After 30 years of military service, Stuart Noel returned to his roots in real estate. Today, he leads S&K Fund alongside a team of partners focused on acquiring value-add multifamily properties in the Kansas City market.
In a recent conversation with Dustin Miles of Momentum Multifamily, Stuart discussed his path from owning rental properties to brokering investment loans and launching a multifamily fund. He also shared how the right partnerships, disciplined underwriting, and a strong professional network can help investors build a business for the long term.
From Military Service to Multifamily Investing
Stuart’s real estate experience began well before S&K Fund. During a break in his military service, he purchased his first five rental homes in a single transaction and eventually grew his portfolio to approximately 30 units.
When the 2008 financial crisis hit, he sold those properties and returned to full-time military service, eventually retiring in 2018 after serving 17 years in the Navy and 13 years in the Army.
After retirement, Stuart began brokering investment-related loans, primarily working with private lenders and hard money financing. Over time, he decided to return to real estate ownership, this time focusing on multifamily properties.
That transition led to the creation of S&K Fund, which raises capital to acquire value-add apartment communities.
Building a Team Around Local Expertise
S&K Fund brings together partners with complementary experience. Stuart’s brother, Carl, brings decades of professional experience and oversees the family’s farm. Ruben Angel, a Kansas City restaurant owner, helps manage the financial side of the business. Guillermo Romo, a general contractor with approximately 25 years of experience, handles contracting work.
Because the team and its partners are local to the Kansas City area, they can stay closely involved with their properties and oversee improvements firsthand.
The partnership structure allows each person to focus on their strengths rather than attempting to manage every aspect of the business alone.
For Stuart, having the right people in place is an important part of building a real estate company that can grow without losing sight of operational performance.
A Disciplined Approach to Acquisitions
S&K Fund generally targets multifamily properties with 50 units or more, focusing on value-add opportunities where improvements can strengthen property performance and create additional value.
During the interview, Stuart discussed a 153-unit property called Unicorn Apartments, located northeast of Kansas City International Airport, that the team was working toward closing on.
The property appealed to the group because its initial financial analysis looked promising, even before implementing the planned value-add strategy.
Stuart explained that the team evaluates deals with investor returns in mind from the beginning. Its underwriting aims to generate at least $100 per unit after debt service and support its targeted investor returns without relying entirely on future improvements.
For the prospective acquisition, Stuart said the numbers indicated the property could support a 10% investor return even before the value-add plan was implemented. The team expected the planned improvements to create additional upside.
The approach reflects an emphasis on evaluating a property’s existing fundamentals while identifying realistic ways to improve performance after acquisition.
How Loan Brokerage Supports the Fund
Stuart’s investment loan brokerage business also complements S&K Fund’s acquisition strategy.
His brokerage focuses exclusively on investment-related financing, including private money and hard money loans. The relationships developed through that business can help the fund connect with lenders and evaluate financing options for potential acquisitions.
S&K Fund has also structured its fund to allow for both debt and equity investments, although Stuart explained that the team evaluates opportunities carefully before deciding how to deploy capital.
Having experience on both the lending and ownership sides gives Stuart another perspective when analyzing deals, financing structures, and the relationships needed to close transactions.
Growing With a Long-Term Vision
At the time of the interview, S&K Fund was aiming to reach 1,000 units by the end of 2026, with a longer-term goal of growing to approximately 5,000 units over five years.
Stuart also sees potential to diversify into other property types, including self-storage, mobile home parks, and RV parks. The team is considering pursuing its own development projects in the future as well.
Rather than taking on every responsibility internally, S&K Fund relies on established third-party property management companies. Stuart believes that maintaining strong relationships with capable management partners allows the team to focus on acquisitions, financing, and the broader business.
That doesn’t mean stepping away from operations. Regular follow-up and oversight remain important to making sure properties are managed effectively and investment plans stay on track.
The Value of Resources and Relationships
When Dustin asked what advice Stuart would give someone getting started in multifamily investing, Stuart emphasized the value of using established resources instead of trying to figure everything out alone.
He recommended Avestor as a resource for fund setup, management tools, and support navigating the legal and administrative requirements involved in launching a fund. He also spoke positively about RaiseMasters, which helped his team develop its capital-raising efforts.
Beyond formal programs, Stuart highlighted the importance of surrounding yourself with people who have complementary skills, knowledge, and access to opportunities.
A strong network can lead to more than advice. It can create partnerships, introduce new sources of capital, and connect investors with deals they might not be able to pursue independently.
For Stuart, community is an essential part of building a successful multifamily business.
Looking Ahead
Stuart Noel’s journey—from military service and rental property ownership to investment lending and multifamily fund management—illustrates how experience in one area of real estate can create opportunities in another.
His approach to S&K Fund centers on disciplined underwriting, complementary partnerships, local oversight, and a willingness to use experienced professionals and established resources to support growth.
As the company works toward its expansion goals, those principles will remain important to evaluating new opportunities and building a sustainable investment business.
To learn more about Stuart Noel and S&K Fund, visit SNKFund.com.
Listen to the full conversation with Stuart Noel on the Momentum Multifamily podcast for more insights into multifamily investing, capital raising, and building a real estate business through partnerships.