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Asset 01 Portfolio Case Study · Part 1 of an ongoing series

Bourbon Town.
Stabilizing now.

20 units. Two buildings. Louisville, Kentucky. Acquired December 2025 at $1,640,000. This case study documents the acquisition thesis, baseline financials, and value-add execution in real time — for verified accredited investors tracking the fund's first asset.

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408 Lindsay Court · Louisville, KY 40206
410 Lindsay Court · Louisville, KY 40206
● Active Class C Value-Add Jefferson Co.
Units
20
Two buildings
Acquired
Dec '25
$1,640,000
Cap Rate
9.44%
Year 1 actuals
Occupancy
85%
Mar '26 · Live
Purchase Price
$1.64M
$82,000 / unit
Total Capitalization
$1.75M
Incl. closing + reno
Financing
80%
LTV · 6.75% I/O Year 1
Stabilized NOI
$178K
Projected. Not guaranteed.
Occupancy Target
95%
Jun 2026 · Projected.
01 / SUBMARKET Louisville, KY

Jefferson County.
Why here. Why now.

Louisville's Class C multifamily market has the three inputs Wise Capital underwrites against: stable HCV demand anchored by LMHA, workforce housing undersupply at the 20–60 unit size band, and acquisition basis that institutional capital has largely abandoned.

Louisville MSA — Market Fundamentals
Pipeline Properties
111
Off-market identified
Jefferson County Q1 2026
Pipeline Units
1,482
Across 111 properties
Wise Capital pipeline
Avg Last Sale
$7.9M
Full pipeline average
All asset sizes
Why the East End

Jefferson County is the core Louisville market. 107 of Wise Capital's 111 identified off-market pipeline properties are Jefferson County assets. The east end corridor — zip codes 40204, 40205, 40206, and 40207 — is where Bourbon Town sits and where Wise Capital's primary acquisition focus is concentrated. The corridor has an established LMHA HCV program, a workforce housing tenant base, and Class C inventory that has seen minimal institutional acquisition activity at the 20–60 unit size band.

The 40206 zip code specifically is a mixed-income corridor with direct access to downtown Louisville. Properties in this corridor trade at a premium to the broader Jefferson County Class C average — Bourbon Town's $82,000/unit basis sits comfortably within the east end peer range and reflects the 60% occupancy discount at acquisition, not a structural overpay relative to submarket.

Rent growth in this submarket is structurally driven by LMHA payment standard adjustments rather than speculative market-rate pressure. HCV rent increases are published on a schedule — they are not subject to lease-up risk or tenant default in the same way conventional multifamily income is.

East End Comp Set — Jefferson County
Class C multifamily, east end corridors. Last recorded sale. Source: Wise Capital Louisville Pipeline 2026. Addresses withheld.
Neighborhood / Zip Units $/Unit
Clifton (40206) 24 $62,500
East End (40206) 11 $66,818
Frankfort Corridor (40206) 36 $62,500
Glenmary (40204) 16 $103,125
Willow Corridor (40204) 22 $90,909
Bourbon Town — Lindsay Court (40206) 20 $82,000
Bourbon Town's $82,000/unit basis is mid-range within the east end peer set. The 60% occupancy discount at acquisition accounts for the basis, not submarket weakness. Addresses withheld per Wise Capital policy.
LMHA Housing Choice Voucher Program

The Louisville Metro Housing Authority administers the HCV program for Jefferson County. LMHA publishes payment standards annually — these set the rent ceiling for HCV-covered units and are the primary rent growth driver at Bourbon Town. HCV income is a direct government payment stream, not a market-rate lease. Delinquency risk profile is structurally different from conventional multifamily.

Avg Rent at Acquisition
$934
Per unit / month
December 2025
Current Avg Rent
$994
Per unit / month
March 2026 — actual
Rent Growth
6.34%
Since acquisition
Actual — not projected
Full submarket analysis and pipeline data available to verified accredited investors. Access Investor Portal →
02 / ASSET Property Profile

20 units. Two buildings.
Acquired December 2025.

Bourbon Town Apartments is a Class C value-add multifamily asset at 408 and 410 Lindsay Court, Louisville, KY 40206. The asset entered Wise Capital's portfolio at 60% physical occupancy with deferred maintenance and a below-market rent roll — both conditions that created the acquisition basis and defined the value-add scope.

Property Facts
Property
Bourbon Town Apartments
Address
408 & 410 Lindsay Court
Louisville, KY 40206
Asset Class
Class C — Value-Add Multifamily
Units
20 units across 2 buildings
Acquisition Date
December 2025
Purchase Price
$1,640,000
Closing Costs
$13,000
Renovation Budget
$100,000
Total Capitalization
$1,753,000
Price Per Unit
$82,000
Cap Rate on Cost
10.88% Stabilized NOI ÷ purchase price
Exit Cap Rate
6.00% Disposition assumption. Projected. Not guaranteed.
Fund Sponsor
Wise Capital, LLC — Nevada LLC
Manager
Wise Family Holdings LLC
Financing Structure
Loan Amount
$1.31M
$1,312,000
LTV
80%
At acquisition
Interest Rate
6.75%
Interest only — Year 1
Annual Debt Service
$88.6K
I/O Year 1
Amortization
30 yr
Beginning Year 2
Target LTV
65%
At stabilization
Projected. Not guaranteed. Past performance does not guarantee future results. See PPM for full terms and risk factors.
Capital Stack — Total Capitalization $1,753,000
75%
Senior Debt
$1,312,000 — 6.75% I/O Year 1, 30-year amortization Year 2+
19%
LP Equity
Down payment + closing costs. Verified accredited investors only per 17 CFR 230.501(a).
6%
Renovation Capital
$100,000 — unit turns, code compliance, common area improvements
Projected. Not guaranteed. Past performance does not guarantee future results. See PPM for full terms.
Physical Condition at Acquisition
December 2025 baseline — what we found and what we committed to fix
[]
Occupancy
60% physical occupancy at acquisition — 12 of 20 units leased. Below-market rent roll. HCV compliance not current on all units.
~~
Deferred Maintenance
Unit-level deferred maintenance across appliances, fixtures, and finishes. $100,000 renovation budget allocated to systematic unit turns and code compliance.
$_
Rent Roll
Average rent of $934.92/unit/month at acquisition — below the LMHA 2026 payment standard ceiling. Upside documented and underwritten before close.
/\
Management
Prior ownership structure created absentee management conditions. Wise Capital transitioned to in-house management at acquisition — no third-party fee layer.
Full proforma, underwriting model, and property detail available to verified accredited investors. Access Investor Portal →
03 / THESIS Acquisition Rationale

Why we bought it.
At that price. In December.

Three decisions converged at Bourbon Town: basis below stabilized value, a documented path to 95% occupancy driven by government income, and an operational structure that eliminates the largest recurring expense most operators carry. None of them are speculative.

01 / Basis
We paid for the
risk we could see.
At 60% physical occupancy and deferred maintenance across multiple units, the prior owner had created a basis event. The $1,640,000 purchase price reflects that occupancy risk — not a structural problem with the asset or the submarket.
$82,000/unit acquisition basis — mid-range within the east end peer set
60% occupancy discount created the basis — not distress at the submarket level
Going-in cap rate of 9.44% on Year 1 actuals at a 40206 corridor address
$100,000 renovation budget scoped and locked before close — no open-ended rehab
02 / Income
Government income.
Published on a schedule.
LMHA HCV payment standards are published annually. Rent growth at Bourbon Town is not a market-rate assumption — it is a documented schedule adjustment. The 6.34% rent increase since acquisition came from HCV payment standard increases and bringing units to code, not from speculative lease-up pressure.
$934.92 avg rent at acquisition — below the 2026 LMHA payment standard ceiling
$994.24 avg rent as of March 2026 — 6.34% increase, actual not projected
HCV income is a direct government payment — structurally different delinquency profile
$1,160.32 projected avg rent at 95% occupancy by June 2026
03 / Operations
Every dollar saved
is a valuation multiple.
Third-party property management fees run 8–10% of EGI at most operators. Wise Capital manages Bourbon Town in-house. At stabilized EGI of $260,971, that fee elimination is worth approximately $20,878/year — flowing directly to NOI and to every valuation multiple stacked on top of it.
$0 property management fee — in-house management from day one
~$20,878/year in fee savings at stabilized EGI — flows entirely to NOI
ForVue deployed pre-close — appliance failure risk scored before commitment
Vendor contracts held directly — insurance, utilities, landscaping, trash
"The going-in cap rate of 9.44% is not a coincidence of pricing. It is the function of acquiring a 60%-occupied asset, paying for that occupancy risk in the purchase price, and having a documented path to stabilization within the first six months of ownership."
Christopher Wise, J.D. — Managing Principal, Wise Capital
9.44%
Going-in cap
Year 1 actuals
$0
Mgmt fee
In-house
The NOI Math — Bourbon Town at Stabilization
Gross Potential Rent
20 units at $1,160.32/unit/month — 95% occupancy target. HCV payment standard ceiling at June 2026 schedule.
$274,706Annual GPR — projected
Less: Vacancy
5% vacancy allowance at stabilized 95% occupancy target.
($13,735)Annual vacancy — projected
Effective Gross Income
GPR less vacancy. Stabilized EGI target.
$260,971Annual EGI — projected
Total Operating Expenses
Property taxes, insurance, utilities, maintenance, trash, landscaping. Zero management fee.
($71,499)Annual OpEx — projected
Net Operating Income
Stabilized NOI target. 27.4% operating expense ratio against EGI.
$178,472Annual NOI — projected
Less: Debt Service
6.75% interest only on $1,312,000 — Year 1. 30-year amortization beginning Year 2.
($88,560)Annual I/O — Year 1
Cash Flow Before Tax
Stabilized cash flow target after debt service. Cash-on-cash return target: 20.39%.
$89,912Annual — projected
Full underwriting model and acquisition detail available to verified accredited investors. Access Investor Portal →
04 / VALUE-ADD Execution Plan

60% to 95%.
Six months. Documented.

The value-add plan at Bourbon Town has three phases: occupancy ramp through unit turns and HCV compliance, predictive maintenance deployment via ForVue, and stabilization to a documented NOI base ahead of the exit. Each phase has a timeline, a budget, and a measurable output.

Occupancy Ramp — Dec 2025 through Jun 2026
At Acquisition
60%
$934.92 / unit
December 2025
Month 2–3
75%
$934.92 / unit
Jan – Feb 2026
● Live
Current
85%
$994.24 / unit
March 2026
Month 5
90%
$994.24 / unit
April 2026 · Projected
Target
95%
$1,160.32 / unit
June 2026 · Projected
Steps 1–3 reflect actual operating data. Steps 4–5 are projections. Projected. Not guaranteed. Past performance does not guarantee future results.
Phase 01 — Active
Dec 2025 – Jun 2026
Occupancy Ramp
Unit turns, HCV re-inspection, and lease-up to 95% physical occupancy. Renovation budget deployed against the highest-priority vacant units first — vacancy-to-leased conversion tracked weekly.
Vacant unit turns on priority schedule
Property brought to HCV inspection standard
LMHA re-inspection sequenced to minimize days-vacant
HCV payment standard increases applied at renewal
Cumulative cash flow positive by May 2026
Phase 02 — Deploying
Q2 2026 onward
ForVue Deployment
ForVue scores every appliance in every unit using Weibull-Bayesian failure analysis across 11 risk factors. Reactive maintenance becomes scheduled maintenance. Unbudgeted repair events are replaced with documented replacement timelines.
Full building appliance inventory scored
Failure probability ranked by unit and appliance type
Replacement schedule built from ForVue output
Ongoing monitoring — failure scoring updated continuously
ForVue Bank Origination Report prepared for exit financing
Phase 03 — Target
Q1 2027
Stabilization & Exit
95% occupancy documented. Stabilized NOI established. Exit at a 6.0% cap rate — the thesis on which the asset was underwritten. Waterfall distribution to LPs per fund terms.
Stabilized NOI documented for appraisal
Exit at 6.0% cap rate — disposition assumption
Debt payoff → disposition fee → ROC → 8% pref → 20% carry → 80/20 split
Full waterfall detail available via InvestNext portal
Projected. Not guaranteed. See PPM for full risk factors.
ForVue — Predictive Maintenance Intelligence
Know before
it fails.
ForVue is Wise Capital's proprietary predictive maintenance platform. It scores every appliance in every unit using Weibull-Bayesian failure analysis — 11 risk factors, 26 cascade dependency rules, calibrated across 50 US climate zones. At Bourbon Town, ForVue converts reactive maintenance events into a documented replacement schedule. Unplanned repair costs are the largest source of NOI variance in Class C multifamily. ForVue is how Wise Capital manages that variance before it happens.
ForVue operational data requires a minimum platform run period before results can be responsibly published. NOI impact from ForVue deployment will be reported in Part 2 of this case study once the data is available. No projection of ForVue-driven financial outcomes is made in this document.
Learn more at forvue.io →
Risk Factors Scored
11
Per appliance per unit
Cascade Rules
26
Dependency failure logic
Climate Zones
50
ASHRAE · HUD · NAHB calibrated
Platform Pricing
$2.50
Per unit / month
No setup. No contract.
Operating updates, occupancy data, and case study Part 2 available to verified accredited investors. Access Investor Portal →
05 / OPERATIONS Operating Standard

Operated like
institutional.

Every dollar of expense at Bourbon Town is owned, tracked, and managed directly by Wise Capital. No third-party management layer. No fee drag. Vendors contracted and monitored at the asset level. The NOI math works because the operating structure is built for it.

Annual Operating Expenses — Stabilized Target
Expense Category
Annual
% EGI
Property Management
$0
0.0%
Property Taxes
$18,000
6.9%
Insurance — KY Farm Bureau
$15,216
5.8%
Utilities — Power (LG&E)
$9,288
3.6%
Utilities — Water
$13,094
5.0%
Maintenance & Repairs
$12,000
4.6%
Trash — Republic Services
$2,100
0.8%
Landscaping — PerfectCut
$1,800
0.7%
Total Operating Expenses
$71,499
27.4%
Stabilized target. Projected. Not guaranteed. 2026 property tax reassessment pending — figure reflects current assessment. Past performance does not guarantee future results.
Property Management
$0
Annual Management Fee
In-house management by Wise Capital. No third-party fee layer. A typical 8–10% EGI management fee at stabilization would cost approximately $20,878/year — that expense flows to NOI instead.
Direct tenant relationships — no intermediary between ownership and occupancy decisions
HCV compliance managed in-house — LMHA inspections, re-certifications, and payment standard updates
Vendor contracts held directly at the asset level
Leasing velocity tracked weekly — vacancy-to-leased conversion monitored continuously
Contracted Vendors — Bourbon Town
Insurance
KY Farm Bureau
Annual premium locked. $15,216/year.
Power
LG&E
Louisville Gas & Electric. Annualized from actuals.
Water
Louisville Water
Annualized from actuals. $13,094/year.
Trash
Republic Services
Annual contract. $2,100/year.
Landscaping
PerfectCut
Annual contract estimate. $1,800/year.
Christopher Wise, J.D. — Managing Principal, Wise Capital
Christopher Wise, J.D.
Managing Principal — Wise Capital, LLC
Christopher leads all acquisitions, asset management, and investor relations at Wise Capital. He scaled multiple companies across real estate, legal, and technology across multiple states. Licensed Kentucky attorney. J.D., Brandeis School of Law, University of Louisville, 2018. U.S. Navy Special Warfare veteran, SWCC Class 61, 2008–2014.
Kentucky Bar J.D. 2018 U.S. Navy SWCC Managing Principal
Full operating statements and asset-level reporting available to verified accredited investors. Access Investor Portal →
Legal Disclosure

Wise Capital, LLC is a Nevada limited liability company managed by Wise Family Holdings LLC, headquartered at 1700 Marinas Edge Way, Suite 715, Louisville, KY 40206. The Wise Capital Fund is offered exclusively to verified accredited investors as defined under 17 CFR 230.501(a) pursuant to Regulation D Rule 506(c) of the Securities Act of 1933.

This case study is published for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any such offer or solicitation will be made only by means of the fund's Private Placement Memorandum, Operating Agreement, and related subscription documents, available through the InvestNext investor portal at wisecapital.investnext.com following accreditation verification.

All financial projections, return targets, occupancy targets, rent projections, and NOI figures presented on this page are forward-looking statements. Projected returns are not guaranteed. Past performance does not guarantee future results. Actual results may differ materially from projections. Investors should read the PPM in its entirety, including all risk factors, before making any investment decision.

Form D notice filings — not registrations — are current in Kentucky, California, Illinois, and Pennsylvania as of the March 30, 2026 amendment. This offering has not been registered with the SEC or any state securities regulator, and no regulatory body has approved or disapproved this offering or the accuracy or adequacy of the materials on this page.

Operating figures identified as "actual" reflect Wise Capital's internal operating records for Bourbon Town Apartments as of the dates indicated. These figures have not been independently audited or verified by a third party. Stabilized figures are projections only.

Wise Capital, through its Capital Advisory division, provides consulting services only. Wise Capital is not a licensed mortgage broker, lender, placement agent, or law firm. ForVue is a software platform operated by Wise Capital, LLC. USPTO Patent Application #64/032,704 pending. Trademark pending Class 42. No IoT hardware. No sensor installation required.

Wise Capital Wise Capital

A Nevada limited liability company managed by Wise Family Holdings LLC. Acquiring Class C multifamily. Protecting it with ForVue. Structuring the capital stack through Advisory.

1700 Marinas Edge Way, Suite 715
Louisville, KY 40206
+1 (502) 408-5552

Investors
Access Investor Portal →

Accredited investors only.
Verification required.

Form D filed:
KY · CA · IL · PA
March 30, 2026

Securities offered by Wise Capital, LLC (Nevada). Managed by Wise Family Holdings LLC. This website does not constitute an offer to sell or a solicitation of an offer to buy any security. Wise Capital is offered pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933. Securities are available to verified accredited investors only as defined under 17 CFR § 230.501(a). Form D notice filings are current in Kentucky, California, Illinois, and Pennsylvania. Marketing to residents of any other state may not be permitted. All projections are projected, not guaranteed. Past performance does not guarantee future results. See the Private Placement Memorandum for full risk factors and offering terms. Wise Capital, through its Capital Advisory division, provides consulting services only. Wise Capital is not a licensed mortgage broker, lender, placement agent, or law firm. Advisory services do not include loan origination or financing guarantees.

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