Build livable units in half the time.
ShoreNorth Partners backs modular multifamily, supporting the projects, the sponsors, and the capital structure that gets them built.
Modular Real Estate Development Fund
ShoreNorth Partners is a real estate fund investing in modular multifamily, backed by an operating platform that has delivered $464M across 21 projects since 2019, on time, every time.
In a market short 3.8 million housing units, modular is the fastest path to scale. ShoreNorth is one of the few integrated platforms positioned to capture it.
Fund size, terms, and target return objectives are detailed in the Confidential Private Offering Memorandum, shared with accredited investors and qualified purchasers on request.
Request the offering memorandumFund information is subject in its entirety to the Fund's Confidential Private Offering Memorandum (POM). Targets are estimates based on assumptions and are not guarantees of future results.
Experience That Powers the Fund.
The experience gained across our portfolio now fuels a fund designed to expand opportunities and deliver reliable outcomes.
* $136M in modular capital deployment ** 398 units. On-time rate reflects contracted delivery dates across 21 completed projects. Past performance is not indicative of future results.
America is 3.8 million living units short, and traditional construction cannot close the gap.
The deficit is deepest in rental housing and it exists in nearly every market in the country, not just the coastal metros. The industry that would have to close it has not fundamentally changed how it builds in fifty years.
Not enough capacity
Even at a fifty-year high in multifamily starts, completions do not close the gap. The math does not work at the current rate of delivery.
Not enough labor
The skilled trades are short hundreds of thousands of workers and the workforce is aging out faster than it is replaced.
Costs keep climbing
Material prices are up roughly 20% since 2020. The units that do get built increasingly cannot be delivered at attainable rents.
Too slow to matter
18 to 24 months from groundbreaking to occupancy. Every additional month is carry, risk, and a market that may have moved.
Sources: National Association of Realtors (2023); Modular Building Institute (2025).
Modular doesn't build cheaper. It builds sooner.
The saving isn't in the cost per square foot. It's that factory and site run at the same time, so the building reaches Certificate of Occupancy roughly 190 days sooner, meaning carry stops earlier and rent starts earlier.
// Illustrative, on MBI average schedules; durations vary by project. MBI reports 30–50% schedule savings sector-wide; the example above shows 29%. The advantage is in the calendar, not the cost per square foot. Timeframes are targets and estimates, not commitments.
What is Modular Construction?
Building components (modules) are prefabricated in a factory, then transported and assembled on site to form the finished structure.
Built in the factory
Modules are completed to 60–95% off site: walls, floors, ceilings, fixtures and finishes.
Delivered to site
Finished modules travel to a site whose foundation and utilities were prepared in parallel.
Set and connected
Craned into position, then joined and tied into plumbing, electrical and HVAC.
Built to the same codes as site-built construction, and inspected in the factory.
Modular in Action
Watch a timelapse of one of our recent projects being set.
Why modular hasn't taken center stage.
Four problems keep modular from scaling in the US. None is a manufacturing failure. Each sits where the modular company meets the developer, the designer, the lender, or the crew on site.
Overdesign
A design robust enough for every application is over-engineered for most. Stacked modules hold one specification set around the highest loads, so upper floors carry structure they never need, inflating material cost.
Inefficient installation
Modular is still rare in the US, so few on-site teams know it. Installers trained on concrete and wood formwork hold more schedule buffer than the method requires, and the factory's time saving is given back.
Insufficient capital
Capital-intensive inside an already capital-intensive industry. Without a long track record the systems read as high-risk, so firms must post extra working capital for performance bonds to buy down that perception.
Unsteady manufacturing pipelines
Production lines need steady demand; construction is bumpy by nature. Chasing work to fill idle capacity pushes firms into low-value contracts and regions where logistics and labour eat the margin.
Source: Blanco, Dauphinais, Hovnanian & Palter, "Making modular construction fit," McKinsey & Company, Operations Practice, May 2023.
What 21 projects taught us about making modular work.
Overdesign, inefficient installation, thin capital, unsteady pipelines. We have run into all four. These are the practices that held up for us, and the same ones McKinsey found across the sector.
Design to value
Optimise material specification module by module before manufacture. One player cut steel content up to 30% in preproduction review.
Own the installation
Put experienced construction people on site, feed what they learn back into the product, and target repeatable designs over bespoke work.
Get paid like a contractor
Treat working capital the way a builder does: bill against milestones, and release bonding as modules come off the line rather than waiting for completion.
Build the pipeline deliberately
Chase the regions where the economics work. The same concrete build runs 28% higher in California than Texas. Repeat GC partnerships lift bid-win rates as much as 15%.
Repeat partnership compounds: average project profitability rises 21 percentage points from a first collaboration to a sixth with the same partner.
Source: Blanco, Dauphinais, Hovnanian & Palter, "Making modular construction fit," McKinsey & Company, Operations Practice, May 2023.
Portfolio Summary
Top active projects in the development pipeline.
// Pipeline figures per current development estimates and subject to change. Project-level detail is provided to accredited investors in the offering materials. Inclusion in the pipeline does not mean a project will be funded.
ShoreNorth Partners Leadership Team
Adam Miller
Adam Miller is a financial and operational leader with over 20 years of experience in real estate investment, development, and private equity syndication. He has led more than $70 million in commercial acquisitions and development and currently manages property and asset operations for a portfolio valued over $130 million. Adam earned his MBA with High Distinction from the University of Michigan's Ross School of Business.
Nathan Kessler
Nathan Kessler is a seasoned financial strategist and partner at ShoreNorth. Hailing from a background steeped in the dynamics of residential real estate, Nathan brings to the table a wealth of insights garnered from his upbringing in a family business. With an impressive 18-year track record in Finance, Operations, and Senior Leadership roles, Nathan has honed his expertise in navigating market trends, meticulous budgeting, and precise forecasting.
Josh Hoover
Josh Hoover brings more than 25 years across software, product development, and construction innovation, including Chief Product Officer, CTO, and COO roles where he was responsible for data privacy and compliance. He leads architecture, engineering, and manufacturing coordination for ShoreNorth's modular projects, and at ShoreNorth Partners he oversees compliance, investor qualification, and reporting.
Contact us.
The Confidential Private Offering Memorandum, the detailed track record, and the current pipeline are available to accredited investors and qualified purchasers on request. Reach either partner directly.
ShoreNorth Partners · 225 E 14th Street, Traverse City, MI 49684