Most syndicators chase deals.We pass on them.
A deal comes down to three things: location, operator, and market. When we're not confident in all three, we pass. What reaches our investors has already survived the diligence.
Our Approach
Built onDiscipline.
The 2010s rewarded almost anyone who bought multifamily real estate. The next decade won’t. What separates the syndicators who keep delivering from the ones who quietly fade is the same thing it’s always been — discipline on what you buy, honesty about what you own, and patience with the math.
We report activities, status and financials monthly, including what went wrong, and send cash distributions. None of these are policies. They are standards.
Read our full thesis- $58M
- Assets Under Management
- 567
- Units Acquired
- 8
- U.S. Markets
- 15–20%
- Target IRR
- 7–9%
- Target Cash-on-Cash
Our Principles
How weoperate.
Five commitments that shape every decision we make, from the first underwriting model to the final distribution.
We acquire deliberately.
We evaluate hundreds of deals to close two or three a year. The willingness to walk away is our most important discipline. Speed is not a virtue in this business.
Our team manages the repositioning
When something breaks — leases, vendors, maintenance — our team responds. It’s not contracted to someone else. Problems get solved in days, not months.
We underwrite conservatively.
Worst-case rent growth. Stress-tested exit cap rates. Sensitivity analysis. Conservative occupancy assumptions from day one. Only the deals that survive that process advance to close.
We have our own money in every deal.
Cardinal Oak puts capital into every property we sponsor, on the same terms as our investors. Same waterfall, same timing, same risk. We don’t earn anything without delivering returns to investors first.
We report transparently.
Distributions are more than spendable cash. They are a tangible measure of performance. Our priority, our obsession. Monthly reports that include what went wrong, not just what went right. Annual K-1s filed on time. No surprises.
About the Founder
Decades in technology.Now multifamily.
John spent three decades building software and leading IT projects before turning to multifamily real estate full-time. The pivot wasn’t about leaving tech. It was about finding the math more interesting, engaging with dynamic people, and watching families secure their financial future.
Cardinal Oak is built around a simple operating idea: buildings outlast cycles, but operators don’t. Discipline, market selection, and hands-on management separate the syndicators who survive from the ones who don’t.
— John Todderud
What’s Next
Upcoming sessions.
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Sessions are announced here as they are scheduled. Join the list and we’ll send you the details directly.
Stay in Touch
Two ways to keep going.
Stay informed.
Periodic educational emails on multifamily investing. No deal pitches, unsubscribe anytime.
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Cardinal Oak shares opportunities privately with people on its investor list. Tell us a little about yourself and John reaches out personally.
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