SIMM Dev Fund I · Rule 506(c) · Accredited investors only
SIMM Dev Fund I invests in ground-up single-family development in select markets across the country, partnering with best-in-class local developers — beginning in Scottsdale, Arizona. Built to capture development-level returns with institutional discipline on basis, budget, and exit.
Fund terms at a glance
Verified accredited investors only · Rule 506(c)
The strategy
The country has underbuilt housing for years, and the shortage is most acute in the growth markets people keep moving to. Dev Fund I exists to build into that gap — carefully.
What we build
New single-family homes and communities — the product with the deepest buyer pool and the most durable demand in American housing.
Where we build
Key markets across the country chosen for population and job growth, starting in Scottsdale, Arizona. We go where demand is proven, not projected.
Who we build with
We partner with experienced local developers with deep track records in their own markets — and structure each project so our investors' capital sits in a protected position.
Development is where real estate's strongest returns have historically been created — and where undisciplined sponsors get hurt. Our job is to bring the underwriting rigor of an institutional allocator to an asset class usually run on optimism.
The shortage
After 2008, homebuilding fell dramatically and never fully recovered — while households kept forming. Estimates of the resulting shortage vary by methodology, but they all point the same direction: the country needs millions more single-family homes than it has.
You can't manufacture demand like this, and you can't fix a decade of underbuilding quickly. That's the gap Dev Fund I is built to build into.
Sources: 10M+ single-family home shortage: White House Council of Economic Advisers, annual economic report (April 2026), as reported by Bloomberg; the CEA figure measures homes that would exist had single-family construction continued at its pre-2008 pace. 4.03M supply gap, 2025 household formation and housing starts: Realtor.com, 2026 Housing Supply Gap Report (March 2026). Shortage estimates vary significantly by methodology, ranging from roughly 1 million to over 10 million homes. Disclaimer: Information derived from third-party sources believed to be reliable; SIMM Capital cannot assure it is accurate, current, or complete.
Market one: Scottsdale, Arizona
Metro Phoenix is one of the fastest-growing large metros in America, and Scottsdale sits at its premium edge: high household incomes, national-destination appeal, and limited remaining land in established neighborhoods.
People keep arriving faster than homes get built. Among the nation's major metros, only Dallas and Houston grew faster in 2025 — and metro Phoenix's growth rate ran at more than double the national average. That's the demand side. The supply side is the national shortage above, playing out locally.
Source: U.S. Census Bureau, Vintage 2025 Metro Population Estimates (March 2026).
Sources: Population gain, metro population and rank, and growth rates: U.S. Census Bureau, Vintage 2025 Metro Population Estimates (March 2026); among major U.S. metros, only Dallas and Houston posted faster 2025 growth rates. Scottsdale median sale price: Redfin, mid-2026; medians vary meaningfully by sub-market and month. Market statistics describe local conditions and are not projections of, or returns to, the fund. Disclaimer: Information derived from third-party sources believed to be reliable; SIMM Capital cannot assure it is accurate, current, or complete.
How the fund works
Investors subscribe to SIMM Dev Fund I. The fund — not any single project — is your investment, spreading capital across multiple developments rather than concentrating it in one.
We underwrite the market first, then the developer, then the deal. Land basis, absorption, build costs, and exit pricing all have to work at today's numbers — not a forecast's.
Our developer partners execute construction while we control the capital: staged funding tied to milestones, budget oversight, and defined exits into the deepest buyer pool in real estate — individual homebuyers.
As homes sell, proceeds flow back through the waterfall: your capital and preferred return first, then profits split 80/20 in investors' favor.
We walk away from far more deals than we fund. The discipline is the product.
The waterfall
First
Your invested capital comes back before profit splits begin.
Second
Investors earn an 8% preferred return on their capital before SIMM participates in profits.
Then
Remaining profits are split 80% to investors, 20% to SIMM. We only win when you've already won.
Note: The preferred return and profit split are targets defined in the fund's offering documents, which control in all respects. A preferred return is a priority of payment, not a guarantee of payment.
Fund terms
Disclaimer: Summary only. The target equity multiple and preferred return are objectives, not guarantees, and the fund's confidential private placement memorandum and related offering documents control in all respects, including all terms shown here. Development investments are illiquid; investors should be prepared to hold for the full term and beyond.
Why SIMM
We've raised and deployed private capital since 2006 — through the 2008 cycle, the longest expansion on record, a pandemic, and a rate reset. The lesson from all of them: the deals that survive are the ones structured correctly on day one.
The tests every project must pass
Land basis that works without appreciation. Construction budgets stress-tested against cost overruns. Absorption assumptions grounded in what's selling today, not what might sell later. Staged capital tied to milestones. And a defined exit into the single deepest buyer pool in real estate. Miss one, and we pass.
Source: SIMM Capital. Figures reflect firm-level track record across entities and transactions and are not the results of this fund or any single offering. Past performance is not indicative of, and provides no guarantee of, future results.
The team
Founder & Managing Principal, SIMM Capital
Mat has raised and deployed private capital since 2006 and has spent roughly 20 years operating across real estate, manufacturing, and retail. He founded SIMM Capital in 2014 and leads its investment strategy and term negotiations. He's the author of Become Scaleable.
Director of Investor Relations, SIMM Capital
Jason works directly with SIMM Capital's investors. If you book a call, he'll walk you through the fund, the current pipeline, and whether it's the right fit for your situation.
Is this for you?
Next steps
Step one
A direct conversation with our team about the fund, the pipeline, and your goals. No documents are sent before this conversation.
Step two
If it's a fit, we send the confidential private placement memorandum and full offering materials for you and your advisors to review.
Step three
Accreditation verification and subscription are handled through our investor portal. From there, you'll receive quarterly reporting on the fund.
Start with a conversation. You'll leave it knowing whether this fund belongs in your portfolio — even if the answer is no.
Book a call with our teamStraight answers
Ground-up single-family development — new homes and communities — in select growth markets across the country, executed with experienced local developer partners. The fund's first market is Scottsdale, Arizona.
It's a priority of payment: investors earn an 8% return on their capital before SIMM participates in any profits. After capital and the preferred return are paid, remaining profits split 80/20 in investors' favor. A preferred return is not a guarantee of payment.
No. It's the fund's target over the investment period, based on our underwriting. Actual results may be higher or lower, and loss of principal is possible. The offering documents describe the risks in full.
Plan on a minimum of 36 months. Development takes time — land, construction, and sale cycles don't compress on demand — and this fund is built for investors who can commit for the full term.
Distributions are made quarterly as projects generate distributable proceeds. Timing depends on project cycles and is detailed in the offering documents.
Verified accredited investors only, under Rule 506(c) of Regulation D. Verification is a required step and is handled during subscription through our investor portal.
$250,000.
You'll talk with our team about the fund and your goals. If it's a mutual fit, we send the confidential offering documents. We don't send documents to anyone before that conversation.
In many cases, yes — self-directed retirement accounts and entities are common ways our investors participate. Bring it up on the call and we'll walk through the specifics with you and your advisors.
Note: These answers are general information only and are not investment, legal, or tax advice. Any investment involves risk, including possible loss of principal.