Back Bay ‘For-Sale’ Residential Fund

A Real Estate Investment Fund Focused on Entitlement-Driven Value

Fund Overview

The Back Bay “For-Sale” Residential Fund is a Southern California real estate fund focused on acquiring underutilized infill commercial properties and land, securing residential entitlements, and selling builder-ready sites to national and regional homebuilders.

By concentrating on the entitlement phase of the development lifecycle, this real estate investment captures the value premium of entitled residential land while avoiding the capital intensity, execution risk, and extended timelines associated with vertical construction.

$10M

equity required

$150M

assets to be acquired

20%+

target IRR

$1M

minimum investment

Why Southern California

Southern California continues to experience a structural shortage of “for-sale” housing driven by a combination of population growth, restrictive zoning, and limited developable land.

Key market dynamics include:

Persistent undersupply of attainable for-sale housing
Strong buyer demand from professionals and families
Regulatory constraints that limit new development starts
National and regional homebuilders competing aggressively for entitled sites

In Orange County alone, homes average roughly 32 days on market, with average sales prices exceeding $1.8 million, underscoring both demand intensity and the pricing power of entitled residential land for real estate investors.

Target Timeline & Capital Deployment

The Fund’s timeline is intentionally designed to avoid prolonged exposure to construction cycles, interest rate volatility, and long-term operational risk.

acquisition period

~1 year

entitlement period

~2 years

total target hold

~3 years

Capital Allocation

The Fund offers two investor classes designed to accommodate different capital allocations while preserving alignment across the partnership. This structure allows the Fund to efficiently deploy capital across multiple residential projects while offering differentiated participation based on investment size.

CLASS A INVESTORS

$250,000 minimum
Non-voting interests
18% preferred return (accrued, non-compounded)

CLASS B INVESTORS

$1,000,000 minimum
Voting interests
22% preferred return
(accrued, non-compounded)
First right to co-invest in deal-level equity outside the Fund

Capital Protection

The Fund’s objective is to protect investor capital first, with returns generated through disciplined execution rather than speculative assumptions. It is designed to limit downside exposure before returns are pursued through several built-in safeguards:

Portfolio diversification across multiple assets and Southern California submarkets to reduce asset-specific and timing risk
Defined exits prior to construction, avoiding cost overruns, labor risk, and long-term market exposure
Phased capital deployment tied to entitlement milestones, ensuring capital is advanced only as risk is reduced
Alignment with homebuilder demand, positioning exits at the point of strongest liquidity and pricing visibility

Investor Reporting & Transparency

Back Bay emphasizes transparency, clarity, and consistent communication throughout the investment lifecycle. Investors receive:

Join The Back Bay “For-Sale” Residential Fund

Access the Back Bay “For-Sale” Residential Fund and participate in a real estate investment designed around capital protection, defined exits, and entitlement-driven execution. To review the opportunity in detail, request the Fund materials or connect with the team for a brief introductory call.