Reg D 506(c) · Accredited investors only
Stoneforge acquires multi-tenant necessity-based strip centers — underwritten on in-place cash flow, sized for investors who actually want to know the asset.
Updated as deals progress. Investors see upcoming allocations before they go live to the broader accredited list.
CLOSEDUlster County, NY
56,555 SF · ShopRite anchor · absolute NNN
Grocery-anchored neighborhood center in the Hudson Valley. ShopRite operates on an absolute NNN lease with long remaining term. Acquired off-market through broker relationship at a discount to replacement cost.
CLOSEDOregon–Idaho border
Specialty NNN · long-term lease
Specialty retail on a long-term absolute NNN lease with contractual escalations. Acquired below replacement cost in an underserved rural market with strong cash-on-cash yield from day one.
CLOSEDPittsburgh, PA
~97,546 SF · five parcels
Five-parcel retail footprint in the Pittsburgh MSA. Mixed-use strip with grocery, medical, and service tenants. Acquired at a significant discount with near-term value-add lease-up opportunity.
CLOSEDWaynesboro, PA
~117,951 SF · ALDI-anchored
Discount grocer-anchored corridor center in south-central Pennsylvania. ALDI operates as anchor with complementary service tenants. Strong in-place cash flow with below-market rents providing upside.
We don't chase headline IRRs. We compound capital quietly across cycles, and we co-invest alongside our LPs in every deal.
Assets under management
across 4 properties
Properties owned
in NY, PA, and OR
Target net IRR
underwritten conservatively
Capital calls past closing
across all deals to date
Every Stoneforge deal passes through six tests before it ever reaches an investor inbox. Miss one, kill the deal.
№ 01
We'd rather miss a good deal than take a bad one.
№ 02
T-12 actuals only. We model what's collected, not pro-forma.
№ 03
Fixed-rate preferred. Floating only with a paid rate cap.
№ 04
Grocery, medical, services. Things people drive to in a rainstorm.
№ 05
5–15% GP equity. Our money sits next to yours from day one.
№ 06
Real-time portfolio visibility. No black boxes.
We follow fundamentals, not zip codes. Today that means New York, Pennsylvania, and Oregon — markets we know well enough to underwrite at depth and visit on short notice.
4
Properties
3
States
$32M
AUM
We're newly established and intentionally small. Every property is one we've walked, underwritten line by line, and could drive to from our office. As we grow, that bar doesn't move — we'll add capacity before we add zip codes.
The same five steps, every time. The discipline is in the repetition, not the cleverness.
01
Off-market broker relationships and direct seller conversations. We pass on most of what we see.
02
T-12 actuals, site visit, tenant interviews. We model what's collected, not what's promised.
03
30-day hard money. Independent IC review. PPM and subscription opens to investors.
04
In-house asset management. Tenant retention is the entire job after closing.
05
Refinance or sell when the thesis is proven. Never on a clock, never to chase a comp.
Adam Parbus · Founder · 2025Before Stoneforge, I spent years inside firms that took fees first, found conviction second, and asked the LP to trust the process. Their GPs put up token capital, if any. Their incentives pointed sideways from ours. The deals I'd want to invest in personally were rarely the deals being shown.
Stoneforge is the answer to that. We co-invest 5–15% of the equity in every deal — real money, the same money you'd put up, on the same terms. We underwrite conservatively because we have to live with the outcome too. If the deal doesn't pencil for us, it doesn't go to you. That's the entire model.
Skin in the game isn't a marketing line here. It's the only reason this firm exists.
— Adam Parbus
Founder & Managing Partner
These cover the basics. The rest live in the deck — request it below and we'll send the current portfolio brief, sample deal memo, and the next investor call invite.
Who can invest with Stoneforge?
Verified accredited investors only, under SEC Rule 506(c). Verification is handled by a third-party service prior to any subscription.
What's the minimum investment?
$50,000 per deal. We kept the threshold low on purpose — alignment matters more to us than ticket size.
How do you structure deals?
Single-asset LLCs with a clear waterfall. Stoneforge co-invests 5–15% of equity in every transaction.
What returns do you target?
We target a mid-teens net IRR and a 1.8–2.0× equity multiple over a 3–5 year hold, distributed quarterly. We underwrite conservatively — nothing in real estate is guaranteed, but we work hard to make it difficult not to hit our numbers.
Where do you invest?
Today, four properties across New York, Pennsylvania, and Oregon. We follow fundamentals, not zip codes — and we only buy what we can underwrite at depth.
How often will I hear from you?
Monthly portfolio updates, quarterly distributions and statements, an annual K-1, and an annual investor call.
We'll send the current portfolio brief, a sample deal memo, and an invite to the next quarterly investor call.