INDEPENDENT VERDICT
Integra Multifamily Opportunity Fund LP marks an important structural change inside a real estate organization that historically built much of its public record project by project. Its September 10, 2026 Form D reports a fixed $125 million offering, $47.35 million already sold to 33 investors following an August 22 first sale, and a comparatively high $1 million stated minimum investment. The Delaware partnership relies on Rule 506(b) and both Sections 3(c)(1) and 3(c)(7). Integra Multifamily Fund GP LLC is the General Partner, while Integra Opportunity Fund Manager LLC is expressly identified as Investment Manager. Cory Yeffet, Paulo Melo, Nelson Stabile, Matthew Scarola and Victor Ballestas all appear in the related-person chain. Approximately 37.9% of the stated offering had therefore been sold by the filing date, but the SEC notice does not identify the properties already acquired or earmarked for the fund.
THE UNIQUE STORY IS THE MOVE FROM PROJECT-LEVEL REAL ESTATE DEVELOPMENT TOWARD A DEDICATED MULTIFAMILY CAPITAL POOL
Integra has operated across multifamily, affordable housing, condominiums, offices, marinas, hotels and mixed-use development for years, usually through property-specific partnerships and affiliated entities. The new Opportunity Fund creates a different model: investors subscribe to a pooled $125 million vehicle whose manager can allocate capital across multifamily opportunities rather than underwriting only one named development. That transition is reinforced by the firm's current organizational structure. Integra now lists Matthew Scarola as Head of Investments, Integra Multifamily, responsible for acquisitions, financing and asset management for the multifamily portfolio. Scarola's official biography says that since 2018 he has acquired and managed more than 2,000 multifamily units across 18 assets in the Southeast, giving the dedicated fund a separately identifiable investment lead within Integra's much broader development organization.
THE TIMING IS PARTICULARLY INTERESTING BECAUSE INTEGRA COMPLETED A LARGE MULTIFAMILY EXIT ONLY MONTHS BEFORE THE FUND'S FIRST SALE
In May 2026, Integra and its partners sold Biscayne Shores, a 380-unit waterfront rental community in North Miami, for approximately $151.4 million to RPM Living and Cantor Fitzgerald Asset Management. Integra's own project materials show that the site was acquired in 2020 and developed into 288 apartments plus 92 rental townhomes. That transaction gives investors a recent, independently visible full-cycle multifamily example immediately preceding the Opportunity Fund launch. It does not establish that sale proceeds were recycled into the new fund, nor does it prove that the new vehicle follows the exact Biscayne Shores development model. But the chronology is notable: a major rental project exits in May, the fund begins selling interests August 22, and by September 10 it has already reported $47.35 million from 33 investors.
INTEGRA'S VERTICAL INTEGRATION MAY BE ESPECIALLY IMPORTANT IF THE FUND PURSUES VALUE-ADD OR DEVELOPMENT-HEAVY APARTMENT INVESTMENTS
Integra is not simply an acquisition manager. Its official platform includes in-house acquisition, due diligence, entitlement, design, permitting, project management, construction management, accounting, asset management and disposition capabilities. Integra Build serves as its in-house construction vertical for market-rate and affordable multifamily projects, while the broader portfolio contains assets such as NoMi Square, Biscayne Shores, ArtSquare at Hallandale, Wrecker's Cay, Bella Vista and affordable-housing developments including Mosaico. This infrastructure may allow the Opportunity Fund to pursue more operationally complex investments than a passive stabilized-apartment strategy. It also creates potential related-party questions: investors should establish when Integra Build, development affiliates or other Integra businesses may receive fees from fund-owned projects and how those contracts are priced and approved.
THE FUND SHOULD NOT BE CONFUSED WITH INTEGRA'S ENTIRE FLORIDA DEVELOPMENT PORTFOLIO
The official Integra portfolio is broad and includes luxury condominiums, mixed-use properties, marinas, hotels, affordable housing and market-rate rentals. None of those assets should automatically be assigned to Integra Multifamily Opportunity Fund merely because the sponsor developed or owns them. Form D does not list an initial portfolio, and the public website does not currently map each multifamily asset to this fund. This distinction is particularly important for properties such as NoMi Square, ArtSquare at Hallandale and legacy developments that predate the fund. They demonstrate the sponsor's operating history, but they are not evidence that Fund investors own an interest in those properties. The fund's PPM, acquisition notices and property-level LLC ownership records are necessary to build the actual portfolio.
FINAL ASSESSMENT
Integra Multifamily Opportunity Fund has at least six case-specific features: it reported $47.35 million of a $125 million target within weeks of its first sale; 33 investors were already participating; the stated minimum investment is $1 million; Integra created both a dedicated Multifamily Fund GP and Opportunity Fund Manager; Matt Scarola now leads a specifically identified Integra Multifamily investment function; and the fund launched shortly after Integra completed a $151.4 million exit from the 380-unit Biscayne Shores development. The key diligence issue is no longer whether Integra has multifamily operating experience — its public project record supports that. The unanswered question is which assets actually belong to this new pooled vehicle, what mix of acquisitions versus development it will pursue, how much leverage it will employ and how fees are divided among the fund manager, GP, construction arm and other Integra affiliates.
SEC SNAPSHOT
Issuer: Integra Multifamily Opportunity Fund LP CIK: 0002107754 SEC Form: Form D Accession No.: 0002107754-26-000002 Filing Date: September 10, 2026 Year Organized: 2025 Jurisdiction: Delaware Principal Address: 150 SE 2nd Avenue, Suite 800, Miami, FL 33131 Telephone: 305-774-0110 Industry: Other Real Estate Investment Company Act Exclusions: Sections 3(c)(1) and 3(c)(7) Offering Exemption: Rule 506(b) Security Types: Equity / Pooled Investment Fund Interests Offering Amount: $125,000,000 Amount Sold: $47,350,000 Remaining To Be Sold: $77,650,000 Percentage Sold: Approximately 37.9% Investors: 33 Minimum Investment: $1,000,000 General Partner May Accept Lesser Amount: YES First Sale: August 22, 2026 Offering Duration Over One Year: YES Business Combination Transaction: NO Sales Commissions: $0 Finder's Fees: $0 Item 16 Related-Person Payments: $0 reported Management Fee: Confirmed to exist; percentage not stated in Form D Carried Interest: Confirmed to exist; percentage not stated in Form D
MANAGEMENT / CONTROL STRUCTURE
General Partner: Integra Multifamily Fund GP LLC Investment Manager: Integra Opportunity Fund Manager LLC Signer: Nelson Stabile Signer Role: Manager of General Partner
Related Person: Cory Yeffet Role: Principal of General Partner / Promoter
Related Person: Paulo Melo Role: Principal of General Partner / Promoter
Related Person: Nelson Stabile Role: Principal and Manager of General Partner / Promoter
Related Person: Matthew Scarola Role: Principal of General Partner / Promoter
Related Person: Victor Ballestas Role: Principal of General Partner / Promoter
GP Florida Registration / Operating Record Confirmed: YES Integra Multifamily Fund GP LLC Current Status: Active GP Address Matches Fund / Integra Headquarters: YES Dedicated SEC Adviser CRD for Integra Opportunity Fund Manager Confirmed: NO
MULTIFAMILY PLATFORM PENETRATION
Official Sponsor: Integra Investments Official Website: integrafl.com Head of Investments, Integra Multifamily: Matt Scarola Matt Scarola Multifamily Experience Since 2018: YES Units Acquired / Managed in Biography: 2,000+ Assets Referenced in Biography: 18 Primary Region in Biography: Southeast U.S.
Integra In-House Acquisition Capability: YES Asset Management: YES Development: YES Construction Management: YES In-House Construction Vertical: Integra Build Market-Rate Multifamily Construction: YES Affordable Housing Construction: YES
RECENT MULTIFAMILY EXIT EVIDENCE
Asset: Biscayne Shores Location: North Miami, Florida Units: 380 total rental residences Apartments: 288 Rental Townhomes: 92 Site Size: Approximately 8.2 acres Integra Acquisition Year: 2020 Integra Development Role: Confirmed 2026 Buyer Group: RPM Living / Cantor Fitzgerald Asset Management Reported Sale Price: Approximately $151.4 million Reported Sale Timing: May 2026 Sale Occurred Before Fund First Sale: YES Biscayne Shores Proven to Have Been Owned by Opportunity Fund: NO Sale Proceeds Proven to Have Been Contributed to Opportunity Fund: NO
SELECTED INTEGRA MULTIFAMILY HISTORY
NoMi Square: Location: North Miami Units: 342 Asset Class: Rentals Status on Integra Website: Active
Biscayne Shores: Location: North Miami Units / Townhomes: 380 total Asset Class: Rentals
ArtSquare at Hallandale: Location: Hallandale Beach Units: 358 On-Site Retail: Approximately 12,000 square feet
Wrecker's Cay: Location: Stock Island / Key West Units: 280 Housing Type: Workforce housing
Bella Vista: Location: Lauderdale Lakes Units: 315 Status: Exited Significance: First project completed by Integra Build
Mosaico: Location: Miami Units: 271 Housing Type: Affordable housing Status: Active
Those Assets Proven to Be Current Opportunity Fund Holdings: NO
WEBSITE / ENTITY PENETRATION
Integra Multifamily Opportunity Fund SEC issuer confirmed: YES CIK 0002107754 confirmed: YES Official Integra website confirmed: YES Issuer headquarters matches Integra headquarters: YES Fund telephone matches Integra headquarters telephone: YES Integra Multifamily Fund GP confirmed: YES Integra Opportunity Fund Manager confirmed: YES Cory Yeffet SEC relationship confirmed: YES Paulo Melo SEC relationship confirmed: YES Nelson Stabile SEC relationship confirmed: YES Matt Scarola SEC relationship confirmed: YES Victor Ballestas SEC relationship confirmed: YES
Matt Scarola Official Integra Multifamily Role Confirmed: YES Cory Yeffet Official Integra Principal Role Confirmed: YES Nelson Stabile Official Integra Principal Role Confirmed: YES Paulo Tavares de Melo Official Integra Principal Role Confirmed: YES Victor Ballestas Official Integra Principal Role Confirmed: YES
Dedicated Opportunity Fund Portfolio Page Confirmed: NO Individual Fund-Owned Properties Publicly Identified: NO Fund-Level Auditor Confirmed: NO Fund Administrator Confirmed: NO Custodian Confirmed: NO Fund-Level Lender Confirmed: NO
CORE INVESTOR QUESTIONS
Which multifamily properties were acquired with the first $47.35 million of subscriptions Does the fund already own assets, or is capital still awaiting deployment What percentage of the $125 million target will be used for existing-property acquisitions What percentage will fund ground-up development Will the fund invest only in Florida or across the broader Southeast Does it target market-rate, workforce housing or both Will affordable housing be included or remain within InterUrban What is the target property size and equity check What leverage limit applies at property and fund level What management fee is charged on commitments versus invested capital What carried-interest percentage applies Is there a preferred return What GP commitment will Integra principals make How are opportunities allocated between this fund and project-specific Integra joint ventures Can Integra principals pursue multifamily deals outside the fund Will Integra Build serve as contractor on fund-owned developments If so, what construction or project-management fees does it receive How are related-party construction contracts benchmarked Will older Integra properties ever be sold into the fund Who provides independent valuation for related-party transactions Who serves as auditor, administrator and custodian What is the fund term and expected hold period for individual assets
PRIMARY EVIDENCE REVIEWED
SEC Form D for Integra Multifamily Opportunity Fund LP filed September 10, 2026. SEC filing confirming $125 million offering, $47.35 million sold, 33 investors, $1 million minimum and August 22 first sale. Florida corporate record for Integra Multifamily Fund GP LLC. Integra Investments official website. Integra official history and management-team materials. Integra official biography for Matt Scarola, Head of Investments, Integra Multifamily. Integra official property portfolio. Integra official Biscayne Shores project record. Integra official Integra Build materials. Public May 2026 transaction reporting concerning the approximately $151.4 million Biscayne Shores sale.
IMPORTANT FORM D NOTICE
Integra Multifamily Opportunity Fund LP's $125 million figure is the maximum stated offering amount, while $47.35 million is the amount reported sold as of September 10, 2026. Integra's broader development portfolio, historical projects and firm-level transaction activity should not be treated as assets of this fund unless property-level ownership records or fund documents establish that relationship. Likewise, the approximately $151.4 million Biscayne Shores sale demonstrates recent sponsor-level multifamily transaction history but does not establish that sale proceeds entered the Opportunity Fund. Form D and CIK records are exempt-offering notices and do not constitute SEC approval or endorsement.