Dissonant Capital
Investing in the gap between a market's reputation and its underlying data.
OVERVIEW
Dissonant Capital is an independently-led real estate investment platform, not one of the ten Kaufman & Company operating companies, founded and run by Daniel Kaufman. It screens secondary and tertiary U.S. metros on population and migration, job growth, and supply and demand, looking for the gap between what the data shows and what a market's reputation says.
The platform is not currently accepting outside capital. Its track record, more than $450 million of real estate and over 4,000 residential units built and overseen from 2020 to 2025 through a build-to-rent partnership and Daniel's own solo projects, was built entirely outside Kaufman & Company and is kept separate from it.
- Focus
- Secondary and tertiary market real estate, screened on population, jobs, and supply data
- Vehicles
- Resolve Fund I, Cadence Fund I, Waypoint
- Structure
- Independently operated within Kaufman Labs
- Headquarters
- Albuquerque, NM
- Website
- dissonantcapital.com
HOW WE SCREEN MARKETS
Four criteria, applied continuously, to a wider map than most funds bother to check.
Population & migration
Net migration by metro, tracked below the national headline, where households are actually relocating to.
Job growth & employer investment
Payroll growth and capital expenditure tracked at the metro level, ahead of the coverage that follows it.
Supply & demand fundamentals
Units under construction, permitted, and delivered, checked against absorption, so the fund is not the last one in.
The perception gap
The distance between what the data shows and what a market's reputation says. The wider the gap, the more attention the market gets.
THE PORTFOLIO
Cadence Fund I holds four fully entitled, shovel ready build-to-rent land positions, 359 townhome units bought from a build-to-rent fund when it closed in 2025.
Resolve Fund I holds a self-funded acquisition in Orlando, FL, and Waypoint is Dissonant Capital's advisory arm. Neither is currently accepting outside capital.
Nothing here is an offer to invest. Current fund terms and disclosures are at dissonantcapital.com.