and every frame is the building next door — not this one.
14 May 2025 → 2 Jul 2026 · Aventura Quattro construction archive, photographed by the sponsor · owned by a Vera Fund affiliate ·
Aventura Quattro — construction archive dates, one frame eachAventura Quattro delivered 2026
Stud framing
Unit shell
Risers in
Drywall
Casework
Flooring
Kitchen
Bathroom
Corridor
Corridor finished
Laundry
Furnished
Aventura Quattro under construction, 14 May 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 16 June 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 22 July 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 22 August 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 22 September 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 3 November 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 15 December 2025. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 22 January 2026. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro under construction, 23 February 2026. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro, 14 April 2026. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro, 22 May 2026. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
Aventura Quattro as delivered, 2 July 2026. Photographed by the sponsor. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.
12 OF 38 DATED FRAMES · DELIVERED 2026
The dated facts
It is owned by a Vera Fund affiliate, it competes with CYBR for the same tenants, and its asking rents are a related party's own — which is exactly why this page hands you three listing sites that are not us. A listing site may repeat the property's own feed; the certified rent roll in the data room does not.
Quattro's facts · Offering memorandum ·
What you will find if you check, and you should check.
The property's own website and RentCafe listed units at Quattro as available when we read them on 21 September 2026. At twenty units each apartment is worth five percentage points, and marketing feeds include notice-to-vacate units and future move-ins, so a snapshot is not an occupancy figure. We are not going to argue with a screenshot. The answer is the certified rent roll, the trailing twelve months and the week-by-week lease-up curve, all of which are in the data room, and all of which are the documents you would ask for anyway.
When both buildings have a vacancy.
Quattro and CYBR will at times both have an empty apartment and one prospective tenant. The sponsor states its policy for that moment: the enquiring tenant is shown both buildings and chooses, and no lead is routed to the affiliate's building first. The sponsor states that the policy will be written into the property-management agreement and disclosed to both ownerships. It is not yet a document you can read; ask for it in writing before you invest.
Seen from next door
Concept rendering2479 NE 192ND STREET → 2511
Concept rendering2479 NE 192ND STREET → 2511 · NIGHT
Concept renderings prepared for marketing. Facade lighting, signage and interior fit-out shown are design concepts and do not form part of the approved ASPR drawing set.
Aventura Quattro · 2479 NE 192nd Street · 20 apartments · delivered 2026 · owned by a Vera Fund affiliate
Twenty apartments on the same block, delivered in 2026 by the same team.
A certified rent roll, trailing twelve months and week-by-week lease-up curve are available in the data room.
Full stabilization is a target, not an achieved result.
Aventura Quattro is owned by a Vera Fund affiliate, sits on the same block and will compete with the Project for tenants. An affiliate of the Sponsor may act as property manager.
7 of 20 apartments listed as available on , per the property’s own website.
6 listed on RentCafe, read .
A single-day snapshot of a marketing page, not an operating statistic. Marketing feeds include notice-to-vacate units and future move-ins, and units held off-market may be excluded. Units listed as available are never stated as occupancy.
aventuraquattro.com — the property's own website, owned by a Vera Fund affiliate · as observed · captured once, not live, not refreshed
Aventura Quattro is a separate 20-unit building owned by a Vera Fund affiliate. It is not an independent comparable, it competes for the same tenants, and its lease-up happened under different market, product and financing conditions from this one. Nothing it did predicts what CYBR will do.
What the memorandum draws from it
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The offering memorandum
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
The approved ASPR drawing set
The Miami-Dade comment response letter
The Aventura Quattro certified rent roll
Certified rent roll
Trailing twelve months
Week-by-week lease-up curve
Next door, today
As observed 21 September 2026. Captured once, not live, not refreshed. Every figure below is what a member of the public could read on that date from the property's own website — which a Vera Fund affiliate owns, so it is not an independent source.
Asking rents at Aventura Quattro, as the property's own website listed them — an affiliate's own asking rents, not signed leases and not the certified rent roll.
Plan
Size
Asking, a month
One-bedroom
632 sf
$2,450 · $2,500 · $2,550
Two-bedroom
828 sf
$3,250
aventuraquattro.com — the property's own website, owned by a Vera Fund affiliate ·
Conflict of interest
Aventura Quattro is owned by a Vera Fund affiliate, sits on the same block and will compete with the Project for tenants. An affiliate of the Sponsor may act as property manager.
Fees as the property's website listed them. Where the read recorded no billing period, none is shown.
Item
Amount
Billed
Amenity fee, parking included
$59
Monthly
Trash
$30
Not recorded
Community
$35
Not recorded
Pest control
$5
Not recorded
Face Control — facial-recognition access
$7
Monthly
Interior storage
$60
Not recorded
Bike storage
$20
Not recorded
Deposit
$1,000
Not recorded
Administration
$149
Not recorded
Application
$299
Not recorded
aventuraquattro.com — the property's own website, owned by a Vera Fund affiliate ·
Also listed
Rent accepted in BTC and ETH
EV charging on site
Walk Score, as the site quotes it: 88
The sponsor, before the deal
Two principals, named and pictured. The biographies stop at what this page can show you: the building next door, delivered in 2026 by the same team.
Names and titles · Offering memorandum ·
Aventura Quattro as delivered, 2026. CYBR Aventura interiors on this site are concept renderings and are not this building. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.DELIVERED 2026 · 2479 NE 192ND STREET
Nick Polyushkin · Chief Executive Officer and Founder
Nick Polyushkin
Chief Executive Officer and Founder · Vera Fund LLC, Miami · vera.fund
Yury Kharitonenkov · Managing Partner
Yury Kharitonenkov
Managing Partner · Vera Fund LLC, Miami · vera.fund
Ask for references from the sponsor's past investors — including one from a deal that did not go to plan.
Who is named on this project, role by role. Five of the eight roles have no party yet, and each is shown, not left out.
The named parties, role by role, with the memorandum's own words where no party is named
Role
Party, or the memorandum's words
Status
Sponsor
Vera Fund LLC, Miami (Nick Polyushkin · Yury Kharitonenkov)
Appointed
Issuer (the issuer)
Vera Fund 6 LLC — The entity an investor joins
Appointed
Architect
Architect of record
Appointed
General contractor
The general construction contract has not been executed and the hard cost is a budget rather than a contracted price.
Not appointed
Construction lender
No loan has been committed.
Not appointed
Offering counsel
Not named in the memorandum.
Not appointed
Accountant (CPA)
Not named in the memorandum.
Not appointed
Property manager
An affiliate of the Sponsor may act as property manager.
Not appointed
Counsel and the accountant are not named in the memorandum; the chart says so rather than leaving the rows out. Each unappointed row changes only when a party is engaged, and the chart is dated by the memorandum it reads.
Parties and statuses · Offering memorandum ·
Do not take our word for any of it.
Every record below is held by someone other than us. Each link opens in a new tab.
Aventura Quattro's availability and asking rents, as a site that is not us lists them. A listing site may carry the property's own feed, so it shows what is advertised, not what is leased.
Aventura Quattro's availability and asking rents, as a site that is not us lists them. A listing site may carry the property's own feed, so it shows what is advertised, not what is leased.
Aventura Quattro's availability and asking rents, as a site that is not us lists them. A listing site may carry the property's own feed, so it shows what is advertised, not what is leased.
The train is the reason two parking spaces are defensible.It is also a CCC+ credit.
This block is not the City of Aventura. That is the whole deal.
Ojus urban center, unincorporated Miami-Dade County. The unincorporated status is what made the parking reduction and density bonus available.
Rendering of the Brightline Aventura station, as reproduced in the offering memorandum — not a photograph.0.55 MILES, NO TRACK CROSSING
The operator's credit
KBRA rating · Brightline Florida revenue bonds
CCC+
credit rating, outlook Negative (downgraded from BB)
KBRA · Brightline Florida · the $2.2bn revenue bonds ·
KBRA cut Brightline Florida's $2.2bn revenue bonds to CCC+, outlook Negative, on 6 Feb 2026, and reported that auditors had flagged substantial doubt about the operator's ability to continue as a going concern.
A restructuring support agreement with Assured Guaranty and a debtor-in-possession commitment of at least $350mm are in place.
Insurance Journal · Brightline Florida · the restructuring support agreement with Assured Guaranty ·
No Chapter 11 petition had been filed as of 21 Sep 2026, the date this record was last read. It can change, and the date changes with it.
Verification search — Insurance Journal, Advisor Perspectives, ION Analytics · Brightline Florida · a filed Chapter 11 petition ·
What the train is for
We make no claim that the train raises rents. Post-recession studies of commuter-rail proximity find the effect on rental values insignificant or negative.
What it does, in underwriting terms, is make two on-site spaces for thirty-eight apartments defensible. That is optionality, and it is the claim the evidence supports.
The pedestrian bridge from the station to Aventura Mall is not built. It is a pending catalyst, not a feature of this building, and nothing in the underwriting depends on it.
Schematic — Vera Fund, drawn from the memorandum's description of the block. Not to scale; street positions are indicative.SHOT PENDINGPLATFORM · 0.55 MILES, NO TRACK CROSSING
Aventura Quattro and the block, 2479 NE 192nd Street. Owned by a Vera Fund affiliate; competes with CYBR Aventura for tenants.77,411 VEHICLES A DAY · BISCAYNE BLVD AT NE 192ND ST
The walk
0.55 miles, no track crossing.
We publish the distance, not a walking time. The memorandum states one; nobody has published how or when it was measured, so it does not appear here.
Offering memorandum ·
Two sources disagree
Travel time to Fort Lauderdale
Offering memorandum ·
14 minutes
PUBLISHEDBrightline published timetable · Aventura → Fort Lauderdale · the uniform departure-to-departure interval; Brightline publishes no station-to-station arrival time · 3 Nov 2025
16 minutes
We publish the figure on the external record, and name the memorandum's beside it.
Brightline publishes a departure interval, not a station-to-station time, and the memorandum does not say how its figure was measured. The published interval is the one a reader can check.
No MiamiCentral time is published here. The memorandum's figure matched Brightline's timetable when it was last read; a secondary source gives a shorter time. It will appear only when re-read from Brightline's own timetable, with the read date.
Every other way out, in the memorandum's words
I-95 and Florida's Turnpike
Direct access by way of NE 203rd Street and Ives Dairy Road, placing Miami and Fort Lauderdale within a half hour in either direction.
Fort Lauderdale-Hollywood International
A seventeen-minute drive. Miami International is roughly thirty-five minutes.
Metrobus route 183
West Dixie Highway, a quarter mile from the site, on 22-minute headways.
The City of Aventura's free shuttles serve the city limits and not this unincorporated block. The building answers the last mile with a shared resident fleet rather than by relying on a municipal service it cannot control.
Offering memorandum ·
Demand within one mile
Who is already here, and how many of them pass the door.
The sub-market holds 1.8mm square feet of office. Aventura's daytime population rises 26 per cent on inbound commuters.
Daytime employees
22,687
within one mile of the site
Offering memorandum ·
Hospital employment
2,023
HCA Florida Aventura Hospital
Offering memorandum ·
Vehicles per day
77,411
Biscayne Blvd at NE 192nd St
Offering memorandum ·
Walk to Brightline
0.55 mi
0.55 miles, no track crossing
Offering memorandum ·
01
Map key 01: The site · 2511 NE 192nd Street, Miami, FL 33180
Seven storeys on a residential street, not the boulevard. Biscayne Boulevard is the next street east; the school is directly across the road.
02
Map key 02: Brightline Aventura
Brightline Aventura at 19796 West Dixie Highway is 0.55 miles from the door, without crossing the tracks. System ridership reached 9,335 a day in July 2026, up 13% year on year. Brickell is a free Metromover connection from MiamiCentral. The ridership figure is the whole system's; Brightline publishes none for this station.
03
Map key 03: Scheck Hillel Community School
Directly across NE 192nd Street; 1,250 to 1,350 students and a National Blue Ribbon School.
77,411 vehicles a day at the corner, and a further 71,012 at NE 191st Street. The building faces the residential street, not the boulevard.
07
Map key 07: Aventura Quattro · 2479 NE 192nd Street
Next door. Owned by a Vera Fund affiliate, and it competes with this building for tenants.
Offering memorandum ·
The memorandum's honest read of the block
The block is younger and cheaper than the ZIP around it. Ojus has 12.4% of its population aged 25 to 34 against 9.2% in ZIP 33180, and a median gross rent of $1,810 against $2,563.
It is not a car-free population. Only 6% to 7% of households here have no vehicle. The building is underwritten for a car-light renter, not a car-free one, and the shared fleet widens the funnel rather than replacing a car.
Offering memorandum ·
Seven measures of who lives here, each on its own axis from zero, three geographies per row
ZIP 33180City of AventuraOjus CDP
Population
people · American Community Survey 2020–2024 five-year estimates
Ojus CDP 19,198
Median age
years · American Community Survey 2020–2024 five-year estimates
Ojus CDP 41.3
Ages 25 to 34
per cent · American Community Survey 2020–2024 five-year estimates
Ojus CDP 12.4%
Median household income
US dollars · American Community Survey 2020–2024 five-year estimates
Ojus CDP $68,644
Renter households
per cent · American Community Survey 2020–2024 five-year estimates
Ojus CDP 34.8%
Median gross rent
US dollars a month · American Community Survey 2020–2024 five-year estimates
Ojus CDP $1,810
Work from home
per cent · American Community Survey 2020–2024 five-year estimates
Ojus CDP 9.3%
Census measures by geography
Measure
ZIP 33180
City of Aventura
Ojus CDP
Population · people
34,147
39,885
19,198
Median age · years
44.3
46.9
41.3
Ages 25 to 34 · per cent
9.2%
9.3%
12.4%
Median household income · US dollars
$91,055
$89,274
$68,644
Renter households · per cent
38.7%
36.4%
34.8%
Median gross rent · US dollars a month
$2,563
$2,513
$1,810
Work from home · per cent
27.4%
29.7%
9.3%
Every row is drawn from zero on its own scale, because the rows mix people, years, dollars and shares. Nothing is normalised and no row is compared with another.
American Community Survey 2020–2024 five-year estimates · ZIP 33180 · City of Aventura · Ojus CDP · as reproduced in the offering memorandum ·
We are not the cheapest apartment on this street.We are the smallest building on it, and we open last.
Five named projects on this corridor, from 223 to 700 units, and about eight further filings between 67 and 350.
This is38units
CYBR Aventura · 38 units · Offering memorandum ·
Apartment projects on the Ojus corridor by unit count, as the memorandum lists them, with this building drawn at the same scale. The further filings are a range, not a project; the North Miami Beach total is a sub-market figure and sits beyond the axis.
The corridor pipeline, row by row — projects apart from aggregates, each with its universe as stated
Project
Location
Scale, as stated
Status
Named projects
Aventura Station II
2541 NE 192nd St — same block
223 units, 12 stories
Filed
Modera Aventura
W Dixie Hwy (Mill Creek)
420 units
Under way
Modera Aventura South
W Dixie Hwy (Mill Creek)
251 units
Under way
Aventura Pointe
Ojus corridor
327 units
Approved with parking reduction
Blue Aventura
Ojus corridor
700 units
Proposed
Aggregates — not single projects
Further corridor filings
W Dixie Hwy / NE 190th–203rd St
~8 projects, 67–350 units each
Filed to approved
North Miami Beach
Sub-market total
1,807 units
Under construction
This building
CYBR Aventura (this building)
2511 NE 192nd Street, Miami, FL 33180
38 units, 7 storeys
Final Administrative Site Plan Review (ASPR) approval issued. ASPR Submittal 2 dated 14 April 2026.
The Ojus Urban Area District was written in 2006 to concentrate density around the Brightline station. The wave has arrived.
Aventura Station II, on the same block, is filed for 223 units in 12 stories. It is the nearest competitor and it validates the location.
CYBR Aventura is 38 apartments on a quiet residential street, which is a different product rather than a smaller version of the same one.
Pipeline as the memorandum lists it · Offering memorandum ·
Supply
Supply is a real risk and is underwritten as one. North Miami Beach alone has 1,807 units under construction, the second-largest pipeline in Miami-Dade County.
Concessions on this corridor, read in one day
39.7%
of US rental listings carried a concession in June 2026 — an all-time June high, up from 35.2% a year earlier.
Zillow Research — June 2026 Rent Report · United States · rental listings — an all-time June high ·
Zillow Research — June 2026 Rent Report · United States · rental listings, a year earlier ·
A snapshot, not a feed. Each card is what that building's own leasing page or a named listing site advertised on the day we read it; a card without a capture date does not render.
Modera Aventura, W Dixie Hwy
up to2.5months free
Modera Aventura leasing site (Mill Creek), site-wide banner
Our studio against Modera's studio, on a net-effective basis.
That comparison is made with a CYBR rent — a pro forma assumption — so it sits behind the accredited gate.
See what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Asking rents, per square foot
Five non-affiliate comparables as the memorandum states them, with asking rent per square foot per year drawn on one axis. Aventura Quattro, next door, is owned by a Vera Fund affiliate and is not in this public table.
Building
Address
Built
Units
Smallest plan
Two-bed
Parking
Asking rent in dollars per square foot per year, drawn on an axis from 30 to 60 Asking $/sf/yr · axis 30–60
CYBR Aventurathe subject
Subject rent — a pro forma assumption, behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Avida Aventura
19401 W Dixie Hwy
2024
266
672 sf $2,310–2,415
987 sf $3,075–3,215
Included
37–43
Soleste NoMi Beach
16395 Biscayne Blvd
2023
367
—not stated
700 sf $2,540
Available
43+
Aura North Miami Beach
17071 W Dixie Hwy
Recent
—not stated
539 sf from $2,600
from $3,380
Reserved, $0–175
not published
Solé Mia North Miami
NE 151st St
Recent
—not stated
536 sf from $2,423
1,000 sf to $4,104
Included
40–54
Parks at Hallandale
200 E Pembroke Rd
2026
398
from $2,125
to $4,050
Free
not published
Asking rents as the memorandum states them · Offering memorandum ·
Rent comparables
New construction within three miles. Subject rents are pro forma assumptions in 2026 dollars.
On a per-square-foot basis the subject is underwritten above every larger comparable in this set. The figure is in the pro forma, behind the gate.
Subject rent per square foot · Vera Fund pro forma, September 2026 · projected, not guaranteed
What survives
38 units is a different lease-up exposure from 420; those concessions were advertised on 21 Sep 2026 by buildings already leasing, and our lease-up begins only after construction; and the rent is untrended, which is genuinely conservative against trended underwriting and not conservative against today's net-effective rents.
Basis
Stabilized, untrended 2026 dollars
Someone else's money, three blocks away.
Avida Aventura, 19401 W Dixie Hwy, 266 units built in 2024, traded in May 2026 for about $109.9mm — $413,158 a unit — from Fifield Companies to Breevest, with a mortgage of $85,000,000 from BDT & MSD.
That is institutional capital transacting on this corridor, and it is not ours.
Connect CRE · Avida Aventura, 19401 W Dixie Hwy · single-asset sale, Fifield Cos. to Breevest; 266 units, built 2024 · · read
Hard cost, as carried · plus a 5% owner's contingency
$292/GSF
The construction contract
NOT EXECUTED
Both, in the memorandum's own sentence · Offering memorandum ·
The whole capital stack,and the one row that is behind the gate.
Hard cost is carried at $292 a gross square foot plus a five per cent owner's contingency, under a construction contract that has not been executed. No loan has been committed.
Hard cost and loan status · Offering memorandum ·
What the word means on this site
“Projected” means one thing here:
a rent nobody has collected and a cost nobody has contracted.
Vera Fund pro forma, September 2026 · projected, not guaranteed38 UNITS · 39,000 GSF
Total capitalisation
$17,596,936
Budget · projected
Vera Fund pro forma ·
Per gross square foot
$451.20/gsf
Budget · projected
Vera Fund pro forma ·
Vera Fund pro forma, September 2026 · projected, not guaranteed
Construction contract
Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
Construction loan
No loan has been committed.
Basis of these figures
Refinance
Month 36
Exit
Month 48
Forward-looking statements
Some statements are forward looking and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. The Sponsor cannot guarantee future results and assumes no duty to update them.
Risk of loss
Investors must be prepared to bear the risk of their investment for an indefinite period and be able to withstand a total loss of their investment.
Every forward-looking number on this site carries its date, its assumption and the thing that would break it. The ones that matter sit behind an accredited-investor gate, because a target return is not public content.
The capital stack
Useswhat it costs
Sourceswho funds it
Total uses = total sourcesthe stated total · budget · projected
01Acquisition
02Hard costs
03Soft costs
04Financing costs
01Senior construction loan
02Equity
$292/GSFNOT EXECUTED
Read from the ground up
Bands show the order the money is spent and raised — never how much. The amounts are offering terms; they stand, row by row, in the stack's tables. Go to the tables
Stack order · Vera Fund pro forma ·
Uses and sources, as the pro forma states them. The totals are public; every row is an offering term, shown in place.
Uses — what it costs
Use
Amount
Acquisition
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Hard costs
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Soft costs
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Financing costs
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Total uses
$17,596,936
Sources — who funds it
Source
Amount
Senior construction loan
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Equity
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Total sources
$17,596,936
Equity is called in five instalments
Call
Share of equity
Call 1
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Call 2
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Call 3
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Call 4
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Call 5
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Uses, sources and capital calls · Vera Fund pro forma ·
Vera Fund pro forma, September 2026 · projected, not guaranteed
Development and Construction Risk
Ground-up development. The general construction contract has not been executed and the hard cost is a budget rather than a contracted price. A 10% increase in hard cost reduces the modeled levered return by approximately 600 basis points.
Construction loan
No loan has been committed.
Basis of these figures
Hard cost
Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
Construction loan
Offering terms — behind the accredited gate
Refinance
Month 36
Refinance
Offering terms — behind the accredited gate
Loan status
No loan has been committed.
Key metrics — what the building is, what it costs, and the terms that sit behind the gate
Metric
As stated
The building
Address
2511 NE 192nd Street, Miami, FL 33180
Submarket
Ojus urban center, unincorporated Miami-Dade County
Apartments
38
Storeys
7 (8 permitted)
Lot area, net
8,792 sf
Building area
39,000 gsf · 25,159 sf rentable
Entitlement
Final Administrative Site Plan Review (ASPR) approval issued. ASPR Submittal 2 dated 14 April 2026.
Construction start
Month 13 from close
Projected sale
Month 48 from close
Expected hold
4 years
The capital
Total capitalisation
$17,596,936 · Budget · projected
Offering terms
Equity raise
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Limited-partner equity
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
Minimum investment, natural persons
Offering terms — behind the accredited gateSee what is behind the gate
On the financials page
METRICS — What the pro forma returns, and to whom.
RENTS — What each apartment is assumed to rent for, and against what.
USES & SOURCES — What it costs and who funds it.
WATERFALL — Who is paid, in what order.
CAPITAL CALLS — When money is called, and when it comes back.
CASH FLOW — The four-year path, trough first.
SENSITIVITY — What moves the return.
EXIT — What the sale is assumed to fetch.
OPEN ITEMS — What the pro forma does not yet answer.
DOCUMENTS — What is in the data room.
In the data room
The offering memorandum
The underlying pro forma
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent
The approved ASPR drawing set
The Miami-Dade comment response letter
The Aventura Quattro certified rent roll
Certified rent roll
Trailing twelve months
Week-by-week lease-up curve
Key metrics · Offering memorandum ·
Total capitalisation · Vera Fund pro forma ·
Vera Fund pro forma, September 2026 · projected, not guaranteed
Construction contract
Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
There is no return row in this table. That row is the reason the gate exists.
The schedule
Forty-eight months, five capital calls, one refinance, one sale.
Months count from close. Construction starts in month thirteen; refinance at month thirty-six; sale at month forty-eight. The memorandum dates no completion.
The schedule is a plan, and the contract that governs its middle is unsigned.
The schedule, in months from close · Offering memorandum ·
Notice before each call
The sponsor has not yet stated a notice period for this offering's capital calls.
The institutional benchmark, for comparison — not this deal's term: at least 10 business days to respond to a capital call.
PUBLISHEDILPA Principles 3.0 · institutional fund investors ·
Why there is a gate
The full pro forma sits behind an accredited-investor gate — not to create friction, but because a target return is not public content.
Of the sponsor sites we studied before building this one, not one publishes a target return for an unbuilt, unraised deal on an open page. The ones that publish numbers publish realised ones, dated; where a projection appears at all, it is for an asset that already stands.
What opens after the gate, named before you knock — the documents the memorandum itself lists.
The offering memorandumSeptember 2026
The underlying pro formaSeptember 2026
Year-by-year cash flow
Sources, uses and the capital stack
Waterfall, capital calls and distributions
The sensitivity grid — hard cost against rent · 5 × 7
The approved ASPR drawing setdated on the document
The Miami-Dade comment response letterdated on the document
The Aventura Quattro certified rent rolldated on the document
Certified rent roll
Trailing twelve months
Week-by-week lease-up curve
The memorandum's own list of the data room · Offering memorandum ·
What breaks this.
Sixteen things, in the sponsor's own words, none of them softened, all of them from the offering memorandum. We put them on the open page because you will find them anyway, and because a sponsor who shows you only the upside has told you something about the sponsor.
16risk factors, every one of them from the offering memorandum, every one of them on this page.
A ten per cent increase in hard cost reduces the modeled levered return by approximately 600 basis points — the offering memorandum's own words — and the contract is not signed.
Hard cost+10%A budget, not a contractModelled levered returnAbout 600 bp lowerBase case, at restPivot · the pro forma of September 2026Not to scale
Risk factor, in the memorandum's words
Ground-up development. The general construction contract has not been executed and the hard cost is a budget rather than a contracted price. A 10% increase in hard cost reduces the modeled levered return by approximately 600 basis points.
Risk factors — Development and Construction Risk · Offering memorandum ·
Vera Fund pro forma, September 2026 · projected, not guaranteed
Construction contract
Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed.
Construction loan
No loan has been committed.
Basis of these figures
Refinance
Month 36
Forward-looking statements
Some statements are forward looking and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. The Sponsor cannot guarantee future results and assumes no duty to update them.
Risk of loss
Investors must be prepared to bear the risk of their investment for an indefinite period and be able to withstand a total loss of their investment.
Two figures in one sentence are not a function. The modelled surface behind them — hard cost against rent, cell by cell — sits behind the accredited gate.
Assumes a construction loan at 9.00% and a month-36 refinance at 5.50% sized to 1.25x DSCR. No loan has been committed.
The refinance is modelled at month 36, on the income of a leased building. If lease-up runs late, the refinance either waits or is sized on the income of a building that is not yet full.
Vera Fund LLC owns Aventura Quattro on the same block, which competes with the Property.
Vera Fund owns the land free and clear. Carried at $2,010,000, below the $2.5mm value at which VF has previously offered the site. We publish the delta rather than the assurance: it is still a related-party price set by one side.
Uses of funds — the land note · Offering memorandum ·
Underwritten at rents at the upper end of the current sub-market range with a six-month lease-up. A substantial pipeline of larger, structured-parked buildings may offer concessions when the Project opens.
On the day we read them, Modera Aventura was advertising up to 2.5 months free on its own leasing site, and Apartments.com listed it at 2 months free. The larger buildings discount today; 10 / MARKET has the board.
Modera Aventura leasing site (Mill Creek), site-wide banner · Modera Aventura, W Dixie Hwy ·
The industry is highly competitive and fragmented; some competitors have longer histories and greater resources.
The memorandum names Aventura Station II, Modera Aventura, Modera Aventura South, Aventura Pointe and Blue Aventura on this corridor, from 223 to 700 units, and about eight further filings between 67 and 350 units. This is 38.
The Sponsor or affiliates may be paid acquisition, asset management, brokerage, structuring, property management, construction management or developer fees.
Real Estate, Economic and Certain Other Conditions
The real estate industry is cyclical and sensitive to general economic conditions. Completion may be delayed by regulations, inspections and force majeure.
The pro forma sells the building at a 5.00 per cent cap in month 48. If the market's cap rate is higher on the day of the sale, the price is lower.
Success depends significantly on the Sponsor's management.
General contractor, construction lender, offering counsel, accountant (CPA) and property manager: not appointed. The org chart at 08 / NEXT DOOR says so, role by role.
Not registered; no SEC or state securities commission review.
The securities legend, in full
The interests have not been registered under the Securities Act of 1933, as amended, or any state securities laws, in reliance upon exemptions from registration provided by Section 4(2) of the Securities Act and similar state exemptions. The interests have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission.
No assurance that environmental liabilities do not exist or will not develop; remediation costs may be substantial.
Two more, not on the memorandum's list
The approval carries four conditions. The memorandum lists them; we publish them rather than omit them.
01Curbside trash collection in off-peak hours under a recorded covenant
02No gates; emergency vehicles serve the building from the street
03Unity of title recorded on lots 29 and 30
04Tree Trust Fund contribution for the specimen tree shortfall
Conditions of approval · Offering memorandum ·
It is not a car-free population. Only 6% to 7% of households here have no vehicle. The building is underwritten for a car-light renter, not a car-free one, and the shared fleet widens the funnel rather than replacing a car.
American Community Survey 2020–2024 five-year estimates, as the memorandum reports it · Offering memorandum ·
Behind the gate, named but not shown
The pro forma has open items, and they sit behind the accredited gate with their figures:
the building's efficiency, net rentable area against gross
the operating-expense ratio, and the line it does not carry — a replacement reserve
insurance, per apartment, per year
a sensitivity run past the memorandum's own worst case
The absence of a downside scenario damages credibility more than the downside does.
Open items · Vera Fund pro forma ·
Every number in this section came from the same document as the good ones. If any of them is a reason not to invest, it was going to be a reason in month four of diligence. Better here.
Nick or Yury replies personally, within one business day. Not a queue.
Two people run this. Nick Polyushkin is Chief Executive Officer and Founder. Yury Kharitonenkov is Managing Partner. There is no associate, no referral programme and no one else at Vera Fund LLC who will discuss this offering with you. Write to info@vera.fund, and one of them answers inside one business day. If that does not happen, say so, and that is useful to us.
The ones the offering memorandum itself names, shared after the accredited gate and a call:
The offering memorandum
The underlying pro forma
The approved ASPR drawing set
The Miami-Dade comment response letter
The Aventura Quattro certified rent roll
04
What is asked of you next
A twenty-minute call. Nothing is asked of you before it.
Data room contents, as the memorandum names them · Offering memorandum ·
On the open side
These three will be the only documents outside the gate. Everything else is in the data room.
Not published yet. When it is, the date will be in its filename. Ask Nick or Yury for it in the meantime.
Fact sheet
Planned filename · CYBR_Aventura_FactSheet_2026-09-21.pdf · PDFNot published yet
Typical floor plate, sheet A-102
Planned filename · CYBR_Aventura_Floorplate_A-102_2026-09-21.pdf · PDFNot published yet
Location brief
Planned filename · CYBR_Aventura_Location_Brief_2026-09-21.pdf · PDFNot published yet
The SEC's ten questions, answered in its order
The SEC's investor bulletin on private placements lists ten questions an investor should ask before putting money into a private offering. This page answers them in the bulletin's order. Eight are answered here in full. Two — whether our track record has been independently audited, and how prior offerings performed — are answered in the data room, and the honest answer to the first is no. There is no audited track record because there has not yet been an audit.
U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy · Investor Bulletin: Private Placements under Regulation D ·
01
Did the issuer provide financial statements?
Not historical ones: the building does not exist yet, so there is nothing to report on. The issuer is Vera Fund 6 LLC. Its financial document is the underlying pro forma, dated September 2026, in the data room — a projection, not a result.
Answered here
02
Are those financial statements independently audited?
Answered in the data room. The honest answer is no: there is no audited track record, because there has not yet been an audit.
Data room
03
Are the issuer's claims and expectations reasonable?
Judge them against the risk section above. Every projected financial figure on this site carries the pro forma's date and a named caution in the memorandum's words, and the target return is not on this page at all.
The corridor's pipeline, set out in the market section, and the building next door: Vera Fund LLC owns Aventura Quattro on the same block, which competes with the Property.
Nick Polyushkin, Chief Executive Officer and Founder, and Yury Kharitonenkov, Managing Partner. The one delivered building this page can show you is next door, at 2479 NE 192nd Street.
How long has the issuer been in business, and how did prior offerings perform?
Answered in the data room. How prior offerings performed is a performance record, and a performance record does not belong on an open page.
Data room
07
How will the money be used?
Acquisition, hard costs, soft costs and financing costs, line by line in the capital section. Two lines are stated in the memorandum's own notes: Hard cost carried at $292 per gross square foot plus a 5% owner's contingency. The construction contract has not been executed. Vera Fund owns the land free and clear. Carried at $2,010,000, below the $2.5mm value at which VF has previously offered the site. The other amounts sit behind the gate.
When are the restrictions on transferring the interests lifted?
Not on any schedule this page can promise. Interests are restricted and unregistered; investors should be prepared to hold indefinitely. The interests have not been registered under the Securities Act of 1933, as amended, or any state securities laws, in reliance upon exemptions from registration provided by Section 4(2) of the Securities Act and similar state exemptions. The interests have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission.
Answered here
09
Are you comfortable holding the investment indefinitely?
The plan is a sale in month 48, a 4-year hold; the memorandum's legend is the answer to plan on: Investors must be prepared to bear the risk of their investment for an indefinite period and be able to withstand a total loss of their investment.
Answered here
10
Could you afford to lose all of it?
Answer it before anything else. The construction contract is not signed and no loan is committed; the sixteen risk factors above are the ways a total loss could happen.
Draft wording — to be reviewed by a CPA before launch. It is general information, not tax advice.
01
Can I invest through a self-directed IRA?
You can ask to. Leveraged real estate held inside an IRA can generate unrelated business taxable income, including unrelated debt-financed income, which may be taxed inside the IRA. Whether it applies to you, and how much, is a question for your own tax adviser.
02
When would a K-1 arrive?
The memorandum does not state a delivery date for the partnership's K-1. Ask, and the expected timing comes back in writing before you invest.
