Invest like a general partner, without the work.
Arabella Capital is an Atlanta developer that builds build-to-rent communities and delivers finished lots, develops self-storage and runs a portfolio of short-term rentals in the Southeast’s housing-gap markets. Through two Falcon vehicles, FCRE Arabella, LLC and FCRE Arabella II, LLC, Falcon’s investors hold a position in the general partner of that platform rather than in any one property. They share in the developer’s fees and promote across the whole portfolio, and the sponsor rolls most of its net fees into the distribution pool from the first year.
Falcon’s first Arabella vehicle raised its position in two tranches in 2023 and 2024 and is fully subscribed. Both vehicles report to their investors quarterly through the Falcon portal.
Falcon’s role
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A seat at the table. Falcon holds a seat on the fund’s advisory committee that only Falcon can give up, and sits on the investment committee.
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Approval rights. Off-strategy investments, sales below an agreed return and changes to the fund’s governing agreement need Falcon’s approval, and the fund manager can be removed for cause.
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Due diligence and reporting. Falcon does third-party due diligence on behalf of its investors and receives monthly fund and project reporting, which feeds Falcon’s quarterly updates.
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Arabella runs the work. Day-to-day operations, construction and asset management sit with Arabella Capital, led by Adam Whitmire, CEO, and John Prinz, Partner.
What Arabella has delivered so far.
Figures from Falcon’s investor reporting and the current pitchbook, as of the dates shown. Historical results, not a forecast.
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Value has been marked up repeatedly. The fund has raised its stated share value several times since Falcon bought in at the end of 2023. As of October 2026 the net asset value per share stands 51.8% above Falcon’s entry price.
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Distributions have grown. Quarterly payments to Falcon’s Arabella investors rose from about $46,000 in the first quarter of 2024 to about $110,000 a quarter in 2026 as projects sold and developer fees rolled into the pool.
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Projects are completing and selling. Steeplechase Phase 3 in Hoschton, Georgia sold in April 2025 for $2.03 million; Haselton Phase III in Gainesville, Georgia sold in July 2025 for $4.36 million; Creekside Commons in Harvest, Alabama went under contract at $4.01 million.
Build in seller’s markets. Buy in buyer’s markets.
From Falcon’s most recent Arabella investor update. The Sun Belt keeps adding people and jobs while housing supply stays constrained, so the platform builds where demand rewards building and buys where assets are mispriced.
Emma at Arabella Village
Phase I townhomes in Tanner, Alabama are complete, the latest building has its certificate of occupancy and leasing is under way. Further buildings are under construction and the later phases are already entitled. Elsewhere: two more lots under contract at Two Rivers, a letter of intent on a finished community, and new sites in due diligence in Holly Springs, Georgia and Ocala, Florida.
Two luxury rentals added
A sports-themed estate near Clearwater Beach, Florida and a lakefront retreat with private beach access in the Pocono Mountains joined the portfolio. Both are fully amenitized and aimed at the top of their markets.
Lease-up, and patience on new builds
Operating storage assets are leasing up. New development is on hold in favor of buying quality facilities at a favorable basis as the market resets.
Georgia, Alabama and beyond.
Project names as reported to Falcon’s investors in 2025 and 2026.
Build-to-rent and lots
Emma at Arabella Village, Tanner, AL · Baltimore Hill, Huntsville, AL · Creekside Commons and Heritage Village, Harvest, AL · Haselton phases I to III, Gainesville, GA (phase III sold 2025) · Steeplechase, Hoschton, GA (phase III sold 2025) · Two Rivers
Self-storage
Huntsville (Owens Cross Roads), AL · Gainesville, GA · Canton, GA · Luxury motor condominiums, Dawsonville, GA
Short-term rentals
A portfolio of about 150 rentals in McGaheysville, the Poconos, Clearwater and Scottsdale · Broughton Street boutique hotel, Savannah, GA
Mixed use
Arabella Village commercial, Tanner, AL · Athens, GA
This page describes an existing Falcon vehicle for the general reader. It is not an offer to sell or a solicitation of an offer to buy any security. Investors in the Arabella vehicles receive their reporting, documents and K-1s through the investor portal.
Questions about Arabella?
Existing investors: everything is in the portal. Everyone else: Richard is a call away.