INDEPENDENT ASSESSMENT
Integra Multifamily Opportunity Fund LP is a verifiable 2025 Delaware real-estate fund whose September 10, 2026 SEC Form D shows a $125 million offering with $47.35 million already sold to 33 investors and $77.65 million remaining. The fund reported its first sale on August 22, 2026, meaning roughly 37.9% of the stated offering had been subscribed within less than three weeks of the first reported sale. It relies on Rule 506(b) and checks both Sections 3(c)(1) and 3(c)(7), offers equity and pooled investment fund interests, reports a $1 million minimum investment while explicitly giving the General Partner discretion to accept smaller amounts, and shows $0 sales commissions and $0 finder's fees. Integra Multifamily Fund GP LLC is the General Partner, Integra Opportunity Fund Manager LLC is the Investment Manager, and the filing names Cory Yeffet, Paulo Melo, Nelson Stabile, Matthew Scarola and Victor Ballestas among the key principals and promoters. The most important differentiator is that this fund launched only months after Integra completed one of South Florida's larger recent apartment realizations: the sale of the 380-unit Biscayne Shores complex for approximately $151.4 million in May 2026. That transaction is not a Fund asset or Fund return, but it gives unusually concrete evidence that the sponsor has recently taken a large multifamily development from ownership to institutional-scale exit.
The sponsor history gives the new fund a very different profile from a newly created multifamily manager. Integra Investments traces its real-estate activity to Paulo Tavares de Melo's family investment activity beginning in 2001, with Integra founded in 2006 and materially expanded after Nelson Stabile joined in 2009 to pursue more opportunistic and value-added development. Victor Ballestas joined in 2013, helping expand the group into condominium and mixed-use development, while Matthew Scarola is now identified by Integra as Head of Investments, Integra Multifamily. The firm describes itself as a multidisciplinary real-estate investment and development organization with more than 35 professionals covering acquisitions, due diligence, entitlements, design, permitting, project management, construction management, construction, accounting, asset management, reporting and dispositions. That integrated operating model is particularly relevant to an "Opportunity Fund" because the investment thesis is likely to depend on execution across acquisition, development, construction and asset management rather than passive ownership alone.
THE UNIQUE STORY: A NEW FUND LAUNCHED AFTER A MAJOR REALIZATION, NOT BEFORE A PROVEN OPERATING HISTORY
Integra's recent property record gives this fund an unusually tangible pre-launch backdrop. In May 2026, Integra sold Biscayne Shores, a 380-unit bayfront apartment and townhome community in North Miami, for approximately $151.4 million to RPM Living and Cantor Fitzgerald Asset Management; The Real Deal described it as one of the largest known Miami-Dade multifamily trades of the year at that point. Integra's official portfolio also identifies active rental projects including NoMi Square in North Miami with 342 units and ArtSquare at Hallandale with 358 units, while its broader portfolio spans rentals, mixed-use, condos, offices, hotels and other real-estate sectors. None of those assets should automatically be attributed to the new Opportunity Fund, but together they prove that the team behind the fund has real development, ownership and disposition experience in the same South Florida multifamily ecosystem it is likely to evaluate. The timing matters: Fund first sale was August 22, only about three and a half months after the Biscayne Shores exit, making the fund launch look more like a new institutional capital pool emerging from an active development platform than an isolated fundraising experiment.
The legal structure also deserves closer attention because it is more flexible than a typical single-exemption vehicle. By checking both 3(c)(1) and 3(c)(7), the filing preserves the ability to organize investor participation across different Investment Company Act exclusions, while the $1 million stated minimum can be waived by the GP. That combination, alongside 33 investors and no disclosed placement agent, suggests a relatively concentrated institutional/high-net-worth fundraising model rather than broad retail distribution. The economics are only partly visible: Item 16 reports $0 current related-person use of proceeds but expressly says the Investment Manager is entitled to a management fee calculated as a percentage of capital commitments and carried interest calculated as a percentage of net distributable cash under the offering documents. Those exact percentages are not disclosed publicly, making the PPM and LPA critical. Investors should also determine whether the fund is primarily acquiring stabilized apartments, executing value-add renovations, pursuing ground-up development, buying distressed capital structures, or combining several of those strategies.
FINAL ASSESSMENT
Integra Multifamily Opportunity Fund LP has a strong sponsor-verification profile and a genuinely case-specific story: a $125 million new opportunity vehicle reached $47.35 million of reported sales across 33 investors within weeks of first sale, while the sponsor had just completed a $151.4 million multifamily disposition earlier in 2026. The value of that history is not that Biscayne Shores predicts Fund returns, but that it demonstrates recent execution through a full property cycle. The unresolved questions are fund-specific rather than sponsor-specific: which properties are already under contract or owned, whether the strategy emphasizes development or acquisitions, what leverage and construction exposure are permitted, how the $47.35 million has been deployed, what management fee and carry apply, and how potential conflicts are handled between this fund and Integra's existing balance-sheet or joint-venture developments. Those questions should be answered from the current PPM, LPA, portfolio schedule, debt documents, appraisals and investor reports rather than inferred from Integra's broader property history.
SEC SNAPSHOT
SEC CLASSIFICATION: Other Real Estate | SECURITY: Equity + Pooled Investment Fund Interests | EXEMPTION: Rule 506(b) | ICA EXCLUSIONS: Sections 3(c)(1) and 3(c)(7) | FIRST SALE: August 22, 2026 | OFFERING DURATION: More than one year.
ITEM 16: $0 presently reported, but the Investment Manager is entitled to a management fee based on capital commitments and carried interest based on net distributable cash under the offering documents.
IMPORTANT CAPITAL DISTINCTION: $47.35M is cumulative Form D securities sold. It is not current NAV, deployed equity, gross property value or total Integra Investments AUM.
WEBSITE / ENTITY PENETRATION
OFFICIAL SPONSOR: Integra Investments | OFFICIAL DOMAIN: integrafl.com | HEADQUARTERS: 150 SE 2nd Ave., Suite 800, Miami, Florida.
OPERATING MODEL: acquisitions | due diligence | entitlements | design | permitting | construction management | construction | accounting | asset management | reporting | dispositions.
MULTIFAMILY LEADERSHIP: Matthew Scarola — Head of Investments, Integra Multifamily | Paulo Melo, Nelson Stabile and Victor Ballestas — long-standing Integra principals.
RECENT REALIZATION: Biscayne Shores, North Miami | 380 units | approximately $151.4M sale in May 2026 to RPM Living and Cantor Fitzgerald Asset Management | sponsor-level transaction, not confirmed Fund performance.
ACTIVE RENTAL EXAMPLES ON OFFICIAL SITE: NoMi Square — 342 units | ArtSquare at Hallandale — 358 units | these are Integra platform projects and should not automatically be attributed to the Opportunity Fund.
CURRENT FUND PORTFOLIO: NOT PUBLICLY DISCLOSED IN FORM D | CURRENT NAV: NOT DISCLOSED | EXACT MANAGEMENT FEE: NOT PUBLICLY DISCLOSED | CARRIED INTEREST RATE: NOT PUBLICLY DISCLOSED | FUND-LEVEL LEVERAGE LIMIT: REQUIRES FUND DOCUMENTS | AUDITOR / ADMINISTRATOR: NOT IDENTIFIED IN FORM D.
CORE INVESTOR QUESTIONS
Which properties are already owned or under contract by the fund | How much of the $47.35M sold has been called and deployed | Is the strategy primarily ground-up development, value-add acquisition, distressed acquisition or a combination | What markets outside South Florida are permitted | What percentage of fund equity can be invested in a single project | What property-level LTV or LTC limits apply | What construction guarantees are required | Does Integra Build provide construction services to fund assets and, if so, at what fees | How are opportunities allocated between the fund, Integra balance-sheet investments and third-party joint ventures | What management fee and carried-interest percentages apply | Is there a preferred return | What are the expected hold periods | What valuation policy is used for development assets | What is current NAV, IRR, TVPI and DPI once reporting becomes available
CORE RISKS
Ground-up development risk | construction-cost inflation | lease-up risk | interest-rate risk | refinancing risk | South Florida concentration | insurance-cost inflation | property-tax exposure | hurricane and climate risk | apartment supply risk | valuation risk | affiliate construction / development conflicts | allocation conflicts with other Integra projects | management-fee and carry terms not publicly quantified | early-stage Fund performance not yet established | Form D sales do not equal current NAV.
INDEPENDENT CONCLUSION
Integra Multifamily Opportunity Fund is materially different from a generic first-time apartment fund because it launched from an operating platform with recent, independently visible execution. The fund's $47.35 million of reported sales to 33 investors within weeks of first sale is meaningful, but the more distinctive evidence is Integra's recent $151.4 million Biscayne Shores exit and its active pipeline of South Florida rental developments. That combination gives the new fund a concrete sponsor history without requiring FilingDossier to invent fund-level holdings.
The diligence priority is now to separate sponsor history from Fund economics. Investors should verify which assets actually belong to the 2026 vehicle, how development and construction services are priced, how opportunities are allocated across Integra entities, and what leverage, fees, preferred return and carried interest apply. Form D verifies the offering and management structure; Integra's property history verifies operating capability; neither constitutes SEC approval or guarantees that Fund-level investments will reproduce the sponsor's prior transaction outcomes.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission / September 10, 2026 Form D — Integra Multifamily Opportunity Fund LP — CIK 0002107754 — $125M offering — $47.35M sold — 33 investors — $1M stated minimum — Rule 506(b) — Sections 3(c)(1) and 3(c)(7).
Integra Investments official website — sponsor history, integrated development platform, leadership and active rental projects.
The Real Deal — May 2026 sale of 380-unit Biscayne Shores for approximately $151.4 million to RPM Living and Cantor Fitzgerald Asset Management.
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering. It does not mean that the SEC approved Integra Multifamily Opportunity Fund, Integra Investments, any apartment property, development project, valuation, management fee, carried interest or future investment performance.