Pre-Development Real Estate Investment Opportunities
Engage in the earliest stage of the real estate value chain. This category involves high-risk, high-potential-return projects focused on creating value before any construction begins. For accredited and sophisticated investors only.
Pre-development investing is the process of acquiring land or underutilized properties and taking them through the critical entitlement and approval stages. The goal is not to build the final structure, but to create a "shovel-ready" project that can be sold to a vertical construction developer at a significant markup. Value is created on paper—through legal, architectural, and political processes—not with bricks and mortar.
2–4 Years
Highly dependent on regulatory approval timelines.
20-30%+
Reflects the higher risk profile. Not guaranteed.
High
Sensitive to regulatory changes, political risk, and market cycles.
The Sponsor's Role: Active Value Creation
Outright Sale to a Developer: The most common exit. We sell the fully-entitled project to a large-scale builder who handles the vertical construction.
Joint Venture (JV) with a Developer: We roll our entitled land into a new JV with a construction partner, retaining equity in the final built-out project.
Phased Sale: For large land parcels, we may obtain master plan approval and sell off individual, entitled phases to different builders over time.
Pre-development projects carry a high degree of risk, including the possibility of total capital loss if approvals are not obtained. Timelines can be unpredictable. This asset class is illiquid, and your capital will be locked up for the entire project duration.
For more details, please review our Risk and Exit Framework.
Access High-Growth, Early-Stage Deals
Our pre-development opportunities are strictly for approved partners who understand the risk/reward profile. Apply to get access to our private deal memos.
Apply for Private Deal Access