Private Residential land‑bank REIT & JV capital platform
About
Prodigy Capital (dba Dez Capital) is a private residential Real Estate Investment Trust, programmatic land bank, and per project joint venture capital platform. We raise and deploy capital through private funds and a private Real Estate Investment Trust structure, support land control via purchases, options, and structured takedowns, then manage positions through sale or phased takedowns to builders and operators.
Our leadership team brings over 40 years of combined experience in identifying, analyzing, acquiring, entitling, developing, and selling residential real estate throughout Southern California. No one works harder, or smarter.
For investors, beyond projected returns:
- Curated exposure, not random deal flow. Capital is pooled into a land‑bank REIT, quantitative land fund, and select JVs aligned with clearly defined mandates—check size, markets, and risk profile.
- AI‑enhanced sourcing and diligence. Deal selection and underwriting are informed by 20+ years of execution and over $1.1B in realized asset value, with AI used to screen, compare, and stress‑test opportunities.
- Structured communication and reporting. Investor relations, updates, and documentation are handled as a first‑class function.
For developers, beyond “a check”:
- Deal structuring support. Help architect capital stacks, waterfall terms, and JV/Co‑GP structures that work for both developer and investors.
- Land control strategies. Options, phased takedowns, and REIT structures that match the realities of entitlement and builder take‑outs.
- Investor relations done for you. We manage investor communication and reporting from acquisition through exit so you can focus on dirt and construction.
How We Work With Investors
Right now, we work with clients primarily through joint venture relationships. That means we can partner with you on a deal and bring in the investor capital as part of that JV structure.
We’re not yet set up to simply source or secure investment capital for third parties outside of a joint venture. However, we’re in the process of expanding our platform and expect to offer this as a standalone service in 2026.
How We Operate
Illustrative target profile
(not guaranteed):
Equity multiple (net): ~1.75x–2.5x+*
Annualized IRR: 20%+*
Preferred return: 8–12%*
Co‑sponsor / GP, not just a finder – On JV deals, Prodigy works with the developer, helping design the capital stack and staying involved through exit.
Multiple vehicles, one focus – Private REIT, quant fund, and per‑deal JVs—all focused on residential developments.
Mandate‑first deal hunting – We map investor mandates up front, then source and structure deals and JVs that fit those parameters.
Land, capital, and exits – We focus on capital formation, land control, and exit execution.
How We Work Together
Whether you’re accredited or not, our approach is the same:
Education – You’ll understand the deal, the structure, the risks, and the potential returns before committing funds.
Clear Compliance – We ensure every investment is handled according to SEC guidelines and offering documents.
Partnership Mindset – We consider every investor a partner, and we move through the transaction process together, feasibility to exit.
Real Estate Investment Models
HomeSeries Fund
Private REIT Funds
Private REIT Funds
Residential Home(s) & ADUs
Pool capital for single homes in fix-and-flip, ADU builds, or infill/new construction deals.
Private REIT Funds
Private REIT Funds
Private REIT Funds
Residential Subdivisions
Hold stabilized assets or ground-up deals for long-term returns. Ultimate goal is to transform raw land into generational wealth through data-driven precision, local expertise, and development mastery.
JV & Co‑GP Platform
JV & Co‑GP Platform
JV & Co‑GP Platform
Residential Subdivisions
We structure & participate in joint ventures between developers & investors. On select deals we sit in, invest alongside our partners, & provide capital structuring & investor relations throughout the project. And, we specialize in LP-GP matchmaking for developers & investors.
Land Bank
JV & Co‑GP Platform
JV & Co‑GP Platform
Residential Subdivisions
On land bank deals with national builders, investors should generally expect high single‑digit to low double‑digit net returns—typically ~8%–11% net, depending primarily on the contracted option/program rate and how fast lots take down. Typical duration: ~12–36 months per project (varies) via phased takedowns can create earlier cash returns than single‑exit strategies
Frequently Asked Questions
Please reach us if you cannot find an answer to your question.
- Specialized focus: Supporting entitlements as the core value lever—repeatable, measurable, defensible.
- Programmatic buyer network: Relationships with builders ensure exit velocity.
- Disciplined risk controls: Stage‑gated capital and exposure caps by market and product type.
- Community‑first delivery: Forward thinking in terms of plans that integrate infrastructure, open space, and attainable product types.
- Transparent pricing: Most platforms do not publicly show how the lot price is built. No black box; builder sees basis and approved budget. Clear fees, milestone reporting, and third‑party checks.
- Equity-only closing certainty
- Programmatic 3–5 year planning: Not deal-by-deal. A repeatable lot supply program.
- SoCal specialist, not a national generalist: Masters at entitlement timelines, submarket granularity, infill experience.
- Supported by AI: Technology as a tool, not a substitute
A repeatable, data-led workflow designed to prioritize capital protection, alignment, and clarity.
Prodigy’s role is to source, diligence, and structure residential land and joint‑venture opportunities with disciplined underwriting and clear governance. We combine local execution experience with systematic analysis to evaluate downside scenarios, validate assumptions, and align incentives across the capital stack. While every investment is deal-specific, our process follows a consistent framework from initial screening through exit.
1) Mandate & Fit
We start with your criteria—strategy (land-bank vs. JV), check size, target markets, risk profile, hold period, and liquidity preferences—then filter opportunities to match that mandate.
2) Sourcing & Screening
Opportunities come through builder/developer relationships and market networks. We apply an initial screen focused on asset type, market depth, exit demand, counterparty quality, and timeline feasibility before advancing to full underwriting.
3) Underwriting & Stress Testing
We underwrite with a “prove it” mindset—benchmarking assumptions, checking sensitivity cases, and pressure-testing the business plan against key drivers such as absorption pace, pricing, costs, and timing. We also evaluate counterparty execution capacity and project controls (budget, schedule, reporting).
4) Structuring & Alignment
We structure each opportunity to align incentives and define the rules of engagement: governance, reporting cadence, draw/close conditions, and downside protections. Depending on the transaction, structures may include builder options/phased takedowns or co‑GP joint ventures with clearly defined roles and economics.
5) Diligence & Documentation
Before closing, we coordinate legal and third‑party diligence appropriate to the opportunity. Investment documentation is designed to be clear on use of proceeds, fees/expenses, decision rights, and exit pathways.
6) Active Oversight & Reporting
Post-close, we track progress against the business plan using milestone-based monitoring and regular updates. Our objective is to keep investors informed, surface risks early, and maintain disciplined decision-making through the hold period.
7) Exit Execution
We seek to execute exits consistent with the underwriting thesis—such as builder takedowns, programmatic option exercises, refinances, or asset sales—while providing transparent reporting on outcomes versus plan.
Technology as a tool, not a substitute. We use data and AI-enabled tools to accelerate screening, benchmarking, and scenario analysis—final investment decisions remain grounded in underwriting discipline and human accountability.
- Waterfall alignment guarantee: We guarantee we don’t participate in performance fees / carry until investors have received their full preferred return, as defined in the PPM.
- Fee transparency / cap guarantee: We guarantee no hidden fees: all fees are fully disclosed in writing before you invest, and we will never charge fees not outlined in the PPM and subscription documents.
- Reporting guarantee: We guarantee you’ll receive regular reporting (at least quarterly) with deal‑level updates, capital account statements, and a clear view of where your money is deployed.
- Communication SLA guarantee: We guarantee investor emails receive a response from a human within 2 business days, or we’ll waive that quarter’s asset‑management fee on your account.
- Access guarantee: We guarantee every investor will receive direct access to a named relationship lead, not just a generic support inbox.
- Diligence standards guarantee: We guarantee every deal passes our internal investment committee and documented underwriting process before we allocate investor capital.
- Single‑mandate fit guarantee: We guarantee we only place investor capital into deals that match the risk/return and market mandate agreed with you, rather than pushing whatever happens to be available.
- No-style-drift guarantee: We guarantee fund capital will only be invested in residential land and related strategies within our target Southern California markets, as described in the PPM.
- Onboarding satisfaction guarantee: If you’re not satisfied with your onboarding experience in the first 30 days (documentation, access, communication), we guarantee we’ll waive our management fee for your first quarter in the fund.
- Clarity guarantee: We guarantee you’ll understand how we’re compensated: if any fee is unclear after we explain it, we’ll either clarify it in writing or remove it.
- No‑pressure guarantee: We guarantee no high‑pressure sales tactics: if you ever feel pushed to invest faster than you’re comfortable with, we’ll pause your allocation and keep your spot while you consult with your advisor.
Note: These guarantees relate only to our service, communication, and business practices. Investment performance, returns, and preservation of capital are not guaranteed. Please review the PPM and risk factors carefully.
JV MODEL A
Standard Co-GP Development JV
Use case: Experienced residential developer has a project; Prodigy comes in as co-sponsor and help complete the capital stack.
- Structure:
- New LLC per project
- Investors = LP / passive members
- Responsibilities:
- Developer: acquisitions, entitlements, construction management, day-to-day execution
- Prodigy: underwriting support, deal structure, equity capital, lender coordination, investor relations and reporting
- Economic outline (example only, deal-specific):
- LPs: pref return (e.g. [X–Y]%) + [65–80]% of remaining upside
- GP pool (Developer + Prodigy): [20–35]% promote, split based on who does what & who signs guarantees
- Hold period: typically [24–48] months, depending on entitlement and construction
Best for: developers who can find and build good deals but are equity‑constrained, and investors who want sponsor alignment and clear governance.
JV MODEL B
Investor-Led / “Deal Hunter” JV
Use case: Investor (or family office) says: “We want X-type deals in Y market.” Prodigy then sources and structures those JVs with the right local developer(s).
- Investor: defines mandate (check size, risk profile, geography, hold period)
- Prodigy:
- Clarify mandate and constraints
- Hunt for projects and local operators that fit
- Underwrite, structure, and sit as co-GP alongside the developer
- Co-invest GP capital where appropriate
- Developer: executes business plan under agreed budget, schedule & reporting standards
- Structure:
- Similar to Model A, but investor may take:
- A larger LP position, or
- A co-GP slice for anchoring the equity
- Similar to Model A, but investor may take:
Best for: investors who want targeted exposure without building their own development team, and want someone “in the weeds” watching their capital.
JV MODEL C
Income-Focused / Preferred Equity JV
Use case: More conservative investors who prefer priority cash flow and capital protection over maximum upside.
- Capital stack:
- Senior debt from bank / private lender
- Investor capital as preferred equity with priority return
- Developer + Me as common equity / residual
- Investor economics (illustrative only):
- Fixed or variable preferred return (e.g. [X–Y]% pref, non‑guaranteed)
- Return of capital before common equity participates
- Developer + Prodigy:
- Earn upside after pref is current and capital is returned
Best for: investors wanting a more “bond‑like” position in development deals, knowing there’s still development risk but with structural priority.
Common Principles Across All JVs
- Deal‑by‑deal (no blind pool)
- We’re in the GP on every deal we bring investors into
- Transparent underwriting, regular updates, and clear downside planning
- All structures are deal-specific and subject to legal, tax, and securities advice
Prodigy makes money primarily as projects perform. We invest "sweat equity" and charge transparent management fees to source, structure, and oversee each REIT or JV, but most of our upside comes from a share of profits after Investor capital and preferred return have been paid. In other words, we win when value is created at entitlement, lease‑up, or exit — and only after the Investors are paid first.
Here, we harness advanced Artificial Intelligence technology to elevate real estate investment, financing strategies, and capital management. Our specialized AI-driven tools empower investors and partners to make informed, strategic decisions with unprecedented clarity, efficiency, and precision.
CapitalOptima™ - AI-Enhanced Capital Allocation
- Predictive Investment Targeting: AI-driven analytics identify optimal investment opportunities based on market cycles, regional economic forecasts, and asset performance histories.
- Dynamic Portfolio Optimization: Continuously adjusts portfolio allocations through advanced machine learning models, ensuring capital efficiency and maximizing investor returns.
RiskGuard AI™ - Intelligent Risk Management
- Predictive Risk Assessment: Leverages historical data, market volatility indicators, and advanced predictive analytics to proactively manage and mitigate investment risks.
- Scenario Stress Testing: AI-powered simulations rapidly evaluate investment scenarios against economic downturns, market shifts, and regulatory changes, safeguarding investor capital.
DealFlow AI™ - Strategic Deal Origination
- Automated Deal Identification: Utilizes proprietary algorithms to source, evaluate, and prioritize investment opportunities in alignment with strategic financial criteria and risk profiles.
- Real-Time Opportunity Insights: Provides actionable market intelligence and precise valuations, enabling rapid and informed decision-making on potential investments.
InvestorEdge™ - Enhanced Investor Relations
- Personalized Investment Insights: AI-driven analytics generate tailored reports, performance forecasts, and strategic recommendations, deepening investor engagement and confidence.
- Real-Time Performance Monitoring: Offers transparent, dynamic tracking of investments, market positions, and portfolio health, reinforcing investor trust and partnership strength.
ExitStrategy AI™ - Optimized Investment Exits
- Intelligent Exit Timing: Employs predictive modeling to determine the optimal time and strategy for exiting investments, maximizing returns while minimizing risks.
- Market-Responsive Adjustments: Continuously adapts exit strategies to changing economic conditions, buyer behaviors, and competitive market trends, ensuring superior returns at divestment.
Here, our targeted AI technologies redefine the landscape of real estate finance and investment management, enhancing profitability, reducing risk, and ensuring our partners achieve exceptional, consistent results.
Experience our Capital AI Advantage—where sophisticated technology empowers visionary financial growth.