Portfolio

Owned, operated, and realized.

Encephalo owns and operates multifamily real estate across St Paul and the Twin Cities, managed in-house by Cortex Property Management. Below are the firm’s current holdings and its realized track record.

5
Current properties
201
Units owned
$19.5M
Portfolio value
50+
Investors

Holdings & realized exits

Current holding Realized / sold

Current holdings

Wheelock Parkway Apartments

Wheelock Parkway Apartments

Multifamily · 103 units · St Paul · Est. value $10.3M
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The firm’s residential anchor. Acquired in 2024 for $7.5 million and held as a core position, Wheelock Parkway Apartments is carried today at an estimated $10.3 million. Its 103 units make it the operational hub around which Cortex Property Management’s in-house leasing, maintenance, and management capacity is organized — and the operating benchmark against which every new St Paul acquisition is underwritten.
7th St Apartments

7th St Apartments

Multifamily · 55 units · St Paul
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Encephalo’s step into institutional-scale multifamily — a 55-unit community acquired in 2023, repositioned and operated entirely in-house by Cortex. It extended the firm’s St Paul operating footprint and proved the model could run at scale, not only on small value-add buildings.
1074 York Ave

1074 York Ave

Multifamily · 32 units · St Paul
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A 32-unit asset acquired in 2023 and actively repositioned under Cortex management — a core piece of the firm’s concentrated St Paul book, served by the same leasing team, maintenance rotation, and vendor relationships as the rest of the portfolio.
251 Maria Ave

251 Maria Ave

Multifamily · 9 units · St Paul
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A nine-unit value-add held and operated in-house, with targeted capital work ongoing across the building — a representative example of the small-multifamily execution the firm has repeated across St Paul.
1023 17th Ave SE

1023 17th Ave SE

Duplex · 2 units · Minneapolis · Est. value ~$950K
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A duplex, transformed. A full repositioning lifted monthly rents from $1,450 to $6,375 — a 4.4× increase — carrying the building to an estimated value near $950,000, with a cash-out refinance still ahead. A small asset that shows the firm’s value-add playbook at its sharpest.
Track record
10
Deals completed
221
Units acquired
$5.2M
Equity raised
5
Realized exits

Realized exits

930 Saint Clair Ave

930 Saint Clair Ave

Triplex · St Paul · Realized 2024
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The deal that started the flywheel. Acquired as a $394,900 duplex in 2021, gut-renovated and converted into a triplex — lifting rents from $2,450 to $6,750 a month. A cash-out refinance returned $236,748 of capital, which directly funded the firm’s next three acquisitions. The property cash-flowed throughout the hold and sold for $645,000 in 2024. One small building, turned into the engine that financed the portfolio.
8336 Little Road

8336 Little Road

Single-family · Bloomington · Realized 2023
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An exit that kept paying. Acquired for $325,000 and fully renovated, then sold for $600,000 in 2023 — structured as a five-year contract for deed at 6.5%. Encephalo captured the appreciation and converted the sale into a secured, interest-bearing income stream rather than a one-time payout.
3140 Fremont Ave S

3140 Fremont Ave S

Single-family · Minneapolis · Realized 2025
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Lean basis, steady cash flow, clean exit. Bought for $375,000 in 2022 and improved with a disciplined renovation of roughly $40,000, it produced steady cash flow for three years before selling for $525,000 in 2025 — proof that not every win requires a heavy capital plan.
49 Isabel St W

49 Isabel St W

6 units · St Paul · Realized 2024
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A full value-add cycle in about seventeen months. A six-unit building acquired in 2022, renovated and stabilized, then sold in early 2024 — capital deployed, value forced, and capital back out and ready to redeploy into the next acquisition. Speed of execution is its own edge.
602 N Mendota St

602 N Mendota St

9 units · St Paul · Realized 2025
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Eight units in, nine units out. Acquired as an eight-unit building in 2022, expanded to nine units, and repositioned under Cortex management before its 2025 exit — a textbook small-multifamily value-add: create a unit, professionalize operations, return capital to investors.

The five realized exits above represent the firm’s full-cycle dispositions. Deal-level figures — capital invested, rental cash flow, refinancing proceeds, and net returns — are discussed directly with qualified investors. Past performance is not indicative of future results.

Important disclosures

The information on this page is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor does it constitute investment, legal, tax, or accounting advice. Nothing herein should be relied upon as a recommendation to make any investment or pursue any strategy.

Past performance is not indicative of, and is no guarantee of, future results. Any references to specific acquisitions, dispositions, rental income, refinancings, or value creation describe particular past transactions, are not representative of all investments made by the firm, and should not be assumed to be repeatable. Investments not described here may have performed differently, including unprofitably.

Estimated values are unrealized, internally prepared marks based on management’s assumptions as of the date indicated; they are not appraisals, are not guaranteed, and actual realized values may differ materially. Any forward-looking statements are subject to risks and uncertainties and may not come to pass.

All investments involve risk, including the possible loss of some or all principal. Prospective investors should conduct their own due diligence and consult their own legal, tax, and financial advisors before making any investment decision, and should rely only on the definitive offering documents, reviewed in their entirety. Invest at your own risk.