Why we built Cotra.
A note from Alexandra Pohl, Founder & Chief Executive Officer.
Cotra exists because American housing deserves better capital.
Multifamily real estate is the most durable, most needed, and most institutionalized asset class in the U.S. economy. It also remains one of the least optimized. Too much of the capital in this asset class is intermediated — routed through layers of managers, sponsors, and operators, each taking a fee and each diluting the outcome that residents and limited partners deserve.
We built Cotra to remove that dilution. We are an operator, an underwriter, a developer, and a fiduciary — all under one roof. Every dollar we invest is deployed with in-house diligence, in-house property management, and in-house construction management. Every fund we run is designed with a European whole-fund waterfall, an 8% preferred return, and a 2% general partner commitment, because we believe alignment is not a marketing claim — it is a structural obligation.
Our founding seven-fund architecture reflects a simple thesis: institutional capital should be able to access the full multifamily spectrum through a single, disciplined operator. Workforce housing where America actually lives. Core assets that produce dependable current income. Development where supply is genuinely constrained. Student housing at durable research universities. Luxury multifamily where quality earns a premium. Mixed-income where public-private structures create outsized value. And multifamily mortgage credit, where we finance the assets we already know how to underwrite.
We chose Dallas as our home because Texas is the economic engine of American housing demand. We chose institutional-grade governance — Registered Investment Adviser status, PwC as auditor, LePore Law Group as counsel — because our limited partners deserve a firm they can underwrite the way they underwrite their largest allocations.
The mission is straightforward: build housing that endures, deploy capital that compounds, and treat every investor and every resident with the discipline that outcome requires. That is what Cotra is, and that is what we intend to be for a very long time.
With gratitude for your consideration,
Alexandra Pohl
Founder & Chief Executive Officer
Cotra, LLC