Comunidad Fund I Manager, LLC (“Comunidad” or the “Manager”), a Delaware limited liability
company, is a vertically integrated real estate investment manager with internal property
management, development, and construction management capabilities, and is focused on the
acquisition and development of workforce and affordable housing communities located in
culturally diverse neighborhoods, with a particular focus on Sunbelt markets.
Comunidad was founded in 2007 and is principally owned by Antonio Marquez and Rachel
Marquez.
Comunidad currently provides investment advisory services to four clients: Comunidad Social
Impact Multifamily Assets Fund I, LP and Comunidad Social Impact Multifamily Assets QP Fund
I, LP and SIMFA Parallel I, LP and SIMFA Parallel II, LP (collectively the “Funds” or “Clients”).
The Clients offer limited partnership interests to certain qualified investors as described in
response to Item 7, below. Such investors or prospective investors are referred to herein as
“Investors.”
The Manager provides discretionary investment management services to privately offered
investment funds intended for sophisticated investors in accordance with the applicable limited
partner agreements, operating agreements, private placement memoranda, investment
management agreements and other such agreements (“Offering Documents”). Capitalized terms
not otherwise defined in this Brochure shall have the meaning ascribed to such term in the
respective Fund’s limited partnership agreement.
The Funds are managed in accordance with their own objectives and are not tailored to any Investor
nor does any Fund accept client-imposed investment restrictions unless documented in a side letter
agreement that is approved by the Manager.
Investment advice is provided directly to the Funds by the Manager and not individually to
Investors.
Such Investors accept the terms of advisory services as set forth in the Funds’ respective Limited
Partnership Agreements. The Manager has broad investment authority with respect to the Funds
and, as such, Investors should consider
whether the investment objectives of the Funds are in line
with their individual objectives and risk tolerance prior to investment.
The General Partner establishes certain partnerships, such as co-investment vehicles
(“Partnerships”), that are designed to invest in one or more specific investments alongside the
Funds. To the extent that such co-investment opportunities arise, the General Partner will generally
offer such co-investment opportunities to Investors in the Fund or Funds, applicable, or in another
manner as permitted by the Offering Documents, at the General Partner’s sole discretion. In no
event shall the General Partner and its affiliates be restricted from participating in any such co-
investment.
In addition, the General Partner, or its affiliates, in their sole discretion, may hold certain assets
outside a Fund in (or permit the investors to hold their interests in the Partnership through) one or
more other vehicles (which entities may include a group trust, a blocker entity or an off-shore
vehicle) organized by the General Partner and having investment objectives, economic terms,
conditions and management substantially identical and no less favorable, to the extent practicable,
to those of the Funds, but that would not encounter (or would appear to mitigate) certain legal, tax
or regulatory impediments (such investment vehicles are “Alternative Investment Vehicles”).
Certain side letter agreements are entered into with certain investors in the Funds. Such
arrangements have the effect of establishing additional rights or altering or supplementing the
terms of the governing documents of a Fund with respect to one or more such investors in a manner
more favorable to such investors than those applicable to other investors. As of December 31,
2023, Comunidad manages approximately $264,816,758 of Regulatory Assets Under Management
on a discretionary basis. Comunidad manages $0 assets on a non-discretionary basis. It should be
noted that for the purposes of calculating Regulatory Assets Under Management and consistent
with SEC guidance, the Manager has included all unfunded capital commitments.