INDURE Fund

Multifaceted Portfolio:

We invest in diverse sectors, including multifamily, data centers, medical buildings, office, and healthcare

Geographical Diversification:

We invest in projects spanning the U.S.

Development Focus:

We seek to create value through constructing and enhancing real estate

2010: Inception Date¹

148: Projects Delivered Since 2000

95: Properties

13.7 M SF: Operating Portfolio

$6.0 B: Gross Asset Value²

$2.7 B: Net Asset Value²

Sample Assets in Our Portfolio

Bainbridge Shady Grove

Rockville, MD

East Market – The Ludlow

Philadelphia, PA

2161 Hawkins

Charlotte, NC

Confluence Apartments

Denver, CO

3737 Buffalo Speedway

Houston, TX

Project Spotlight

Journal Squared in Jersey City, NJ, is a 2.4-million-square-foot mixed-use development adjacent to the Journal Square PATH transportation station, a hub to Manhattan, NY. It consists of three towers with 1,843 rental apartments and ground-floor retail.

News & Insights

National Insights

12/08/2025

Economic Insights: Price vs. Value – Making Sense of Cap Rate Spreads in Shifting Markets

Written By National’s Head of Research and Analysis, Darob Malek-Madani Eighteen months ago, the real estate market was in the middle of a period of rising cap rates (and therefore falling values). In our blog post from early 2024, “The Wild World of Property Valuations: A Tale of Price vs. Value Cap Rates”, we examined a world where valuation cap rates across property […]

Culture

12/08/2025

National Real Estate Advisors is Named Pensions & Investments Best Places to Work in Money Management for the 11th Year

Washington, D.C. ─ For the eleventh year, National Real Estate Advisors, LLC (“National”) has been named one of the “Best Places to Work in Money Management” by Pensions & Investments. The global news source of money management, Pensions & Investment’s annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money […]

Construction & Development

11/24/2025

Campus Spotlight: Inside SDC Ashburn

This article spotlights the key differentiators of SDC Ashburn, a data center campus located on National’s 38-acre site in Ashburn, VA—one of the largest data center hubs in the world. Jeff Kanne, President & CEO of National Real Estate Advisors, reflects on the campus’s beginnings, unique strengths, and what’s next for its continued growth. SDC […]

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Meet The Team

Kevin Verdi

Chief Investment Officer

Thomas (TJ) Hofheimer

Managing Director, Portfolio and Asset Management

Michael Fenner

Senior Director, Portfolio and Asset Management for INDURE

Dennis Meaney

Director, Investor Relations – Electrical Industry Liaison

Nicole Roman

Senior Director, Investor Relations

Juanita Espinoza

Coordinator, Investor Relations

As of 06/30/2025

National commenced operations on January 1, 2010. National’s key senior investment management personnel worked together at National’s predecessor firm, NEBF Real Estate, from 2000 through 2010. National was the result of a spin-out of an internal division of the NEBF, and all senior investment management, involved in real estate investments, transitioned from NEBF Real Estate to National.
INDURE’s assets under management reflected above represent the aggregate Gross Asset Values and Net Asset Values, respectively, in each case calculated as set forth below:
- Property-Level Gross Asset Value (“GAV”) is based on property-level unleveraged values for real estate investments. The reported GAV is based on the “as is” value (including properties in development) per the most recent property appraisal and includes working capital and other adjustments such as lender and capital reserves and construction costs spent. However, the GAV for debt (senior and subordinate loans) investments is reported as the fair value of the loan, as opposed to the fair value of the underlying collateral (property). The GAV (Pro Rata) at Market is the ownership % interest of the Property-Level GAV.
  - Fund’s Share Property-Level GAV: The Fund’s share of GAV is reported at the Fund’s economic interest in the investment, which takes into consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned)
  - Fund-level GAV: Fund-Level GAV represents the Fund’s economic interest in real estate investments, cash, cash equivalents, and other Fund assets as defined by National. More information can be provided upon request.
- Net Asset Value (“NAV”): Net assets under management are calculated using the Fund’s Share Property-Level NAV of investments, plus cash and other assets and liabilities. The calculation is explained further below:
  - Property-Level NAV for Equity Investments: For equity investments, the Property- Level NAV equals the Property-Level GAV less marked-to-market debt.
  - Property-Level NAV for Debt Investments: The NAV for mezzanine and debt (senior and subordinate loans) investments is reported as the fair value of the loan.
  - Fund’s Share Property-Level NAV: The Fund’s share of NAV is reported at the Fund’s economic interest in the investment, which takes into consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned).
This is not an offering or the solicitation of an offer to purchase an interest in INDURE Build-to-Core Fund, LLC (“INDURE”). Any such offer or solicitation will be made only by means of a final offering memorandum and only in those jurisdictions where permitted by law. Investment in INDURE is available only to accredited investors, as such term is defined in rule 501(a) under the securities act of 1933, as amended.