
The name Alcreo is derived from a combination of Greek and Latin roots meaning strength and creativity, a reflection of our core philosophy. At Alcreo Capital, we blend institutional discipline with entrepreneurial insight to identify and unlock value in real estate. Our approach is grounded in operational strength and strategic creativity, allowing us to consistently deliver attractive, risk-adjusted returns for our investors.

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Alcreo Capital Fund I is focused on acquiring a diversified mix of core and value-add real estate including retail, multifamily, self-storage, and office, across high-growth markets in Utah. The fund targets properties with strong existing traffic, favorable underlying zoning, and long-term upside through strategic leasing, renovation, expansion, or repositioning. We target a blended going-in cap rate of 6.25% or higher across the portfolio with clear value-creation potential, particularly where operational or physical improvements can unlock stabilized cash flow and appreciation.
The fund will first build a $100M portfolio at a 6.25% going-in cap rate. Once that is in place, we will use conservative leverage (no more than 30% LTV through Year 10) and a dividend reinvestment strategy to acquire additional properties and rapidly pay debt down, with the goal of growing to $150M in properties over the life of the fund. We will also develop select properties with a higher and better use. Between Years 11 and 13, the fund plans to refinance the portfolio at up to 50% LTV to return a majority of investors' capital.
Our investment approach prioritizes:
High-visibility retail corridors and established neighborhoods with durable local demand
We leverage Utah's robust economy and growing job market for optimal investment opportunities.
Neighborhood retail centers, multifamily, self-storage, and select redevelopment sites
Strong tenant mix or opportunity to re-lease at higher rents
Zoning flexibility to allow for future redevelopment or repositioning
Leverage capped at 30% LTV plus reinvested cash flow allows the fund to grow from $100M toward $150M in properties without additional capital calls.

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Cap Rate-Driven Upside
Through disciplined asset management and strategic lease execution, Alcreo Capital targets measurable rent growth across its portfolio. For example, an average rent increase of just $3 per square foot across a 250,000 square foot portfolio results in a $750,000 annual increase in net operating income. When capitalized at a 6.25% cap rate, this improvement translates to approximately $12 million in value creation, without additional capital investment or expansion. This approach exemplifies our commitment to driving long-term returns through operational excellence and targeted value-add strategies.
Target properties with a blended going-in cap rate of 6.25%+ and long-term upside through under-market rents, underutilized land, mismanagement, or deferred maintenance.
After acquiring the initial $100M portfolio, use leverage of no more than 30% LTV (through Year 10) to add properties. Years 3–5 are a dedicated principal paydown phase: cash flow goes to the loan instead of distributions, cutting the balance by about half. Target: $150M in properties over the life of the fund.
With each acquisition, we raise dedicated reserves and capital improvement budgets to unlock value through targeted interior and exterior upgrades, lease-up strategies, and selective development.
Execute capitalized rent increase strategies with a focus on tenant repositioning and lease re-trades.
Where zoning and location support it, develop or redevelop select properties to their highest and best use to create additional value.

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Additional funds are anticipated following Fund I.
Raise equity and acquire a $100M portfolio at a 6.25%+ going-in cap rate. Implement active management and value-add strategy. Close the fund to new investors.
Add leverage of no more than 30% LTV in Year 3 to acquire additional properties. Principal paydown phase: all cash flow after debt service pays down the loan (from about $45M to about $24M by Year 5); distributions pause and the 6% preferred return accrues.
Distributions resume at roughly 6.7%–7.9% per year, including catch-up of the accrued preferred return, while the loan continues to fall to about $10M by Year 10. Continue growing toward $150M in properties and develop select properties with a higher and better use. Transparent reporting throughout.
Cash-out refinance at up to 50% LTV, expected between Years 11 and 13 (modeled in Year 11), returns a majority of investor capital (about $62M of the $100M) and all unpaid preferred return. Years 12–15: ongoing distributions of roughly 4.6%–6.7% on original capital (much higher on the capital still invested), then sale of the full portfolio in Year 15.
Consider structured 1031 exchanges into future funds to preserve capital and defer taxes.

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Available to the general investor base and represent up to 80% of total fund equity. These investors will receive a 6% preferred return, followed by a 70/30 split of remaining profits (70% to LPs / 30% to GP).
Reserved for strategic or early investors and represent up to 20% of total fund equity. These investors will receive a 6% preferred return, followed by an enhanced 80/20 profit split (80% to LPs / 20% to GP).
Eligibility for Class B Shares may be based on factors such as early commitment, minimum investment size, or strategic contribution to the Fund’s growth. Class B Shares will not dilute the preferred return or profit distribution owed to Class A investors. The Fund Manager will maintain discretion to allocate Class B Shares based on investor profile, contribution timing, or strategic value to the Fund.
Alcreo's principals act as the brokers on fund acquisitions. Rather than taking that income home, Alcreo reinvests an amount equal to 1% of each purchase price into the fund as GP equity, held as reserves. This comes from Alcreo's share of the brokerage commission (half of a typical 3% commission, or about 1.5%), net of taxes and expenses. This keeps GP transaction income working inside the fund and aligns our incentives with LPs. Alcreo also reinvests an amount equal to 1% of the total lease value of each commercial lease it brokers at fund properties into the fund’s reserves.
Share Class Comparison
Class A Shares Class B Shares Allocation Up to 80% of Fund Capital Up to 20% of Fund Capital Preferred Return 6% Annual, Non-Compounded 6% Annual, Non-Compounded Profit Split (Above Pref) 70% LP / 30% GP 80% LP / 20% GP Eligibility Standard Investors Early or Strategic Investors Minimum Investment Standard ($5,000,000) Higher Threshold ($10,000,000) Other Benefits Standard Reporting & Terms Enhanced Access, Early Close Priority

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Every distribution, from operations, refinancing or sale, follows the same order, set by the Limited Partnership Agreement.
100% to investors
100% to investors until the cumulative 6% annual preferred return (non-compounded) is fully paid, including any unpaid amounts from prior years.
Any management fee deferred while investors were behind on the pref is paid to Alcreo Capital, only after Step 1 is fully current.
100% to investors
100% to investors until all contributed capital is returned.
GP shares in profits here only
Class A: 70% investors / 30% GP. Class B: 80% investors / 20% GP.
(Class B is limited to 20% of fund equity and reserved for early or strategic investors)

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Fund I is a diversified, income-first strategy across multiple commercial asset classes in Utah's high-growth Wasatch Front. Each asset type plays a defined role in the portfolio, and every acquisition is underwritten to in-place cash flow, 5% reserves and a blended 6.25%+ going-in cap rate. we are uniquely positioned to manage a wide variety of properties and have the industry experience to perform value adds on all of these categories of real estate.
Retail
Multifamily
Self-Storage
Land / Development
By count. Retail is the majority of current pipeline value; the mix will broaden as the fund deploys capital.
Necessity-based centers on high-visibility corridors with daily-needs tenants (medical, QSR, fitness, service retail). Strong in-place returns, relatively hands-off management, and meaningful upside from under-market rents and re-leasing. Not national malls: demand is local and recession-resilient.
Stabilized facilities with steady cash flow and upside through rate management, occupancy gains and expansion.
Infill apartments in established Salt Lake neighborhoods, acquired selectively when pricing meets our return targets.
A small number of well-located development lots, added only when they fit our risk appetite (e.g., 2420 and 2725 E 3300 S). Well-located land is scarce, and holding it creates long-term value through future development or sale.
Diversification across asset types, tenants and submarkets, combined with low leverage and long-term discipline, is designed to deliver durable income through economic cycles.

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Sources: Marcus & Millichap Salt Lake City Retail Report, 3Q 2026 (via Building Salt Lake, Sept. 2026); Utah Chamber / Kem C. Gardner Policy Institute, Aug. 2026; Mortgage Bankers Association and S&P Global (via Matthews, May 2026); Trading Economics, Oct. 2026.

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At Alcreo Capital, our acquisition process is designed to move quickly and transparently once a qualified asset is identified. Here’s what our partners can expect:
Our vertically integrated approach ensures each acquisition is aligned with fund-level goals and underwritten for long-term value creation. We will repeat this process 15+ times depending on deal size, close the fund and operate.

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Alcreo Capital Fund I is targeting a $100 million fund. To date, the Sponsor has identified 16 Utah properties that fit the mandate, with several more in early underwriting. The fund is expected to acquire 15 or more properties in total, and the final portfolio will include properties beyond those shown here.
Target fund size
Properties identified, with more in early underwriting
Target blended going-in cap rate
Blended going-in cap rate on identified properties
Pipeline as of October 2026. Identified properties are not under contract, some are not currently listed for sale, and the fund may not acquire any particular property. The final portfolio will differ from the pipeline shown. Going-in cap rate = in-place NOI ÷ intended acquisition price.

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Property names and addresses available to qualified investors under NDA. Our portfolio is designed to be a diversified fund across the Salt Lake market.

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A look at properties we are pursuing. Click any property to expand its details.
Salt Lake City (Sugar House)
Intended Price: $8.72M · Going-In Cap: 6.25%
South Salt Lake
Intended Price: $7.10M · Going-In Cap: 6.92%
Salt Lake City (near Temple Square)
Intended Price: $4.17M · Going-In Cap: 6.00%
South Jordan
Intended Price: $4.73M · Going-In Cap: 7.25%
Syracuse
Intended Price: $2.58M · Going-In Cap: 7.00%
Sunset
Intended Price: $1.05M · Going-In Cap: 7.71%
Selected properties from Alcreo's 16-property target pipeline. Not under contract; pricing reflects Alcreo's intended acquisition price and is subject to due diligence.

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Illustrative projections based on the assumptions above. Not a guarantee of future results.

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Alcreo Capital Fund I is built for durable income with disciplined deleveraging. Distributions start at roughly 4.4%–6.3% in Years 1–2. After the Year 3 leverage draw, Years 3–5 are a principal paydown phase: cash flow retires debt instead of being distributed, and the unpaid 6% preferred return accrues. Distributions resume in Year 6 at roughly 6.7%–7.9%, including catch-up of the accrued pref. A refinance at up to 50% LTV (expected Years 11–13) then returns a majority of investors' capital, after which distributions continue at roughly 4.6%–6.7% of original capital.
Cash yield, Years 1–2
Years 3–5: cash flow retires debt, 6% pref accrues
Average cash yield, Years 6–10 (incl. pref catch-up)
Refinance distribution (modeled Year 11)
Average cash yield, Years 12–15
Projected LP net IRR
Projected equity multiple
We take a long-term, fundamentals-driven investment approach that positions us to capitalize on multiple value drivers. Consistent cash flow, principal paydown, and strong market appreciation.
By targeting stabilized retail assets in high-growth markets, we are able to deliver reliable dividend income while steadily building equity through loan amortization and operational efficiency.
Cash from operations. Year 11 excludes the $80.3M refinance distribution and the deferred-fee catch-up. Years 3–5: principal paydown phase. Source: Alcreo Fund I 15-Year Model.

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Year 1 reflects properties closing during the year. Year 3 reflects debt-funded acquisitions. Years 3–5 are a principal paydown phase (no distributions; the 6% pref accrues and is caught up from Year 6 and the refinance). Refinance modeled in Year 11; expected between Years 11 and 13. Distributions are net of fund expenses and the subordinated management fee. Cash yields are on the original $100M of capital. Illustrative only.

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By Year 10 the portfolio is projected to be worth about $198M with a loan balance of about $10.2M (5% LTV), thanks to the Years 3–5 paydown phase. The fund then refinances at up to 50% LTV, expected between Years 11 and 13 (modeled in Year 11), freeing about $88.0M of cash.
Net cash from refinance
Total refinance-year distribution to investors
Investor capital returned early

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Projected LP net IRR
Equity multiple
Total cash to investors on $100M
Distributions during the hold (incl. refinance)
About $40M of depreciation over 15 years (about $2,700 per $100,000 invested each year), Deductions continue during the Years 3–5 paydown phase even though cash is not distributed. A cost segregation study could accelerate these deductions.
All figures are net to investors after fund expenses, the 1% subordinated asset management fee and GP promote. Illustrative projections, not a guarantee.

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At Alcreo Capital, we believe that strong partnerships are the foundation of lasting success. As General Partners, we are committed to protecting valuable relationships and operating with integrity, transparency, and alignment. Our approach combines disciplined investing with entrepreneurial execution to create long-term value for our investors and stakeholders.
Elliot Abel is the Co-Founder of Alcreo Holdings and General Partner at Alcreo Capital, with over $50 million in personal transaction volume across Utah-based residential and commercial investment sales. As Associate Broker at Strategic Partner, Investment Realty Advisors, he leads a commercial leasing team transacting over $12 million annually and has negotiated more than 200 commercial leases. Formerly President of Leasing, Elliot helped grow a managed portfolio from $280 million to over $480 million through disciplined asset management and value-add strategies. He holds a Master of Real Estate Development from the Eccles School of Business, graduating Summa Cum Laude.
Tony Regalmuto is a General Partner at Alcreo Capital and an accomplished entrepreneur skilled in scaling successful businesses. He previously led major media campaigns for brands including Callaway Golf, HBO, NBC Sports, ESPN, Sirius XM, and more. He was part of the leadership team contributing to Callaway's 84% valuation increase during his tenure. As CEO of Alcreo Holdings since 2020, Tony manages companies ranging from media, marketing, SaaS, real estate, solar, payment processing, web development, and systems integrations. Driving growth through strategic leadership and team building. He plays an active role in asset oversight.

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General
The information provided in this presentation relating to Alcreo Capital, LLC (“Alcreo” or the “Fund”), its business assets, strategy, and operations is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. This content is not prescribed by securities laws and should not be relied upon as investment, legal, or tax advice. This presentation does not account for your specific investment objectives, financial situation, or tax position. While the information presented is believed to be accurate and reliable, Alcreo and its affiliates, agents, managers, members, directors, officers, employees, and shareholders make no representations or warranties, expressed or implied, regarding its accuracy or completeness. Alcreo expressly disclaims any and all liability that may be based on such information or omissions thereof. Alcreo reserves the right to amend or replace any portion of this material at any time without notice and undertakes no obligation to provide updated information to any recipient. The contents of this presentation supersede any prior materials or discussions. Any statements, representations, or forecasts not contained herein shall not be relied upon for any purpose. Neither Alcreo nor any of its representatives shall have any liability, contractual or otherwise, for any errors or omissions or reliance placed on the contents of this presentation. Confidentiality This presentation is confidential and is provided for informational purposes to the recipient only. It is not to be reproduced, redistributed, or disclosed to any third party without the prior written consent of Alcreo Capital, LLC. By accepting this material, you agree: (i) not to reproduce or distribute this material in whole or in part without Alcreo’s consent, (ii) to return this presentation if requested, (iii) not to disclose any information contained herein unless (a) it was already known to you without breach of confidentiality, (b) is publicly available through no fault of your own, or (c) is lawfully obtained from another source not bound by confidentiality. Forward-Looking Statements and Financial Projections This presentation contains forward-looking statements regarding the Fund and its expected performance, investment strategy, and financial outlook. Terms like “expect,” “anticipate,” “plan,” “believe,” “project,” “intend,” “may,” “will,” “should,” or similar expressions are intended to identify such statements. These projections are inherently subject to risk, uncertainty, and assumptions — many of which are outside of Alcreo’s control. Actual performance may differ materially from projections due to, among other factors: Shifts in economic and capital market conditions Regulatory changes Tenant performance and lease dynamics Property acquisition or development delays Financing availability or cost of capital Competition and valuation pressures Litigation, cybersecurity events, and other unforeseen risks These forward-looking statements reflect Alcreo’s views as of the date of this presentation and are subject to change without notice. Alcreo assumes no obligation to update or revise such projections. ALL PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INQUIRIES AND CONSULT THEIR OWN ADVISORS AS TO LEGAL, TAX, INVESTMENT, AND RELATED MATTERS CONCERNING AN INVESTMENT IN THE FUND.

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Alcreo Capital is a private investment firm focused on acquiring and repositioning a diverse range of real estate throughout Utah. We are committed to delivering strong, risk-adjusted returns through a disciplined, value-creation strategy. As stewards of our investors’ capital, we focus on assets with clear upside potential and execute with operational rigor. Our vertically integrated approach ensures alignment, transparency, and consistent performance across every investment.