A Private Real Estate Fund · Accredited Investors Only

Even the World's Most Ambitious Employees Need a Place to Live.

A workforce-housing fund anchored to the SpaceX/Starbase industrial cluster; 8–10% rental yields, with asymmetric upside.

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The Opportunity

A Structural Housing Shortage at Starbase

SpaceX employs over 4,300 people at its Starbase facility and provides company housing for fewer than 200 of them. Its planned 300-unit expansion is stalled to late 2027 even as headcount climbs toward 8,000.

Employees at Starbase

4,300 employees

Company housing

<200

Sources: Cameron County impact report (Oct 2025) · City of Brownsville · BFF1 Market Intelligence (Jun 2026)

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IPO Wealth Effect — Asymmetric Upside

SpaceX completed its IPO on June 12, 2026 (ticker SPCX, Nasdaq), raising ~$75B at a ~$1.8T valuation — the largest IPO in history. Staggered employee lockups begin releasing in late July, with full unlock around December 8, 2026 — channeling new liquidity toward housing within the fund's hold period.

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Multi-Anchor Industrial Cluster

Beyond SpaceX: Rio Grande LNG ($18B+), Texas LNG, America First Refining, Karpower, and Saronic are all building in the RGV — a verified multi-pillar industrial corridor across aerospace, energy, and AI infrastructure.

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8–10% Gross Rental Yield

3BR/2BA homes on the TX-4 corridor trade at $245K–$275K and rent for ~$1,900/mo long-term — or ~$2,800/mo furnished as mid-term rentals. The fund underwrites to rents, not to where SPCX trades.

The Catalyst

The SpaceX IPO

SpaceX priced its IPO on June 11, 2026 at $135/share and began trading June 12 on Nasdaq under ticker SPCX — raising ~$75 billion at a ~$1.8 trillion valuation, the largest IPO in history and more than double Saudi Aramco's prior $29.4B record. The stock now trades publicly, giving the regional thesis independent third-party validation.

The fund's edge isn't SPCX exposure — investors can buy that directly. It's owning the workforce-housing footprint that monetizes the buildout regardless of where the stock trades. Academic research shows home prices within 10 miles of a newly listed company rise ~1% at filing and ~0.8% at listing; SpaceX is larger than the entire 2019 Bay Area IPO wave that drove an 11% step-change in proximate home prices.

The Market

$243K Median Home Price. $1.8 Trillion Anchor Employer.

Brownsville is still priced as a border town. Despite 52% appreciation since 2020, the market has swung to a buyer's market with 7.8 months of supply — its first such window since the pandemic. The TX-4 corridor gives workforce-housing investors a disciplined entry point into the strongest rental demand in the city.

$243K

Median sale price (Redfin, Jan 2026) — deeply discounted relative to employer scale

$1,900

Median 3BR long-term rent — ~$2,800/mo furnished as a mid-term rental (~47% MTR premium)

7.8 mo

Months of housing supply — a buyer's-market acquisition window, ~80+ days on market

Industrial Cluster

Beyond SpaceX: The RGV Industrial Base

The Rio Grande Valley is becoming one of the most consequential industrial ecosystems in the country — analogous to Huntsville, Alabama at an earlier stage.

America First Refining

Karpower and Eneus Energy (AI infrastructure) remain emerging; aerospace and energy pillars are verified. Source: BFF1 Market Intelligence · 2025–2026

Historical Precedents

We've Seen This Before

Two well-documented analogs validate the Brownsville thesis — one showing what an IPO wave does to proximate home prices, one showing what a diversified aerospace ecosystem does over a decade.

+86%

Huntsville, AL · 2014–2023 · 9 Years

Nine years of sustained appreciation anchored by a multi-employer aerospace ecosystem, starting from a comparable price base to Brownsville today. Huntsville is the Brownsville base case — not the bull case. The RGV cluster is already more diversified.

NASABoeingBlue Origin

+11%

Bay Area · 2019 IPO Wave · Single Year

A single wave of tech IPOs drove an 11% step-change in proximate home prices. Academic study: prices within 10 miles of a newly listed company rose 1% at SEC filing and 0.8% at listing. SpaceX at ~$1.8T is larger than the entire 2019 wave combined — and employee lockups release on a staggered basis through 2026, unlocking liquidity within the fund's hold period.

UberLyftAirbnbPinterest

Brownsville Projection Scenarios (Illustrative Only — Not a Guarantee)

+15%

Conservative · $243K → $279K

+30%

Base Case · $243K → $316K

+60%

Bull Case · $243K → $389K

Fund Structure

Terms & Portfolio Strategy

Brownsville Future Fund 1 is a Regulation D Rule 506(c) offering for verified accredited investors. All investments subject to definitive offering documents prepared by Trowbridge & Nieh LLP.

Fund Terms

Offering TypeReg D · Rule 506(c)

Preferred Return8% cumulative

GP Carry20% above preferred

Management Fee2% on deployed capital

Minimum Investment$50,000

Fund Term3 years (base)

Target AssetSFR · TX-4 Corridor

Portfolio Allocation

SFR Core — TX-4 Corridor80%

3BR/2BA homes at $245K–$275K. 12-month leases to SpaceX, LNG, and data-center staff. 8–10% gross rental yield. Underwritten to rents and disciplined acquisition basis, with appreciation as upside.

MTR — Mid-Term Furnished (30+ Day)20%

Furnished 30+ day rentals at a ~47% premium over long-term, targeting SpaceX and LNG contractors, travel nurses, and Winter Texans. Sidesteps Brownsville permit friction and Hotel Occupancy Tax.

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For accredited investors only. $50,000 minimum investment.
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