The Oakley Collection
Five luxury single-family residences in West Lakeview · Roscoe Village, Chicago.
Completion targeted for Q3 2027.
A private investment opportunity for a select group of accredited investors, structured to target a fixed return. Investors are paid before we participate in profits — meaning your return comes first. Property values would need to fall by ~21% before your capital is impacted — a meaningful margin of protection.
We create value. We don't ride the market.
A rising market makes every developer look smart — for a while. When conditions shift, the difference between those who built value and those who simply rode the lift becomes expensive, fast.
Oakley is the opposite of a market bet. Buyers are actively shopping West Lakeview and Roscoe Village for designed, new-construction homes above $2M — and they can't find them. 90% of the new-construction projects I've personally handled closed above $2M. That's not a projection. It's the price band I work in every day.
We're taking an industrial warehouse the neighborhood doesn't need, rezoning it to residential with alderman approval and community support, and building five homes at the price point the market is already asking for. The rezoning itself is a value-creation event — industrial parcels trade at a fraction of residential buildable land, and we capture that delta the moment it clears.
This deal doesn't require Chicago's market to climb. It requires execution on a demand we've already verified — and we've done it before, in harder conditions than these.
When we marketed 2035 N Orleans, the luxury market was not easy. Two competing luxury developments in the same submarket failed during that same window. Ours sold out before completion. That is what value creation looks like when the market isn't helping — which is exactly when it matters.
If you invest, here's what happens to your money.
Six steps. Front to back.
Up to $1.5M raise · Fu Capital Partners
~85% senior debt · Renovo (private credit)
Third-party validation through senior lender underwriting
Why step 05 matters. Think of it as musical chairs. When the music stops, the bank sits first, you sit second, and the sponsor — me — sits last. If the project underperforms, the shortfall is absorbed by the chair at the end of the line before it ever reaches you. That's the point of the structure.
Why I'm doing this raise at all.
I don't need to raise outside capital for Oakley. Between the senior construction financing and my own position, this project moves forward without it.
There's something else you should know. I still live in one of the homes I helped create. I don't develop what I wouldn't want to own myself — and that is the standard behind this deal.
I'm doing it on purpose. My intent is to scale Fu Capital Partners into a full real-estate investment fund. Before I do that, I want a small group of people — friends, clients, people who already know how I work — to sit on the investor side of one of my deals. See the numbers. Watch the execution. Get comfortable with the mechanics.
Think of it as a free cup of my best coffee — no hooks, no gimmicks. The cleanest structure I could put together on a deal I'm funding with my own capital. If it's a great cup, I hope you come back for the next one.
Tiered by allocation. Paid at completion.
Paid in priority from project proceeds — before the sponsor earns a dollar of profit.
Duration 12–14 months · Lump-sum at completion · Minimum $100,000 · Maximum allocation $500,000 per investor — by design, to spread the raise across multiple relationships.
Seven reasons Oakley is structured for investors.
Defined return, not a target.
Know your return upfront.
Most real-estate deals quote a target IRR — an aspirational outcome dependent on everything going right. Oakley is a preferred return with contractual priority: defined upfront, ranking ahead of sponsor profit in the waterfall.
Paid first.
You rank ahead of sponsor profit in the waterfall.
Senior debt is repaid first, then your principal, then your preferred return. The sponsor's profit is the first layer to absorb any shortfall — by structure.
Conservative pricing.
Underwritten 15%+ below where comps are clearing.
Oakley is underwritten at a 15%+ discount to comparable new construction clearing in the neighborhood today. The assumed sale price is already below what the market is delivering — returns don't depend on chasing the top of the market.
Downside protection.
~21% cushion before your capital is impacted.
Expected sale price is ~$2.25M per home. Capital preservation level sits at ~$1.78M. That's a ~21% cushion — roughly $467K per home — before investor capital begins to be affected. This cushion sits on top of the conservative underwriting in pillar 03 — a second layer of protection.
No fee drag on investor capital.
Every dollar of yield reaches you.
No acquisition fee. No asset management fee. No disposition fee. Returns flow straight to you — no dilution from fund-level overhead.
Short duration, single exit.
12–14 months. No lockup. No capital calls.
Projected duration is 12–14 months from deployment to lump-sum distribution. No multi-year lockup. No reinvestment risk. Short duration limits market exposure.
Proven execution.
GMP contract + proven track record.
Construction runs under a Guaranteed Maximum Price (GMP) structure with a 23-year veteran builder — the #1 execution risk in any development, cost overruns, is capped by contract. Two prior developments — The Saint James and 2035 N Orleans — were delivered on plan and fully under contract before construction completed.
Downside protection is built in twice — in the pricing and in the payout structure.
Oakley is underwritten at a 15%+ discount to comparable new construction already selling in the neighborhood. The ~21% structural cushion shown below sits on top of that already-conservative pricing. Both layers have to fail before investor capital is impacted.
Sale pricing could decline by roughly $467K per home — about 21% — before the project's ability to return investor principal is affected. That is the structural margin of safety, independent of any single sale outcome.
Six numbers that make this deal work.
If you're new to real-estate PE, the pro-forma can feel opaque. These are the six line items I'd ask about first — pulled directly from the deal and explained in context.
Why this is strong.
Chicago custom new-construction at this tier typically runs $275–$400/sqft. Oakley is contracted at $216/sqft — roughly 20–45% below market.
That's only possible because G.Corp — the builder — is also the development partner on the deal. They bring their own volume pricing on materials, long-standing subcontractor relationships, and in-house crews to a project they're economically aligned with.
Benchmark: Chicago luxury infill SFH, $275–$400/sqft per recent contractor bids and RSMeans regional data.
Why this is strong.
Comparable teardown lots in West Lakeview and Roscoe Village currently trade in the $500K–$700K range.
Oakley's land was assembled off-market through direct seller relationships — not on the MLS. The $100K–$300K per home gap between Oakley's basis and the open-market lot price is margin that's already built in before construction begins.
Benchmark: West Lakeview 25–30' teardown lots, MLS closings last 12 months.
Why this is strong.
Four nearly-identical new homes closed within a quarter-mile of the site in 2026. Oakley is underwritten at a deliberate 15%+ discount to where that market is clearing today. The specific price-per-square-foot figures are shown in the comparable sales section below.
This is the first layer of downside protection, and it lives inside the pro-forma itself. The deal doesn't need a strong market to work — it's priced to clear in a market that's already weaker than the one in front of us.
Benchmark: four recent new-construction comps (2034 W Melrose, 3302 Hoyne, 2115 W School, 3306 Hoyne), avg ~$562/sqft, closed 2026.
Why this is strong.
Chicago infill SFH margins typically run 15–20%; the national SFH construction average was 20.7% in 2023 (NAHB Cost of Construction Survey). Oakley underwrites to ~22.2% — and does it at a sale price 15%+ below where the market is actually clearing.
That's the point. Most developers hit the top of the Chicago margin band by pricing aggressively into a strong market. Oakley exceeds the band while pricing conservatively into the market — because the margin is manufactured on the cost side (callouts 1 and 2), not borrowed from an optimistic exit.
Benchmark: NAHB 2023 Cost of Construction Survey (national, 20.7% gross margin); ULI Chicago MSA infill SFH (15–20% typical).
Why this is strong.
A development pro-forma rests on five variables: land, construction cost, soft costs, financing, and revenue. At Oakley, four of the five are already locked or committed before construction begins:
- Land basis — closed at $400K/home, assembled off-market
- Construction cost — capped under a Guaranteed Maximum Price (GMP) structure with G.Corp; cost overruns sit with the builder, not the project
- Soft costs — permits, legal, and insurance fully scoped and budgeted
- Financing — 85% LTC underwritten with Renovo, 18-month interest reserve
That leaves revenue — sale price and timing — as the only remaining variable. Cost overruns and financing surprises derail most development pro-formas. Here, both are off the table by structure. What remains is market risk — visible, sizable, and sized in the Downside Protection section above.
GMP structure caps build cost at a hard ceiling. Land closed, soft costs scoped, senior debt commitments in hand.
Why this is strong.
A senior construction lender is willing to put up 85% of total project cost at a ~10% coupon, with an 18-month interest reserve built into the facility. Underwriting assumes ~14 months of total interest carry — leaving ~4 months of cushion against schedule slip before any out-of-pocket reserve replenishment is required. Interest accrues against drawn balance, not committed balance, so financing cost ramps with construction draws rather than hitting on day one.
Lenders are paid a fixed coupon and cannot earn upside — they only commit at this ratio if the underwriting, appraisal, and cost plan hold up to their independent review. That 85% is, functionally, a third-party validation of the project's feasibility.
Senior debt: 85% LTC, ~10% coupon, 18-month interest reserve, draw-based interest accrual.
Every number above, traced back to the source.
| Line Item | Per Home | Project (5 Homes) |
Notes |
|---|---|---|---|
| Land Acquisition | $400,000 | $2,000,000 | off-market basis |
| Hard Construction Cost | $1,027,250 | $5,136,250 | GMP · $216/sf × 4,740 sf |
| Soft Costs | $85,000 | $425,000 | A&E, permits, legal, insurance, GC fee |
| Financing Costs | $104,000 | $522,000 | interest carry + loan origination |
| Sales & Marketing | $20,350 | $101,750 | renderings, listing, commissions* |
| Total Project Cost | $1,636,600 | $8,183,000 | all-in basis |
| Projected Sale Price | $2,250,000 | $11,250,000 | vs. comp avg $2.57M |
| Gross Profit | $467,025 | $2,335,127 | ~22.2% margin |
A note on the numbers. The figures above are current pro-forma underwriting — benchmarked to recent comps and priced off the GMP framework. Land basis and senior financing are locked by contract; construction cost is capped under a GMP structure with G.Corp; soft costs are scoped and budgeted. Revenue is the remaining variable, and sale prices and market timing can move the figures above. The payout priority — investor capital and preferred return rank ahead of sponsor profit in the waterfall — is contractual. Distribution amounts depend on project proceeds.
Full line-item pro-forma, operating agreement, and subscription documents available under separate disclosure upon qualified request. Figures reflect current underwriting as of the date of this material.
Oakley is priced below recent comparable sales.
Four comparable new homes closed within a quarter-mile of the site in 2026. Oakley is deliberately priced at a 15%+ discount to where the market is already trading.
We don’t wait for value.
We create it.
Two prior developments. Both sold out pre-completion.
Same edge. Proven in both softer and peak-rate markets.
Saint James
- 100% sold pre-completion
- Full asking prices achieved
- Delivered within 2% of budget
Orleans
- Sold out before completion
- Record pricing for the submarket
- Buyers later resold 25–30% higher
Oakley is the next project in that pattern — the same market intelligence behind Orleans and Saint James, now paired again with G.Corp, the build partner that delivered Saint James within 2% of budget.
The two people behind Oakley.
Eugene Fu
Principal, Fu Group Chicago · @properties Christie's International Real Estate
Over $1B in career transactions across development, capital, and luxury brokerage in the neighborhoods Oakley serves. Led sourcing, underwriting, and go-to-market strategy behind Orleans, The Saint James, and Oakley.
Giacamo Caliendo
Development Partner · Builder of Record
Twenty-plus years building custom homes and boutique developments across Chicago, with 30+ completed projects. Delivered The Saint James within 2% of budget and now leads Oakley construction under a GMP contract.
Questions we hear most.
A preferred return is a defined yield that ranks ahead of sponsor profit in the waterfall — you are paid in full before the sponsor earns a dollar of profit from the project. At Oakley, the preferred return is 12–18% annualized, tiered by check size, and documented in the operating agreement. It is the number the structure is built around, not a projection or a target; distributions depend on project proceeds.
When the homes sell, proceeds flow through the waterfall in order: senior bank debt is repaid first, then your principal is returned, then your preferred return is paid. Only after all of that does the sponsor — me — see a dollar. You are not given ownership of the homes or a share of upside above the preferred. You are given a defined yield in priority position, with your capital returned at completion from project proceeds. Distributions are tied to home closings — as homes sell (expected months 10–14), capital flows through the waterfall, with final investor distribution at project completion, roughly 12–14 months from deployment.
A lot of first-time real estate investors compare any RE investment to owning a rental. They're not the same thing. This is a defined-timeline, build-and-sell project — not a landlord position.
Owning a rental yourself
- You become the landlord — tenants, leasing, turnover
- Repairs, vacancies, and capex hit your pocket directly
- Indefinite hold — capital tied up until you sell
- Returns depend on rent growth and your operating skill
- You are personally liable for the asset and the loan
Investing in Oakley
- Armchair investment — no tenants, no leasing, no turnover
- G.Corp absorbs construction risk under a GMP contract
- Defined 12–14 month exit, not open-ended
- Returns driven by value creation, not market timing
- Limited liability — no personal loans or guarantees
A reasonable instinct is to compare a private deal to the index. The honest comparison is what the return is made of, not just the headline number. Public markets give you whatever the market gives — inherited beta. Private real estate, underwritten correctly, gives you a return generated by the deal itself — created alpha.
(passive equity index)
(NCREIF, diversified)
(top-quartile sponsors)
(priority position, defined yield)
The honest read: S&P returns are inherited — you are riding what the market gives. Private real estate, executed well, is closer to a return that's created by the deal itself. Oakley's 12–18% sits in the same band as long-run private RE PE returns, but as a defined yield with contractual priority in the waterfall, not an upside share contingent on outperformance.
Sources: S&P 500 25-yr annualized total return per S&P Dow Jones Indices (range varies by window). NCREIF Property Index 25-yr annualized. PE real estate long-run figures per Cambridge Associates / Preqin. All figures are historical averages and do not predict the return of any specific investment. Oakley's 12–18% preferred return is contractual, not an annualized historical figure.
Two things cushion this. First, Oakley is already underwritten at a 15%+ discount to where comparable new construction is clearing in the neighborhood today. Prices would need to fall meaningfully from current market levels before the underwritten sale price is even at risk. Second, the sponsor's profit sits behind investor principal and preferred return in the waterfall, so underperformance is absorbed by sponsor economics first. In a severe downside, investor capital and preferred return could still be impaired — that risk is real and is covered in the offering documents.
You invest into Oakley SPV LLC — a single-purpose entity managed by Fu Capital Partners. You receive membership interests in the SPV in exchange for your capital. The SPV pools investor capital and then lends that capital into the project entity (Oakley Collection LLC) as a secured promissory note. Two protections come out of that structure:
1. Creditor position, not just equity. The SPV is a lender to the project — not an equity holder. In any downside scenario, creditors are repaid ahead of the sponsor's profit. Your capital sits on the debt side of the stack, behind the senior bank but ahead of all sponsor economics.
2. On-title security. The SPV's note is secured by a recorded interest against the real estate itself, subordinate only to the senior construction lender. That means in a sale, refinance, or forced disposition, proceeds flow: senior bank first, then the SPV (you), then the sponsor. Your investment is secured through the SPV's recorded position on title — not a contractual IOU.
On top of that, the construction side is held under a Guaranteed Maximum Price (GMP) structure with the builder, so construction cost overruns are absorbed by the contractor, not the project.
Membership interests can be held by individuals, LLCs, family trusts, and self-directed IRAs, subject to accredited investor verification.
West Lakeview and Roscoe Village are the subject of a 10-year master plan led by the Roscoe Village Chamber of Commerce, Special Service Area 27, and Friends of Lakeview. The plan — developed over 10 months of community surveys and engagement — calls for enhanced streetscapes, safer pedestrian and bike connectivity, and the creation of six distinct sub-neighborhoods designed to strengthen local identity and property values. The timeline overlaps directly with Oakley's hold period, meaning investors benefit from neighborhood-level improvements already in motion.
Eugene reaches out personally within 24 hours. The first conversation is just a conversation — we walk through the full pro-forma, the operating agreement, the risk factors, and answer every question you have. No pressure, no paperwork on that call. If you want to move forward after that, we send offering materials and get the paperwork started.
I'm in — let's talk.
One click, one email. Eugene responds personally within 24 hours with offering materials and next steps.
By emailing, you represent that you are an accredited investor. This is not an offer to sell securities. Any offer will be made only through definitive offering documents.
Important Disclosures
The securities described herein have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws, and are being offered in reliance upon exemptions from registration under Regulation D of the Securities Act and applicable state "blue sky" exemptions. No federal or state securities commission has reviewed, approved, or disapproved these securities or determined whether this information is accurate or complete.
This page has been prepared by Fu Capital Partners LLC solely for informational purposes and is being provided only to persons with whom the sponsor has a pre-existing substantive relationship. It is not an offer to sell or a solicitation of an offer to buy securities. Any offer will be made only by means of definitive offering documents, including the Confidential Offering Memorandum and Subscription Agreement and the Operating Agreement of Oakley Collection SPV, LLC, which should be reviewed in full prior to any investment decision.
This opportunity is limited to accredited investors as defined under Rule 501 of Regulation D under the Securities Act. Prior to any investment, investors will be required to represent and certify their accredited investor status.
All figures contained herein are based on current projections and market assumptions, and are subject to change. Projections are forward-looking statements and are not guarantees of future results. Actual results may differ materially from projected outcomes due to a wide range of factors including, but not limited to, construction cost variance, permitting and zoning outcomes, interest rate movements, local market conditions, and sale absorption.
The preferred return described is a contractual obligation payable in accordance with the project waterfall from available proceeds; it is not a guarantee of payment. In the event of material project underperformance, investor capital and preferred return may be impaired, and investors could lose their entire investment. Past performance of prior developments referenced herein is not indicative of future results.
Real estate development investments are illiquid, speculative, and involve substantial risk, including the risk of total loss of principal. There is no public market for these securities and none is expected to develop. Prospective investors should consult their own legal, tax, and financial advisors before making any investment decision.
Version 1.2 · April 2026 · Confidential