We acquired 25 acres in a high-potential Virginia market for a purpose-built rental community. We didn't build it all at once: we built three homes first to test our research, and had a waiting list of renters before the last nail went in. A personal founder project where the L5 model was proved at community scale.
Virginia was the founders' own project, not an L5 investor result. One project's results do not predict the results of any other project.
Too many developers buy acreage and commit full capital on paper models. Byron and Dr. Melynda Kizzie ran reconnaissance first. They acquired 25 acres in Virginia, constructed three pilot homes to test the market, and verified rental demand in real time.
By the time construction finished on the test homes, a waiting list had formed. Community and municipal relationships signaled long-term regional growth, allowing rents to be set significantly above historical local averages.
3 homes built first proved real renter demand before deploying the full build.
Direct engagement with local planners and community stakeholders revealed demand drivers early.
High quality design and prompt execution commanded rents well above the local historical baseline.
The same rule — recon before committing — guides every project placed in the $15M L5 fund today.