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Common Ground
Allen Matkins finds ‘Common Ground’ with California’s leading developers, investors, and political movers and shakers in this video series that takes a deeper look into how the state’s commercial real estate market is progressing. Hear how innovative developments, legal challenges, and forward-thinking projects are impacting California’s landscape.
Common Ground with Heather Riley
Heather Riley’s reputation as a go-to land use and environmental attorney—trusted by both developers and public agencies—hinges on two essential qualities: her attention to detail in solving complex project planning puzzles and her knowledge of the California Environmental Quality Act’s strict regulations and processes.
Partner, Allen Matkins
Heather S. Riley
Max Brunner's practice is focused on mergers and acquisitions, public and private securities offerings, corporate governance, commercial contracts, and other complex corporate matters and transactions.
Max Brunner
Senior Counsel, Allen Matkins
• Structure: Most real estate investment funds have a closed structure with a fixed term, but open-ended funds and continuation funds are also options. Funds should also determine whether to form in the United States or in another jurisdiction.
• Strategy: A clear investment strategy is essential for attracting investors and meeting their needs and expectations.
• Cost: Until they raise capital, sponsors assume initial organization costs, including legal, accounting, and marketing costs.
• Investors: Individual and institutional investors often have different needs and expectations for real estate funds.
Fund sponsors have several decisions to make before forming their first real estate investment fund. They include the following considerations:
Before You Form Your First Fund
Due to the complexities involved with real estate fund formation, seeking experienced counsel is essential. An attorney can advise fund sponsors on topics like raising capital, setting up, and administering the fund. Other services include:
• Compliance with federal and state securities, tax, and ERISA laws and regulations
• Fund documentation
• Compensation for fund sponsors and managers
• Asset acquisition, financing, and disposition
• Addressing and managing conflicts of interest
The Role of Counsel
in Your Real Estate Investment Fund
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Forming Your First Real Estate Fund
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Opportunity
Zone Fund
$100 MM
Acquisition and development of multifamily affordable housing properties in opportunity zones
$90 MM
Ultra-Luxury
Resort Fund
Acquiring and developing ultraluxury eco-friendly
resorts in Panama
and Kenya
$50 MM
Franschise
Restaurant Fund
Acquisition of franchise quick
service restaurants
$50 MM
Industrial Real
Estate Fund
Acquiring and redeveloping
value-add industrial real estate in the Western United States
$25 MM
GP Co-In vestment
Fund
Co-investing with the sponsor
in the sponsor’s joint venture
development projects
$150 MM
Medical Office
Building Fund
Acquiring medical office buildings throughout the United States
$127 MM
Residential Real
Estate Fund
Residential housing fund with a
large institutional pension fund
as the principal investor
$100 MM
Impact
Opportunity Fund
Developing and redeveloping multifamily affordable housing properties and providing social impact initiatives
$500 MM
Real Estate
Impact Fund
Evergreen, hybrid private equity/hedge impact fund investing in value added real
estate with a social impact component
$450 MM
Hospitality
Opportunity Fund
Value add and development of
hospitality and other properties
$250 MM
Real Estate Debt and
Equities Opportunity Fund
Acquiring real estate related debtand equity investments
$550 MM
Residential Real
Estate Fund
Institutional investor investing in single-family housing projects throughout the country
$550 MM
California Real Estate
Debt Fund
Making loans to developers of
commercial and residential real estate located in California
$500 MM
Value-Add Real Estate
Opportunity Fund
Capital commitments focused on commercial value-add opportunities in select west coast urban markets
Forming Your First Real Estate Fund
A conversation with Lori Holt Pfeiler, President and CEO of BIA of San Diego
It's rare to find a development that does not face challenges in complying with governmental regulations. Whether it's obtaining approvals for a new project, buying or selling property, expanding operations, or placing a new product on the market, there are state, federal and local environmental laws that often apply, creating unexpected costs and headaches.
We help clients navigate routine and complex issues to help them overcome difficult (often political) challenges so they can focus on their goals with greater clarity and confidence.
We offer clients knowledge of the legal and regulatory climate, a practical understanding of local issues, and the benefits of long-standing relationships with regulators, technical experts, key decision-makers and community stakeholders.
Land Use Services
LEARN MORE
Allen Matkins finds ‘Common Ground’ with California’s leading developers, investors, and political movers and shakers in this video series that takes a deeper look into how the state’s commercial real estate market is progressing. Hear how innovative developments, legal challenges, and forward-thinking projects are impacting California’s landscape.
Heather S. Riley
Partner, Allen Matkins
Heather Riley’s reputation as a go-to land use and environmental attorney—trusted by both developers and public agencies—hinges on two essential qualities: her attention to detail in solving complex project planning puzzles and her knowledge of the California Environmental Quality Act’s strict regulations and processes.
A conversation with Mike Mahoney, President of West Region of Ryan Companies US
A conversation with
Lori Holt Pfeiler, President and CEO of BIA of San Diego
A conversation with Michele Vives, President of Douglas Wilson Companies
A conversation with
Mike Mahoney, President, West Region, Ryan Companies US