Hunter Lien

Free Heel Capital LLC | Real Estate and Cars | LFG

[Zach Molzer @molzer]

In partnership with Free Heel Capital, I am excited to announce that we are running it back for round 2.

Under contract on 175,000 sqft of brick & timber buildings in the historic West Bottoms in KC.

Redevelopment plan coming 🔜

[Zach Molzer @molzer]

My partners and I bought this 100 year old building in Kansas City on June 1st, 2024.

As of today, we officially have our temporary certificate of occupancy.

While this is a huge accomplishment, we have a long way to go but extremely proud of my partners & our team.

LFG

[Zach Molzer @molzer]

Aladdin update time!

Named after one of the original developers of the building, CO Jones, this 568 sqft 1 bed 1 bath is one of my favorite units in the Aladdin

[Hunter Lien @lien_hunter]

@molzer This was beautiful

[emily @north0fnorth]

in case you don’t know, the driftless area is a region in illinois/wisconsin/iowa/minnesota that was never flattened by glaciers and thus is more similar to appalachia than the rest of the midwest. one of the most subtly beautiful parts of the country

[Free Heel Capital @freeheelcapital]

Proud of the partners, teams, and communities involved. We look forward to building thoughtfully in 2026.

https://t.co/ZgE75Ze2TQ

[Zach Molzer @molzer]

Update on my partners and I 37M historic tax credit redevelopment in the heart of downtown KC:

We closed on the building May 2024.

Started demo of non-historic items Dec 2024.

Began construction March 2025.

Set to open late June/ early July 2026.

LFG.

[Free Heel Capital @freeheelcapital]

Free Heel Capital has closed on a 33-acre parcel at 1911 Gateway Drive in Watertown, WI, positioned along the rapidly growing I-94 “Madwaukee” corridor. The broader Jefferson County market continues to see sustained investment from major manufacturers, logistics users, and food producers—creating durable long-term demand for high-quality, middle-market housing.

The site is fully served by existing utilities, sits adjacent to a Walmart Supercenter, and benefits from a completed wetland delineation confirming approximately 22 buildable acres. It also carries newly approved MR-10 multifamily zoning, creating a strong foundation for thoughtful residential development.

Our current vision includes a 250–290 unit multifamily community delivered through a mix of 8-unit, 12-unit, and 30-unit buildings with interior covered parking, a clubhouse amenity, and a site plan that preserves and amplifies the natural wetlands. We’re excited to continue our partnership with National Management LLC, marking our third project together.

We look forward to the collaboration with the City of Watertown, Wisconsin, and local economic development agencies to support long-term community investment. As we move into pre-development, we will be working closely with our existing network of limited partners and long-standing relationships that align with this long-term vision.

This is the type of development the Midwest continues to need—attainable, well-designed housing supported by stable demand drivers and executed alongside experienced and well capitilized local partners. More updates to come as we progress through pre-development and into 2026.

Mark Twain’s line that “they’re not making more land” resonates more in an era of steady money supply growth. Pair that with Sam Walton’s observation that small-town America often has deeper demand and less competition, and the opportunity becomes pretty clear.

Free Heel Capital is a real estate investment, development, and operations company focused on creating social, environmental, and financial value in multifamily assets across select U.S. markets.

This post is for informational purposes only and is not an offer to sell or a solicitation to buy any securities.

[Hunter Lien @lien_hunter]

Excited to plug this new acquisition into our growing La Crosse portfolio! LFG!!!!

[Free Heel Capital @freeheelcapital]

Free Heel Capital, in partnership with National Management LLC, a Wisconsin-based owner/operator, has acquired Cameron Park and Michael Heights—two properties totaling 111 value-add multifamily units in the heart of historic downtown La Crosse, WI.

This acquisition marks our second in the La Crosse market. La Crosse, situated on the Mississippi River, is known for its picturesque bluff and river views. It is home to three colleges with approximately 15,000 students (University of Wisconsin-La Crosse, Viterbo University, and Western Technical College - Company) and major employers such as Gundersen Health System, Mayo Clinic, and Kwik Trip, Inc. (900+ locations, 38,000 employees).

Landmark Credit Union provided the acquisition financing for this transaction, and we’re glad to have them as a partner. We appreciate their commitment and look forward to continuing to build together.

This investment represents a milestone in acquiring a well-located, cash-flowing asset with upside potential in a market with strong demographics, key employment centers, and abundant natural resources.

Free Heel Capital is a real estate investment, development, and operations company focused on creating social, environmental, and financial value in multifamily assets across select U.S. markets.

Thank you to all those who helped bring this transaction to the finish line. Now the real work begins as we implement our capital improvement and value add plan - LFG!

[Hunter Lien @lien_hunter]

@robbiehendricks So simple, yet so beautiful

[Hunter Lien @lien_hunter]

@WilDublin The big gas!!!

[Free Heel Capital @freeheelcapital]

On site visiting our Bell Square property today in La Crosse, WI!

[Free Heel Capital @freeheelcapital]

We hooked up a camera to one of the local pigeons to capture this bird’s-eye view of the new roof going on the Aladdin.

[Hunter Lien @lien_hunter]

@WilDublin @scrappyminnow Unreal meal. Killer time!

[Hunter Lien @lien_hunter]

@scrappyminnow I sent your Social Security number to a Saudi Prince. He said he would invest in our deals if I did it. Oil Money!

[Hunter Lien @lien_hunter]

If you are raising private capital for RE deals, this is a required read. Michael and the ITL team have been outstanding on our last couple of deals. Looking forward to many more with the team! @investing_law @freeheelcapital

[Michael Huseby (Investment Fund Lawyer) @investing_law]

Book Release Day is here! 🚀

You can now buy “Fundamentals: Your Friendly Guide to Investment Funds and Syndications” on Amazon.

A link to the $0.99 Kindle version will be in the comments. 👇

This book is made for investment managers (GPs), passive investors (LPs), service providers, and any other fund nerds looking to learn more about the industry.

It’s been a long journey. Thank you to all of you who have supported me throughout this process. ❤️

Table of contents:

1. How Long Does It Take to Raise a Fund?

2. How Will You Be Paid for Managing the Fund?

3. Who Do You Need on Your Team?

4. Do You Want a Multi-Asset “Fund” or Deal-by-Deal
“Syndications”?

5. Do You Want a “Closed-End” Fund or an Evergreen
“Open-End” Fund?

6. What Key Investment Terms Do You Need in Your
Investment Fund or Syndication?

7. How Do You Distribute Money to Investors Using a
“Waterfall”?

8. What Legal Documents Do You Need to Raise a Fund?

9. How Do You Negotiate with Potential Investors?

10. What Are the Mechanics for Admitting Investors into a Fund?

11. How Do You Call Capital from Investors?

12. The Securities Act of 1933

13. The Investment Company Act of 1940

14. The Investment Advisers Act of 1940

15. State Investment Adviser Laws

16. Tax Laws (and How to Structure Around Them)

Please share if you're feeling generous 🙏

[Michael Huseby (Investment Fund Lawyer) @investing_law]

Book Release Day is here! 🚀

You can now buy “Fundamentals: Your Friendly Guide to Investment Funds and Syndications” on Amazon.

A link to the $0.99 Kindle version will be in the comments. 👇

This book is made for investment managers (GPs), passive investors (LPs), service providers, and any other fund nerds looking to learn more about the industry.

It’s been a long journey. Thank you to all of you who have supported me throughout this process. ❤️

Table of contents:

1. How Long Does It Take to Raise a Fund?

2. How Will You Be Paid for Managing the Fund?

3. Who Do You Need on Your Team?

4. Do You Want a Multi-Asset “Fund” or Deal-by-Deal
“Syndications”?

5. Do You Want a “Closed-End” Fund or an Evergreen
“Open-End” Fund?

6. What Key Investment Terms Do You Need in Your
Investment Fund or Syndication?

7. How Do You Distribute Money to Investors Using a
“Waterfall”?

8. What Legal Documents Do You Need to Raise a Fund?

9. How Do You Negotiate with Potential Investors?

10. What Are the Mechanics for Admitting Investors into a Fund?

11. How Do You Call Capital from Investors?

12. The Securities Act of 1933

13. The Investment Company Act of 1940

14. The Investment Advisers Act of 1940

15. State Investment Adviser Laws

16. Tax Laws (and How to Structure Around Them)

Please share if you're feeling generous 🙏

[Hunter Lien @lien_hunter]

@molzer

[Free Heel Capital @freeheelcapital]

Recently, I asked Hunter what his workout split was.

He said: Chest, Arms, Legs, and an 82lb Halibut fresh from Alaska.

#FunctionalFitness

[Free Heel Capital @freeheelcapital]

We’re excited to welcome the newest additions to the team —

Chief Oxygen Officers 🪴

Bringing fresh air, great vibes, and zero complaints.

#WorkHardPlantHard