Private multifamily investment · Sun Belt & Southeast

The spirit of endurance in every investment.

Caird Capital acquires and operates value-add multifamily communities across high-growth Sun Belt and Southeast markets, underwritten conservatively and backed by aligned co-investment on every deal.

Get in touch Our strategy
4,000+
Units sourced & closed
$770M
Acquisition volume
25+ yrs
Combined experience

Reflects the principals' transactions while at Venterra Realty, 29th Street Capital, and Stoneweg US. Not Caird Capital results.

The firm

A vertically integrated multifamily investor built on conviction underwriting and operations that treat every basis point like it matters.

Caird Capital is a private real estate investment firm led by Jack Gerber and Ryan Smyth. We specialize in acquiring and managing multifamily rental communities in high-growth Sun Belt markets, pursuing value-add, core-plus, and opportunistic general partner investments.

A focused, low-volume approach of four to six assets sharpens our underwriting, diligence, and asset selection. We run a vertically integrated platform - acquisitions, construction management, asset management, investor relations, and legal coordination - and co-invest alongside our partners on every deal.

Tampa, Florida
Headquarters
Vertically integrated
Platform
GP · Sponsor
Role
The James Caird launching from Elephant Island, 1916
The James Caird launches from Elephant Island, April 24, 1916.
The name
Cairdpronounced “cared”

Caird Capital takes its name from the James Caird - the lifeboat Sir Ernest Shackleton sailed roughly 800 miles across the Southern Ocean in 1916 to bring his stranded crew home from the Imperial Trans-Antarctic Expedition. Widely regarded as the greatest small-boat voyage in history, it remains a testament to endurance, leadership, grit, and an unbreakable will.

"The spirit of endurance in every investment."

Targeted investment thesis

A diversified strategy across the risk spectrum.

We blend value-add upside with core-plus stability, allocating across four complementary strategies in high-growth Sun Belt and Southeast markets. Target returns are illustrative objectives, not guarantees.

16–19%Target IRR

Repositioning / Value-Add

Acquire under-managed assets below replacement cost and create value through targeted capital improvement and sharper operations.

Primary focus
12–15%Target IRR

Core-Plus

Stabilized assets in strong submarkets with durable occupancy and in-place cash flow - providing portfolio stability and yield.

Core complement
12–15%Target IRR

Ground-Up Development

Selective new development in supply-constrained, high-demand submarkets where fundamentals support durable long-term cash flow.

Selective
20–26%Target IRR

Special Situations

Distressed and lender-driven forced sales, plus complex business plans involving major renovation or operational turnaround.

Opportunistic
How we create value

A disciplined path from sourcing to realization.

01

Acquisition

Source within the buy box through deep broker relationships and market analysis.

02

Underwriting

Conservative, in-depth modeling of value-add and core-plus assets, including capital needs.

03

Negotiation

Structure price and terms in the partnership's favor - reps, credits, cure periods, costs.

04

Due Diligence

Full document review, third-party PCA and ESA, unit-by-unit walks, competitive analysis.

05

Closing & Operations

Coordinated takeover with the management company, then execute the business plan from day one.

06

Disposition

A five-year target hold with BOV-driven timing and a competitive marketing process at exit.

Portfolio

Current investments.

Caird's current investments: a limited partner position in Chattanooga and a value-add acquisition under contract in Morgantown, each underwritten in-house and held for the long term.

Alden Hixson, Chattanooga, Tennessee Current LP investment

Alden Hixson

Chattanooga, Tennessee
156
Units
6.14%
In-place cap
2025
Closed
Cedarstone Apartments, Morgantown, West Virginia Under contract

Cedarstone Apartments

Morgantown, West Virginia
36
Units
8.07%
In-place cap
1989 / 1998
Built
Principal track record

Proven multifamily execution, full cycle.

As Vice President of Acquisitions at 29th Street Capital, Ryan Smyth sourced, closed, and operated these Tampa value-add multifamily acquisitions, each taken full cycle and realized.

446
Units
$59.2M
Total acquired
$81.8M
Total realized
4
Full-cycle exits
PropertyBuiltUnitsAcquiredRealizedIRRMultiple
Westwood @60Acquired as Park at Pienza198688Feb 2019 · $11.68MOct 2021 · $18.05M27%1.8x
Avenue @CreekbridgeAcquired as Park at Creekbridge1987112Feb 2019 · $15.90MOct 2021 · $22.45M27%1.8x
Southern Cove1974180Mar 2020 · $20.59MApr 2023 · $26.65M15%1.5x
TownPark Villas200866May 2020 · $11.03MOct 2021 · $14.65M30%1.4x
Case study

Westwood @60

Brandon, Florida · 88 units · acquired as Park at Pienza
Westwood @60, Brandon, Florida - aerial view
$11.68M
Acquired · Feb 2019
$18.05M
Realized · Oct 2021
27%
IRR
1.8x
Equity multiple
~$7M
Value created

The opportunity

All-concrete construction kept noise transfer between units low, a real leasing advantage in the submarket. The prior owner was managing remotely from Chicago and under-resourcing the property, leaving clear upside across interior, exterior, and operations. Location anchored the thesis: minutes from the Selmon Expressway into downtown Tampa, in a Brandon submarket with strong population and job growth.

The value-add plan

Ryan ran an all-three-sides reposition. The roofs were at end of life and leaking, and the seller could not fund replacement, so he negotiated a $425,000 price reduction to cover the work. The dated recreation areas were rebuilt into an outdoor fitness, grilling, and lounge space with a pet park for roughly $75,000, and the building exteriors were repainted in a modern palette for about $100,000. Interiors were renovated at roughly $10,000 per unit: new luxury-vinyl flooring, stainless appliances, granite counters with undermount sinks, updated backsplashes, and new lighting and fixtures, finished with a brighter repaint. The improvements supported about $150 per unit in rent growth, with below-market units moved to market into rising demand and a sharper online leasing presence driving traffic.

Westwood @60 before and after renovation
Before (left) and after (right): the recreation courts converted to an outdoor fitness and lounge area, the exterior repaint, and the unit interior renovations.

The result

Roughly $7 million of value created over two and a half years and a clean full-cycle exit at a 27% IRR and 1.8x equity multiple, on a business plan executed close to as underwritten.

Executed by Ryan Smyth as Vice President of Acquisitions at 29th Street Capital. Not an investment of Caird Capital, LLC.

These transactions were sourced, closed, and operated by Ryan Smyth as Vice President of Acquisitions at 29th Street Capital. They were executed at a prior firm, are not investments of Caird Capital, LLC, and reflect Mr. Smyth's individual role at that firm. The transactions shown are selected prior deals and do not represent a complete record of all transactions. Past performance is not indicative of future results.

Institutional background

Built at institutional scale.

Caird's principals built their careers acquiring and operating multifamily at institutional scale. Ryan Smyth held acquisitions roles as Associate Director of Acquisitions at Venterra Realty, Vice President of Acquisitions at 29th Street Capital, and Senior Director of Acquisitions at Stoneweg US, a publicly traded owner-operator, where he sourced and closed value-add and core-plus communities ranging up to roughly 650 units across the Sun Belt, Southeast, and Midwest.

Jack Gerber underwrote institutional multifamily acquisitions nationwide as a Senior Acquisition Analyst at Stoneweg US and began his career at CBRE in valuation and capital markets. Together they bring the underwriting discipline, operating relationships, and rigor of far larger platforms to Caird's focused strategy.

Team

Principals with skin in the game.

Jack Gerber

Jack Gerber

Managing Principal

Jack sets Caird's strategic direction and leads acquisitions, underwriting, and market strategy across the Southeast and Sun Belt. He has underwritten over $20 billion in multifamily acquisitions, previously as a Senior Acquisition Analyst at Stoneweg US, and began his career at CBRE in valuation, market research, and capital markets. He holds a bachelor's degree from the University of Tennessee and lives in Tampa with his wife and two children.

Ryan Smyth

Ryan Smyth

Managing Principal

Ryan brings nearly 20 years of experience across multifamily acquisitions, development, brokerage, and asset management. Over the past decade he has closed more than 4,000 units and roughly $770 million in multifamily across the Southeast and Midwest, with prior roles at Stoneweg US, 29th Street Capital, and Venterra Realty. He holds a master's in real estate development from the University of Maryland and a bachelor's in journalism from West Virginia University, and lives in Tampa with his French Bulldog, Bonnie.

Contact

Let's start a conversation.

For acquisition opportunities, partnership inquiries, or to learn more about Caird Capital, reach out to either principal directly.

Jack Gerber

Managing Principal
jack.gerber@caird-capital.com (901) 596-3931

Ryan Smyth

Managing Principal
ryan.smyth@caird-capital.com (304) 290-9802