Pricing
Flat-Fee Real Estate
Fund Formation
Three real estate fund types. Fixed pricing. LLC or LP agreement, Delaware formation, registered agent, subscription agreement and term sheet — all in. Add a Regulation D-compliant PPM for a flat additional fee whenever a private placement memorandum is required.
Each package below is a complete documentation, formation, and first-year registered-agent engagement for a real estate fund. PPM drafting is available as a flat-fee add-on to any package when a private placement memorandum is required by your offering structure or investor base. Default terms reflect prevailing market practice for emerging-manager real estate sponsors.
Fund agreement— Limited liability company operating agreement (default) or limited partnership agreement, drafted on our default terms (see fund-by-fund detail below)
Master series structure where applicable— For the Master/Series product, one master LLC agreement plus one initial series supplement under 6 Del. C. § 18-215
Delaware formation— Certificate of Formation or Certificate of Limited Partnership filed with the Delaware Secretary of State, including state filing fees
Registered agent — first year— Delaware registered agent service paid for the first twelve (12) months
Subscription agreement— Drafted for Rule 506(b) or Rule 506(c), with accredited investor representations and (for 506(c)) verification mechanics
Term sheet— Investor-facing summary of the fund's key economic and governance terms (preferred return, fee schedule, waterfall, minimum commitment, etc.)
Engagement and intake call— Initial scoping call to confirm fund type, target Property or asset class, and any default-term variations (preferred return rate, waterfall structure, fee elections)
A Regulation D-compliant Private Placement Memorandum is available as a flat-fee add-on to any package for $5,000. We recommend a PPM whenever (a) you are using general solicitation under Rule 506(c), which is common for real estate syndications; (b) you are raising from investors outside a friends-and-family group; or (c) your investor base, debt structure, or property risk profile warrants a full disclosure document for securities-law defense purposes. The PPM is built from our PPM template and customized to your business, the specific Property or investment strategy, capital stack, and risk profile based on intake information you provide; it includes Property-level risk factors, use-of-proceeds, securities description, conflicts disclosures, and subscription procedures. Learn more about our PPM service →
To keep pricing predictable, the following are scoped separately:
Custom variations to the default fund terms (each package is priced for the documented defaults; bespoke economics, alternative waterfall structures, custom fee schedules, ERISA accommodations, parallel vehicles for non-U.S. investors, or REIT subsidiary structuring are quoted on a fixed-fee or hourly basis)
Property acquisition documentation (purchase and sale agreement, deed, title work) — handled by your real estate transactional counsel
Loan documentation, lender negotiations, and personal recourse guaranty review — separately scoped
Form D filing with the SEC and state blue sky notice filings (typically handled by your fund administrator as part of their administration engagement; we can include for an additional fee)
Real estate broker licensing analysis and any required state filings
Investment adviser registration analysis or filings (Section 203(m) / state ERA analysis)
Side letters and MFN administration
Audit, tax preparation, and fund administration (handled by third-party providers under separate engagement)
Ongoing investor relations counsel, capital call documentation, and amendments after Initial Closing
Ready to launch?
Tell us which package fits and we'll schedule a free intake call to confirm scope.
Related Services
A summary of terms for each package
Real Estate SPV (Single-Asset Syndication)
Best for: a single property acquisition with one closing — the typical emerging-manager syndication
$
3,000
A standalone single-property vehicle — typically a Delaware LLC — formed to acquire, finance, operate, lease, manage, refinance and dispose of one underlying real property. Includes the comprehensive fee schedule typical of emerging-manager real estate syndications (acquisition, asset management, disposition, plus optional development, leasing, financing, and guaranty fees). Two-class structure with express fiduciary duty waiver under 6 Del. C. § 18-1101.
Entity & term: Delaware LLC by default (Delaware LP alternative); two-class structure (Class A investors / Class B Sponsor promote); typical hold period 5–7 years; continues until disposition
Preferred return: 8% per annum cumulative non-compounding (variable in Schedule A — range 6%–10%, compounding optional)
Waterfall (default): Two-tier American — accrued Preferred Return → return of Capital Contributions → 70% Class A / 30% Class B until 20% cumulative IRR → 50/50 thereafter
Waterfall alternatives: Flat 80/20 or 70/30 (no IRR tier); multi-tier 80/20 → 70/30 → 60/40 → 50/50 at 12/15/20% IRR; or European-style with 100% Sponsor catch-up
Fee schedule: 1% acquisition fee; 1% asset management fee; 1% disposition fee; optional development (3%–5%), leasing (3% initial / 1% renewal), financing/refinancing (1%), payment guaranty (1%), other guaranty (1%) — set in Schedule A
Minimum commitment: $25,000–$50,000 default (variable in Schedule A; Sponsor may waive)
Offering: Rule 506(c) typical (general solicitation) for real estate syndications; Rule 506(b) optional
Closing structure: Initial Closing concurrent with Property acquisition; single capital call at subscription; optional 90-day post-close Subsequent Closing window for under-subscribed deals
Governance: Sponsor sole and absolute discretion — no LPAC, no Investment Committee, no key person, no removal mechanics by default; express fiduciary duty waiver
Reporting: Unaudited annual statement and Property-level performance summary within 120 days (audited optional); quarterly Property-level financial and operational reporting within 45 days; K-1 within 90 days
Real Estate Master / Series LLC
Best for: sponsors planning to run a series of single-property deals from one reusable master platform
$
6,000
A Delaware master series LLC under 6 Del. C. § 18-215 with one initial series supplement included. Each Property is launched as a new Series of the existing master — segregated assets, debts, members, accounting, and distinct economics per Series. Single administrator engagement covers all Series. Economies of scale on legal, administration, and Delaware fees for sponsors running repeat single-property deals.
Master entity: Delaware master series LLC under 6 Del. C. § 18-215; single Manager LLC for all Series; consistent governance across the platform
Each Series: One Property, segregated assets and liabilities, distinct Class A investor members and Class B Sponsor promote per Series Class Schedule
Preferred return (per Series): 8% cumulative non-compounding default (variable per Series Class Schedule)
Waterfall (per Series): Same two-tier American default as RE SPV — 70/30 to 20% IRR, then 50/50 (alternatives available per Series election)
Fees (per Series): Acquisition, asset management, disposition, and optional development/leasing/financing/guaranty fees set in each Series Class Schedule
Series formation: Each new Series bears incremental formation cost (typically $10,000–$25,000 plus filing fees and any new Series PPM)
Offering: Rule 506(b) or Rule 506(c) per Series election
Administrator: Single third-party administration engagement covers all Series; administrator engaged separately by Sponsor
Governance: Manager has sole authority over each Series; cross-Series amendments require Manager + cross-Series Majority Vote
Adviser registration: Section 203(m) private fund adviser exemption typical; ICA 3(c)(5)(C) or 3(c)(1) per Series
Multi-Asset Real Estate Fund
Best for: institutional-style closed-end RE funds with a diversified portfolio of properties
$
6,000
A closed-end real estate fund — Delaware LP (with separate Delaware LLC general partner) by default — designed to acquire and manage a portfolio of properties under one capital commitment. Ten-year term with five-year investment period. Choice of two waterfall structures based on investor expectations: American deal-by-deal (Cardone/Horizon/Baceline style) or European fund-wide with GP catch-up and clawback (Pathfinder style).
Entity: Delaware LP (single fund, no series) with separate Delaware LLC general partner; Delaware LLC alternative available
Term: Ten (10) years from Final Closing with two (2) one-year extensions at GP discretion
Investment Period: Three (3) to five (5) years from Final Closing; new platform acquisitions only during Investment Period; recycling permitted up to 120% of Capital Commitments
Management fee: 1% per annum during Investment Period of aggregate Capital Commitments; thereafter 1% of Invested Capital (cost basis); payable monthly in arrears (alternative bases: % of NAV, % of equity raised)
Other fees: 1% acquisition fee per Property; 1% disposition fee per Property; optional development (3%–5%), refinancing (1%), and loan guaranty fees
Preferred return: 6%–8% cumulative non-compounding (variable in Schedule A; non-compounding is RE market norm)
Waterfall (default): American deal-by-deal — ROC → preferred return → 80/20 split (no catch-up, no clawback) — matches Cardone/Horizon/Baceline precedents
Waterfall (alternative): European fund-wide with 100% GP catch-up and GP clawback at termination (matches Pathfinder precedent); elected in Schedule A
LP Advisory Committee: 2 to 5 representative LPs; advisory only; consents required for conflicts, related-party transactions, valuation methodology
Key principal provision: Two (2) Key Principals; suspension of Investment Period if not satisfied; 180-day cure
Minimum commitment: $250,000 HNW / $1,000,000 institutional default (variable in Schedule A; GP may waive)
Offering: Rule 506(b) by default; Rule 506(c) optional; multiple closings over 12-month period with 8% interest catch-up for subsequent-close LPs
Our Process
01
Free Intake Call
A 30-minute scoping call: which package fits, target Property or asset class, debt structure, any non-default terms you want, target investor base.
02
Engagement & Retainer
Flat-fee engagement letter signed and retainer paid. Intake form sent for entity, Property, fee schedule, waterfall election, and offering details.
03
Document Drafting
Fund agreement, subscription agreement, and term sheet drafted; PPM drafted in parallel if elected. Coordination with your transactional counsel on Property acquisition timing. Typical turnaround: 1 to 3 weeks.
04
Delaware Filing
Certificate filed with the Delaware Secretary of State; registered agent appointed; EIN coordinated with your tax preparer; property-entity subsidiaries formed if applicable.
05
Subscriptions Open
Final document set released to investors; subscription tracking guidance provided; we coordinate handoff to your fund administrator who handles Form D and state blue sky filings; Initial Closing concurrent with Property acquisition.
