Begin with value
We look for durable rental demand, defensible entry prices, and a clear path to stronger cash flow—not appreciation alone.
Each advantage builds on the last.
Built to
compound.
1123 Capital acquires cash-flowing real estate to turn small, disciplined advantages into compounding long-term value.
Our investment approachThe idea behind our name
Small advantages.
Compounding returns.
1123 is an homage to the Fibonacci sequence: each new number builds on what came before. It reflects how we invest—combining favorable basis, thoughtful financing, and patient operation so incremental gains can accumulate into durable wealth.
Layer advantages
Seller financing and assumable loans can preserve low-cost capital, improve coverage, and create resilience across cycles.
Let time work
Focused local ownership lets us improve properties deliberately, manage risk closely, and compound value over time.
01For lenders
Finance durable assets
We value lending relationships grounded in clear underwriting, responsive communication, and well-supported residential collateral.
Start a relationship02For brokers
Bring us the complex deal
We value relationships, respond decisively, and consider opportunities where creative structure can bridge a difficult transaction.
Submit an opportunity03For property owners
Find a workable exit
Seller financing, assumable debt, and flexible timing can create options that a conventional sale may leave on the table.
Start a conversationWhy private real estate
Durable assets.
Active stewardship.
We believe private real estate can occupy a distinct place in a long-term portfolio. Its value comes with real operating responsibilities and real risks.
Income potential
Rental operations can produce recurring cash flow, subject to occupancy, expenses, financing, and market conditions.
Tangible value
Real assets pair land and improvements with local demand, giving investors exposure to an operating asset rather than a financial claim alone.
Operational agency
Thoughtful renovations, leasing, financing, and expense management can influence outcomes beyond broad market movement.
Portfolio role
Private real estate may behave differently from public securities, though it remains illiquid and exposed to property and market-specific risks.
Acquisition criteria
What earns
our attention.
We favor opportunities where operating fundamentals and transaction structure reinforce one another. Every asset is underwritten independently.
01
Geography
Utah first; selective Mountain West markets
02
Property types
Single-family rentals, small multifamily, and flexible residential configurations
03
Opportunity
Durable rental demand, defensible basis, or a clear operational improvement
04
Capital structure
Assumable debt, seller financing, hybrid structures, or compelling conventional terms
05
Ownership
Long-term bias with case-specific exit decisions
06
Seller situations
Low-rate debt, estates, partnership transitions, timing constraints, or operational fatigue
Selected portfolio
Local assets.
Individual theses.
Representative residential holdings in Utah. Each acquisition is evaluated on its own operating fundamentals and capital structure.
SL
The Avenues
A restored brick foursquare with a finished lower-level residence, positioned between downtown and the University of Utah.
Historic registerSupplemental studioUrban infill
LH
Silicon Slopes
A five-bedroom property configured as independent upper and lower residences in one of Utah’s principal employment corridors.
Two living areasFive bedroomsEmployment corridor
CF
Hill Field
A remodeled residence with separate living areas near Hill Air Force Base and the Davis County employment base.
Repositioned assetSeparate entrancesDefense corridor
Perspectives
Own the math.
Understand the market.
Essays on capital structure, underwriting, and the Mountain West markets where we invest.
How creative financing maximizes returns in a high-rate environment
When conventional debt becomes expensive, the structure of a transaction can matter as much as the purchase price.
Read perspectiveThe case for investing in Utah real estate
Population growth, employment depth, and constrained housing supply create a compelling—but highly local—investment landscape.
Read perspectiveRent versus buy: a more honest model
The familiar price-to-rent ratio omits financing, maintenance, taxes, and the opportunity cost of capital.
Read perspectiveThe partnership
Different disciplines.
One standard.
Our partners bring complementary experience in research, finance, operations, portfolio management, and risk.
Andrew Sweeney, PhD
Managing Member
Real estate investor, multi-unit owner, licensed real estate agent, and investment researcher
Jordan Pilkington, MBA
Managing Member
Real estate investor focused on underwriting, finance, and capital strategy
Simon Michael
Managing Member
Multi-unit owner and serial business owner focused on sourcing and operations
Richard Johnson, MBA, MIS
Managing Member
Real estate investor and serial entrepreneur focused on portfolio management and risk
Alignment by design
One outcome.
Shared focus.
Our ownership structure keeps sourcing, underwriting, execution, and operations under one standard of accountability.
Accountability
The managing partners remain responsible for sourcing, underwriting, execution, operations, and performance review.
Transparency
Material investment decisions and operating performance should be explained clearly and supported by the underlying numbers.
Ownership discipline
We focus on durable value creation rather than transaction volume or asset gathering alone.
Start a conversation
Patient capital.
Compounding value.
For property opportunities, broker relationships, lending relationships, and general questions.