KCP Mid-Atlantic Ground Portfolio, LLC

The absence of prior EDGAR filings from this manager means this is either a first institutional raise or a fund operating below previous reporting thresholds; the 06b exemption (pre-existing relationships only) constrains LP base to direct contacts, limiting scale and suggesting Ades has not previously built a broad institutional fundraising capability.

Filing an amendment in mid-2026 on a $12M mid-market ground fund targets the period when regional real estate capital is rotating away from stabilized multifamily and toward triple-net leases and ground leases—a defensive positioning during higher-for-longer rate conditions when yield stacking matters.

Verify whether this amendment reflects a target increase or decrease from the original filing, as the direction signals either GP confidence in existing commitments or a downsize due to market traction; also confirm whether Ades has personal capital committed and whether the fund includes a key-man clause given the single-GP dependency.