VINTAGE 2026 Now welcoming new capital partners

Homes that feel like home — built to last generations.

Hearth is a boutique residential developer building ground-up and adaptive-reuse homes in Philadelphia's character neighborhoods. We build the kind of buildings we'd want our families to live in — and we partner with the kind of capital that wants the same.

Currently in build
Now in pre-construction
The Spruce Street Mews
$52M
Deployed across
seven projects
2.2×
Average equity
multiple on exits
25%
Average net LP IRR
since founding
0
Capital calls
made to LPs
Our Way

We build the way
good builders used to.

Hearth was started by two people who grew up in this city, who walk these blocks, and who want to leave the neighborhood better than we found it. Capital is a tool. The work is the point.

i.

Built to last

Brick, oak, copper, plaster. Materials chosen for how they age — not how they photograph at handover.

ii.

Sourced nearby

Local trades, regional mills, neighborhood subcontractors. Money out of the project circulates within ten miles of it.

iii.

One block at a time

We don't chase yield in markets we don't know. We optimize for the third project on the same street being easier than the first.

Selected Projects

Seven projects.
Six vintages.

A working portfolio of homes we've built, are building, and are planning. Each one starts with a parcel and a question — does this make the block better?

H.001 · FEATURED
In Build

The Spruce Street
Mews

Graduate Hospital · Philadelphia

Six boutique homes arranged around a shared cobblestone mews — designed in collaboration with a local landscape architect, built with a Philadelphia-based GC who's been with us since 2022. Every brick coursed by hand.

6
Homes
$7.2M
Capital
2.0×
Pro Forma
H.002
Delivered

Fishtown Row

Fishtown · Philadelphia

Eight ground-up townhomes. Six sold to neighborhood buyers.

8
Units
$5.2M
Capital
2.3×
Multiple
H.004
Delivered

Point Breeze Triplex

Point Breeze · Philadelphia

A three-unit infill on a lot vacant for nineteen years. Best-in-class matched cornice work.

3
Units
$1.8M
Capital
2.4×
Multiple
H.005
Pre-Con

Kensington Block

Kensington · Philadelphia

Twenty-two homes delivered as a single coherent streetscape.

22
Homes
$14.1M
Capital
2.2×
Forma
For Capital Partners

Aligned by structure.

We don't hide our terms — every Hearth project follows the same waterfall, the same sponsor co-invest, and the same quarterly reporting cadence. Predictable structure is what compounds partner trust.

Preferred Return
8% annualized
First-Tier Split
70/30 LP/Sponsor after pref
Catch-Up Split
50/50 above 15% IRR hurdle
Sponsor Co-Invest
10% minimum · every deal
Hold Period
12–24 months target
Min. LP Commitment
$100K per deal
Reporting
Quarterly construction + financial
Investor Portal
Juniper Square
A Note from the Founder
"We started Hearth because too many of our favorite blocks were getting filled in by builders who would never stand on the sidewalk and look at the cornice height. If you'd rather invest in something you can drive past in twenty years and feel proud of, we should talk."
H
The Hearth Principals Philadelphia · April 2026
Vintage 2026 — Welcoming a small number of new partners

Build a better
block with us.

We accept a small group of new capital partners each vintage. Coffee on us — we'd love to walk you through the pipeline in person.

Say Hello →