INDEPENDENT VERDICT
Orchard View Fund LLC is a newly organized Arizona real estate investment vehicle whose September 18, 2026 SEC Form D reports a $2,307,500 Rule 506(b) equity offering that had already been fully sold to 25 investors. Unlike many newly filed private offerings that report $0 sold or no first sale, Orchard View reports a first sale on September 15, 2026, the full $2.3075 million sold, nothing remaining and no sales commissions or finder's fees. The filing identifies FSO Orchard View LLC as manager and names Jeffrey Sherman and Scott O'Neill as related persons. All three use 5050 North 40th Street, Suite 210, Phoenix, Arizona—the same address publicly used by FSO Capital Partners. This address, personnel and branding match provides a strong bridge between the legal issuer and an established Phoenix real estate investment platform.
The broader operating evidence is materially stronger than the Orchard View filing alone. FSO Capital Partners publicly describes itself as a Phoenix-based private-equity real estate firm focused on acquiring undervalued multifamily properties and improving them operationally. Its current website reports approximately 3,200 total units, about $324.156 million in aggregate purchase price, roughly $176.752 million of equity raised and approximately $540.4 million in current estimated property value. FSO also publicly lists Jeffrey Sherman and Scott O'Neill as senior principals and displays the exact 5050 N. 40th St., Suite 210 address used by Orchard View Fund. These platform-level figures help establish operating history and scale, but they should not be confused with Orchard View's own $2.3075 million offering, current NAV or property value.
Orchard View should therefore be analyzed as a specific property or project-level vehicle within a broader FSO real estate ecosystem rather than as a diversified $176 million fund. The Form D classifies Orchard View under "Other Real Estate," offers equity rather than pooled investment fund interests and does not identify the underlying property by name. The key diligence question is not whether the vehicle and sponsor can be linked—they can—but exactly what real estate asset, ownership structure, debt package, operating plan and exit assumptions sit behind this particular $2.3075 million investor raise.
FSO CAPITAL PARTNERS, MANAGEMENT AND RELATED FUND STRUCTURE
FSO Capital Partners gives the strongest independent context for Orchard View. The firm states that it focuses on multifamily real estate in Arizona and seeks undervalued assets where local sourcing and operational improvements can increase value. Its website currently identifies properties including Luxana in Phoenix, Legacy Pines in Flagstaff, The Barton in Peoria, Gila River 1 & 2 in Thatcher, Winfield at the Ranch in Prescott and Marana Apartments. Those properties demonstrate that the FSO platform operates across multiple Arizona markets rather than being created solely around Orchard View.
Jeffrey Sherman is a particularly important verification link. FSO identifies Sherman as a Principal and Co-Founder. His public biography states that before forming FSO he was Executive Vice President of Multifamily at Colliers International from 2007 to 2017 and led the firm's multifamily team. FSO reports that Sherman brokered more than 250 multifamily transactions in the Southwest with aggregate valuation exceeding $1 billion. His biography also identifies him as founder of Camelback Real Estate Finance, a bridge and hard-money lender focused on Arizona commercial real estate, and notes personal investment experience across multifamily, single-family and commercial property.
Scott O'Neill appears alongside Sherman in the Orchard View Form D and on FSO Capital Partners' public team page. The SEC filing does not spell out each individual's ownership percentage in Orchard View, but it does independently place both principals inside the legal issuer structure. The combination of legal filing, exact address match and operating-company website materially reduces the risk of confusing Orchard View with an unrelated same-name issuer.
Another useful regulatory clue is Madison Ridge Fund LLC. That Arizona LLC filed a separate Form D in September 2026 using the identical 5050 N. 40th St., Suite 210 Phoenix address, identical 602-694-1127 telephone number, Jeffrey Sherman and Scott O'Neill as related persons and FSO Madison Ridge LLC as manager. The naming pattern—FSO Orchard View LLC managing Orchard View Fund and FSO Madison Ridge LLC managing Madison Ridge Fund—suggests a project-specific special-purpose structure used by the FSO platform. This does not prove the two funds own similar assets or have identical economics, but it provides strong evidence that Orchard View is part of a repeatable FSO-sponsored investment structure rather than a one-off unrelated filing.
OFFERING STRUCTURE, CAPITAL RAISE AND WHAT THE FORM D DOES NOT SHOW
Orchard View Fund LLC was formed in Arizona in 2026. Its first Form D was filed September 18, 2026, three days after the stated first sale date of September 15. The filing relies on Rule 506(b), meaning the offering is a private placement and is not the type of generally solicited Rule 506(c) offering used by some other issuers. The issuer reported a $25,000 minimum investment and 25 investors. Securities are classified as equity. The filing reports a total offering of $2,307,500, all $2,307,500 sold and $0 remaining.
The fully sold status is significant because it distinguishes Orchard View from filings where the offering amount is merely an aspirational ceiling. Here, the Form D directly reports that the entire offering had been subscribed. That still does not mean the issuer has a $2.3075 million current NAV. Investor capital can be used for acquisition equity, closing costs, reserves, improvements and other project costs, while leverage can cause total property value to be substantially larger than the equity raise. Conversely, investment expenses or operating losses can cause investor equity value to decline.
The Form D does not identify acquisition debt, total project cost, property valuation, mortgage lender, interest rate, loan maturity, loan-to-value ratio, renovation budget, expected hold period, target distributions, projected IRR or the actual Orchard View property. It also does not disclose current revenue or NAV; the issuer declined to disclose its size under Item 5. That means the private placement memorandum, operating agreement, subscription package and property-specific underwriting remain essential.
No broker or dealer is identified in the sales-compensation section, and the filing reports $0 sales commissions and $0 finder's fees. The filing also reports $0 of gross proceeds proposed to be used for payments to the named persons under Item 16. Those disclosures are useful but narrow. They should not be interpreted to mean the investment has no sponsor fees. Acquisition fees, asset-management fees, property-management fees, financing fees, construction-management fees, disposition fees, refinance fees, organizational expenses or carried/promote economics may appear in the governing documents even when Form D sales commissions are zero.
REAL ESTATE STRATEGY, VALUE CREATION AND PLATFORM EVIDENCE
FSO Capital Partners describes its strategy around locating undervalued real estate and improving operations. In multifamily investing, value creation typically can come from a combination of rent growth, occupancy improvement, unit renovation, expense control, property-management changes, refinancing and capitalization-rate movement. A locally focused operator may also benefit from broker relationships and knowledge of submarkets that can improve sourcing or underwriting.
The FSO website's reported platform metrics provide relevant context. Approximately 3,200 units and more than $324 million in historical purchase price represent a materially broader operating footprint than the $2.3075 million Orchard View equity raise. The stated approximately $176.752 million of equity raised indicates that Orchard View represents only a small portion of capital associated with the wider FSO platform. The website's roughly $540.4 million current estimated value figure appears to be a portfolio-level sponsor estimate rather than an audited valuation for Orchard View, so it should never be presented as Orchard View assets or NAV.
Investors should also understand that sponsor scale does not eliminate project-level risk. Orchard View appears to be a discrete LLC with its own investor base and manager. Even if the broader FSO portfolio performs well, returns to Orchard View investors depend on the economics of the particular asset or transaction owned by this vehicle. Likewise, difficulties at another FSO-sponsored property do not automatically establish poor performance at Orchard View. Each SPV should be evaluated using its own debt, operating statements, purchase basis, renovation program, reserves and distribution history.
Arizona multifamily has several structural attractions but also material risks. Population growth and household formation can support rental demand, yet Phoenix and other Arizona markets have experienced substantial development activity, meaning new supply can pressure rents and occupancy. Multifamily values are also sensitive to interest rates because higher financing costs can reduce acquisition values and make refinancing more expensive. Property-tax increases, insurance costs, payroll, utilities and maintenance expenses can compress net operating income even when rents rise.
Debt structure is particularly important for a project vehicle. A property financed with floating-rate or short-maturity debt may experience very different outcomes from one financed with long-term fixed-rate debt. Investors therefore need to know Orchard View's lender, principal balance, rate type, interest cap if applicable, maturity date, extension tests, recourse provisions and debt-service coverage. The $2.3075 million equity raise cannot be evaluated intelligently without understanding how much debt sits ahead of that equity.
FEES, LIQUIDITY, CONFLICTS AND INVESTOR DILIGENCE
Real estate syndication economics often depend heavily on sponsor compensation and distribution waterfalls. Orchard View's Form D does not disclose whether investors receive a preferred return, whether FSO earns a carried interest or promote after certain hurdles, whether distributions are based on cash flow or capital events, or whether sponsor fees are charged at acquisition, during ownership, refinancing or disposition. These economics can materially affect net returns even when the property itself performs well.
Liquidity is another central issue. Equity in a private real estate LLC generally cannot be traded like a public REIT. Transfers may require manager approval and there may be no contractual redemption right. Investors can remain exposed until a refinancing, sale or other liquidity event occurs. If market conditions become unfavorable near the original exit date, the sponsor may choose to extend the hold period rather than sell into weakness.
Related-party structures deserve review because FSO appears to use separately named manager entities for project vehicles. Investors should understand whether FSO Orchard View LLC receives fees, owns a promote interest or contributes GP capital, and whether any property management, construction, lending or financing services are provided by other entities affiliated with Sherman, O'Neill or FSO Capital Partners. Affiliated services are common in real estate but should be clearly disclosed and priced under understandable arrangements.
The sponsor's larger portfolio can create both operational benefits and potential conflicts. FSO may gain economies of scale in property management, vendor relationships and financing, but multiple vehicles may also compete for acquisition opportunities, follow-on capital or management attention. Investors should ask how investment opportunities are allocated among Orchard View, Madison Ridge and other FSO-sponsored entities and whether cross-collateralization, shared debt or intercompany arrangements exist.
REPUTATION, INDEPENDENT EVIDENCE AND FINAL ASSESSMENT
Orchard View has a comparatively strong identity-verification profile for a newly formed real estate vehicle. SEC EDGAR verifies the issuer, offering amount, investor count, first-sale date, manager and named principals. FSO Capital Partners' official website independently verifies the same Phoenix address, Jeffrey Sherman, Scott O'Neill and an operating Arizona multifamily platform. The existence of Madison Ridge Fund with essentially the same sponsor architecture further supports the conclusion that FSO uses project-level entities under a repeatable structure.
The strongest evidence therefore concerns sponsor identity and operating continuity, not Orchard View investment performance. Orchard View itself was organized in 2026 and its Form D provides no operating history, property financial statements, distributions, current NAV or realized return. Its entire $2.3075 million equity offering was reported sold, but fundraising success is not the same thing as investment success.
The appropriate diligence standard is consequently property specific. Investors should obtain the exact asset identity, purchase agreement or closing statement, independent appraisal, lender terms, capitalization table, renovation plan, rent roll, trailing operating statements, projected operating budget, debt schedule, distribution waterfall and sponsor-fee schedule. These documents would allow an investor to move from verifying the sponsor to evaluating whether Orchard View's acquisition basis and business plan are financially attractive.
SEC SNAPSHOT
SEC FILE NO.: 021-598169
FILM NO.: 261391720
ENTITY: Arizona Limited Liability Company
YEAR ORGANIZED: 2026
FORM D FILED: September 18, 2026
SECURITY TYPE: Equity
EXEMPTION: Rule 506(b)
OFFERING DURATION: Not intended to last more than one year
TOTAL REPORTED SOLD: $2,307,500
REMAINING: $0
FUNDING STATUS AT FILING: 100% of disclosed offering reported sold
PHONE: 602-694-1127
MANAGER: FSO Orchard View LLC
RELATED PERSON: Jeffrey Sherman
RELATED PERSON: Scott O'Neill
FORM D SIGNER: Jeffrey Sherman
SIGNER TITLE: Sole Member of Manager of Manager
SALES COMMISSIONS: $0
FINDERS' FEES: $0
ITEM 16 RELATED-PERSON PROCEEDS: $0 reported
FSO CAPITAL PARTNERS CONTEXT:
HEADQUARTERS: 5050 N 40th St Suite 210 Phoenix, Arizona 85018
BUSINESS: Private equity real estate Arizona multifamily investment
PUBLICLY REPORTED PLATFORM METRICS:
TOTAL UNITS: Approximately 3,200
TOTAL PURCHASE PRICE: Approximately $324.156 million
EQUITY RAISED: Approximately $176.752 million
CURRENT ESTIMATED VALUE: Approximately $540.4 million
IMPORTANT: These are FSO platform-level figures.
They are NOT automatically: Orchard View NAV Orchard View property value Orchard View equity Orchard View revenue Orchard View investor return
RELATED 2026 VEHICLE:
Madison Ridge Fund LLC
CIK: 0002144096
ADDRESS: Same 5050 N 40th St, Suite 210 address
PHONE: Same 602-694-1127 number
MANAGER: FSO Madison Ridge LLC
RELATED PERSONS: Jeffrey Sherman Scott O'Neill
IMPORTANT: Madison Ridge is a separate legal issuer and should not be confused with Orchard View.
WEBSITE / ENTITY PENETRATION:
Orchard View SEC issuer — CONFIRMED
CIK 0002144126 — CONFIRMED
Arizona formation — CONFIRMED BY FORM D
September 18, 2026 filing — CONFIRMED
September 15, 2026 first sale — CONFIRMED
$2.3075M offering — CONFIRMED
$2.3075M reported sold — CONFIRMED
25 investors — CONFIRMED
$25K minimum — CONFIRMED
Rule 506(b) — CONFIRMED
Other Real Estate classification — CONFIRMED
FSO Orchard View LLC manager relationship — CONFIRMED
Jeffrey Sherman relationship — CONFIRMED
Scott O'Neill relationship — CONFIRMED
FSO Capital Partners website — CONFIRMED
FSO / Orchard View exact address match — CONFIRMED
Jeffrey Sherman / FSO relationship — CONFIRMED
Scott O'Neill / FSO relationship — CONFIRMED
FSO Arizona multifamily strategy — CONFIRMED
FSO platform property portfolio — CONFIRMED
3,200 units — COMPANY REPORTED
$324.156M purchase price — COMPANY REPORTED
$176.752M equity raised — COMPANY REPORTED
$540.4M estimated value — COMPANY REPORTED
Madison Ridge related sponsor structure — INDEPENDENTLY CONFIRMED THROUGH SEC
Exact Orchard View property — NOT IDENTIFIED IN FORM D
Orchard View purchase price — NOT PUBLICLY DISCLOSED IN FORM D
Property-level debt — NOT PUBLICLY DISCLOSED
Current Orchard View NAV — NOT PUBLICLY DISCLOSED
Current property valuation — NOT ESTABLISHED BY FORM D
Current rental income — NOT PUBLICLY DISCLOSED
Fee schedule — REQUIRES OFFERING DOCUMENTS
Distribution waterfall — REQUIRES OPERATING AGREEMENT
Preferred return — REQUIRES OFFERING DOCUMENTS
Sponsor promote — REQUIRES OFFERING DOCUMENTS
Exit strategy — REQUIRES PROPERTY-SPECIFIC DOCUMENTATION
CORE INVESTOR QUESTIONS:
What exact property or properties does Orchard View Fund own
What was the acquisition price and closing date
How much acquisition debt is outstanding
Who is the lender and what interest rate applies
Is the debt fixed or floating rate
What is the loan maturity and are extension options available
What is current occupancy and average monthly rent
What were trailing 12-month revenue and NOI at acquisition
What capital improvements are planned
How much renovation reserve is funded
What stabilized NOI is underwritten
What exit capitalization rate is assumed
What is the targeted hold period
What preferred return applies
What sponsor promote or carried interest applies
What acquisition, asset-management, refinancing and disposition fees apply
How much GP capital did FSO contribute
Does FSO Orchard View LLC receive additional economics
Who manages the property operationally
Are any management or lending services provided by affiliated entities
What distributions have been made since acquisition
How are opportunities allocated between Orchard View, Madison Ridge and other FSO vehicles
Are any assets, loans or guarantees cross-collateralized
What transfer restrictions apply to investor interests
Can the manager extend the investment period or hold period without investor approval
CORE RISKS:
Single-project concentration risk
Multifamily market risk
Phoenix / Arizona geographic concentration
New apartment supply
Rental-rate pressure
Occupancy risk
Interest-rate risk
Refinancing risk
Floating-rate debt risk
Debt maturity risk
Capitalization-rate expansion
Property-tax increases
Insurance-cost inflation
Maintenance expense inflation
Renovation execution risk
Construction cost overruns
Tenant turnover
Economic slowdown
Property valuation risk
Sponsor fee drag
Promote / waterfall complexity
Related-party transaction risk
Opportunity allocation conflicts
Illiquid private equity interests
Limited redemption rights
Extended hold periods
Platform performance does not guarantee Orchard View performance
$2.3075M amount sold is not current NAV
INDEPENDENT CONCLUSION:
Orchard View Fund LLC is a verifiable Arizona real estate investment vehicle linked through multiple independent data points to FSO Capital Partners.
The September 18, 2026 Form D reports a $2.3075 million Rule 506(b) equity offering.
Unlike many new Form D issuers, Orchard View had already completed its fundraising at filing.
The full $2.3075 million was reported sold.
The filing reports 25 investors and a $25,000 minimum investment.
FSO Orchard View LLC is identified as manager.
Jeffrey Sherman and Scott O'Neill are identified as related persons.
The exact Phoenix address used by Orchard View is also the public headquarters of FSO Capital Partners.
FSO's official materials identify Sherman and O'Neill as members of its leadership and describe a materially larger Arizona multifamily operating platform.
FSO reports approximately 3,200 units, $324.156 million in aggregate purchase price, $176.752 million of equity raised and approximately $540.4 million of current estimated value across its broader platform.
Those figures provide useful sponsor context.
They should not be presented as Orchard View-level numbers.
The SEC record also reveals a closely related 2026 vehicle, Madison Ridge Fund LLC, using the same address, phone number, principals and a similarly named FSO manager entity.
That parallel structure provides additional evidence that Orchard View is part of a repeatable FSO project-level investment architecture.
The remaining diligence issue is not basic sponsor identity.
It is property-level economics.
The Form D does not disclose the underlying Orchard View asset, purchase price, mortgage, current property value, rent roll, NOI, leverage, preferred return, sponsor promote or exit assumptions.
Those terms ultimately determine whether the investment performs well.
A prospective investor should therefore obtain Orchard View's PPM or offering memorandum, operating agreement, acquisition documents, current property financial statements, rent roll, lender terms, appraisal, capex plan, distribution history and full sponsor fee schedule.
The $2.3075 million figure represents the amount of equity securities reported sold through the offering.
It is not automatically Orchard View's current NAV, total property value or investor equity value today.
SEC Form D confirms an exempt securities offering.
It does not constitute SEC approval of Orchard View Fund, FSO Capital Partners, Jeffrey Sherman, Scott O'Neill, the underlying real estate or future investment returns.
PRIMARY EVIDENCE REVIEWED:
U.S. Securities and Exchange Commission
Orchard View Fund LLC
CIK 0002144126
Form D
Filed September 18, 2026
First sale September 15, 2026
$2,307,500 offering
$2,307,500 reported sold
25 investors
FSO Capital Partners
Official company website
Arizona multifamily investment strategy
Property portfolio
Platform operating metrics
5050 N 40th St, Suite 210 address
FSO Capital Partners
Jeffrey Sherman official biography
Principal and Co-Founder
Multifamily transaction and professional history
FSO Capital Partners
Official team materials
Scott O'Neill relationship
U.S. Securities and Exchange Commission
Madison Ridge Fund LLC
CIK 0002144096
2026 Form D
Used to verify related FSO sponsor architecture
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering.
It does not mean that the SEC approved Orchard View Fund, FSO Capital Partners, its principals, the property, valuations, debt structure or future investment performance.