Overview
Aii Capital Management, LLC was formed in October 2014 and is registered with the SEC as an investment
adviser with its principal place of business located in Los Angeles, California. The Adviser is the investment
adviser and general partner (“General Partner”) to the Transformation Housing Fund, L.P., a private equity
real estate fund (the “Fund”). The Adviser also provides non-discretionary investment advisory services
to a separately managed accounts (“SMA”) of certain high-net-worth individuals and institutional
investors. The Adviser is controlled by Michael Chesser, and Apartment Income Investors, Inc. is an affiliate
through common ownership.
Advisory Services
The firm specializes in identifying investment opportunities in the Class B multifamily real estate market.
The Adviser seeks to find value-add opportunities in economic growth markets around the county. The
Adviser leverages the management and expertise of its affiliate company Apartment Income Investors,
Inc. (“Aii”) which was founded in 1994 to invest in value-add multifamily properties on behalf of its owner
and close friends. Over 25 years, Aii has invested in over 70 properties and rehabilitated over 5,000
apartment units.
Transformation Housing Fund, L.P.
The Adviser currently serves as the investment adviser and general partner
to the Transformation Housing
Fund, L.P. a private equity real estate fund. The Fund seeks to invest a limited number of income-
producing Class B multifamily properties with asset values of $3 million to $40 million and an initial equity
requirement of $1 to $10 million. The Fund focuses on properties in growing U.S. cities west of the
Mississippi, with diverse sources of employment and sustainable demand for quality multifamily housing.
Assets Under Management (AUM)
As of December 31, 2023, the firm has $128,816,000 of non-discretionary assets under management
(“AUM”) and $ 3,977,986 of discretionary AUM with total AUM of $132,793,986.
Wrap Fee Programs
The firm only provides advisory services to the Fund and certain separately managed accounts and does
not sponsor or manage any wrap fee programs or offer any other advisory services.
Important Additional Considerations
The information provided herein summarizes detailed information provided by investment advisory
agreements and the Fund’s offering documents. Current and prospective investors should be aware of
the substantial risks associated with such investments as well as the terms applicable to such
investments. This and other detailed information are provided in the applicable investment advisory
agreements and Fund offering documents.