Private Residential land‑bank REIT & JV capital platform
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.
For Investors
Capital
Targeted residential land and JV exposure, with Prodigy sitting in the GP as co‑sponsor, structuring capital stacks and providing project‑level oversight.
We start with your mandate – check size, markets, and risk profile – and then goes out to find and structure joint ventures that fit.
We pair your capital with vetted residential developers, sit alongside them in the GP, and stay involved in:
- structuring the capital stack and JV terms
- overseeing budgets, timelines, and key milestones
- managing investor reporting and communication
Our role is to align interests between investors and developers, add project‑level oversight, and help manage risk from land control through exit.
1. Share your mandate.
Tell us your check size, preferred markets, risk profile, and structures you like (straight equity, co‑GP, income-focused, etc.). We start with what you want to own, not whatever deal happens to be on our desk.
2. We source and structure JVs that fit.
We hunt for opportunities with vetted builders and developers, then sit in the GP to structure the capital stack, JV terms, and governance so interests are aligned from day one.
3. You choose deals; we stay in the GP and oversee.
You decide which projects to participate in, deal‑by‑deal. We monitor budgets/timelines and manage investor reporting from land control through exit.
Investor Protections
Land Bank
Private REIT Fund I (506(c))
JV & Co‑GP Platform
Conservative leverage only when non‑recourse and additive (optional)
Step‑in rights and replacement mechanics for non‑performing counterparties
Robust reporting cadence (monthly) + project‑level transparency
Third‑party admin / audit readiness
JV & Co‑GP Platform
Private REIT Fund I (506(c))
JV & Co‑GP Platform
Deal‑by‑deal participation (no blind pool)
Prodigy sits in the GP / co‑sponsor role (project-level oversight + investor reporting)
Governance rights for major decisions:
budget approval / material change orders
new debt / refi / sale approvals
disclosure + consent
Milestone/stage-gated capital tied to entitlement, permits, horizontal milestones, vertical milestones
Standard reporting package: monthly snapshot + quarterly financials + milestone tracker
Private REIT Fund I (506(c))
Private REIT Fund I (506(c))
Private REIT Fund I (506(c))
Accredited-investor gate + verification (required under Rule 506(c))
KYC/AML + executed subscription/operating agreement before funds are accepted
PPM-based disclosure: risk factors, conflicts, fees, and governance live in the PPM/subscription docs
Quant Fund (Reg A+ Tier 2)
Quant Fund (Reg A+ Tier 2)
Private REIT Fund I (506(c))
SEC‑qualified offering (qualification does not imply endorsement)
Audited financials in offering materials + ongoing SEC reporting (annual, semiannual, and current reports)
Non‑accredited investor investment limits apply under Tier 2 rules
Offering Circular requirement: investors are directed to review the Offering Circular and risk factors before investing
HomeSeries / Unit Fund
Quant Fund (Reg A+ Tier 2)
HomeSeries / Unit Fund
Asset-level transparency: each fund centers on a specific home/ADU/small set; reporting is tied to that asset set
Already-built, inspected, income-producing focus
Professional property management so investors aren’t landlords
Reg A+ Tier 2 disclosures (Offering Circular + risk factors; SEC qualification ≠ endorsement)
Management Fees
Land Bank: Type I
JV & Co‑GP Platform
Land Bank: Type II
Management fee: Smaller deals / early ramp: up to ~1.25% of invested capital
Standard deals: ~1.0% of invested capital
Larger programmatic allocations: ~0.75% of invested capital
Carried interest / promote: typically 15% over a preferred return (with alignment via GP co‑invest)
Expenses: third‑party costs passed through at cost; tight caps where appropriate
Land Bank: Type II
JV & Co‑GP Platform
Land Bank: Type II
Management Fee: Some costs are paid by the investment vehicle (fund/project) and reduce net returns (e.g., management, administration, third‑party diligence).
Some costs are third‑party costs you may pay directly (e.g., bank wire fees, IRA custodian fees—if applicable).
Every offering’s economics are fully disclosed in the Offering Circular (Reg A+) or PPM/Subscription/Operating Agreement (506(c)).
JV & Co‑GP Platform
JV & Co‑GP Platform
Private REIT Fund I (506(c)):
Project / asset management fee: up to 1.25% / year of invested capital (typical 1.0%; prorated)
Development / sponsorship fees (if applicable): 4% of total project cost (typical range 3%–5%, paid at the project level)
Financing-related fees (if applicable): lender fees + up to 1.0% arrangement /guaranty/admin (typical 0.75%)
Carried interest / promote: GP pool typically 25% of upside (range 20%–35%) after return of capital + preferred return-split among GP parties prorata
Private REIT Fund I (506(c)):
Private REIT Fund I (506(c)):
Private REIT Fund I (506(c)):
Management fee: 1.0% / year (basis: invested capital during capital deployment; then NAV)
Incentive / promote: 15% over a 8% preferred return / hurdle (if applicable)
Fund expenses: third‑party fund admin, audit/tax prep, legal, banking—allocated per the governing docs (budgeted annually; disclosed in PPM)
Note: This is a Rule 506(c) offering; accredited investors only + verification required.
Quant Fund (Reg A+ Tier 2):
Private REIT Fund I (506(c)):
Quant Fund (Reg A+ Tier 2):
Management fee: 1.25% / year (basis: NAV)
Incentive/performance fee (if applicable): 10% above an 8% hurdle (measured at the fund level; details in Offering Circular)
Offering + ongoing expenses: legal/SEC filing, fund admin, accounting/audit, tax preparation (as disclosed)
Reg A+ note: Tier 2 issuers include audited financial statements in offering materials and file ongoing reports.
HomeSeries / Unit Fund:
Private REIT Fund I (506(c)):
Quant Fund (Reg A+ Tier 2):
Property management: paid to a professional manager (8% of collected rents + leasing fee equal to 50% of one month’s rent, if applicable)
Asset management / admin: 1.0% / year (basis: invested capital / equity)
Incentive / promote (if applicable): 15% above an 8% pref/hurdle
Property-level expenses: insurance, taxes, repairs/maintenance, reserves
Structure note: Each HomeSeries is built around a specific home/ADU/small set—so fees/expenses are trackable at the asset level.
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.
We can work with both accredited and non-accredited investors, but there are important rules to follow so we remain in full compliance with federal and state securities laws.
- Accredited Investors
Under U.S. SEC guidelines, an accredited investor is generally someone who meets at least one of these criteria:- Earns $200,000 or more annually ($300,000 with a spouse) for the last two years with a reasonable expectation of the same this year, or
- Has a net worth over $1 million (excluding primary residence), or
- Holds certain professional financial licenses (Series 7, 65, or 82).
- Accredited investors can typically invest in a broader range of offerings with fewer limitations. This flexibility can allow us to move quickly on high-value projects and offer participation in certain private placements.
- Non-Accredited Investors
For those who don’t meet the accredited criteria, opportunities are still available—but the law limits how much can be invested and in which types of offerings. We work with our legal and compliance teams to ensure every non-accredited investor is included only in offerings where participation is allowed, such as certain Regulation A or Regulation CF offerings, or under Regulation D with specific limitations.
Proceeds from dispositions flow through the fund waterfall (return of capital, preferred return, and profit split per final terms).
Returns are driven by the deal structure—and realized through distributions and/or exit proceeds depending on the offering.
Investor outcomes vary by strategy and vehicle. In general, investors may earn returns from a combination of (i) contractual payments tied to land control structures, (ii) project-level cash flows, and (iii) value realization at capital events such as takedowns, refinances, or asset sales. The specific economic terms—preferred returns, distribution timing, and profit-sharing—are defined only in the applicable offering documents.
Primary sources of investor returns may include:
- Land program payments (e.g., option fees, deposits, and/or scheduled takedown proceeds in a land-banking structure)
- Preferred return distributions (where the structure includes preferred equity with priority economics)
- Profit participation (sharing in upside after defined priorities are met)
- Capital events (refinance proceeds or sale proceeds, net of expenses and obligations)
Common structures (illustrative)
Land‑Bank / Phased Takedown Programs
In a land-banking structure, the platform generally controls land and provides lot control to a builder through a defined legal agreement. Investor returns may be generated through contractual payments and/or spreads embedded in takedown pricing, with the builder purchasing lots over time as milestones are met and homes are sold. Distributions (if any) depend on the specific vehicle, cash flow timing, reserves, and reinvestment policy.
Preferred Equity JV (Income‑Focused)
In a preferred equity structure, investor capital is positioned with priority economics in the capital stack. Distributions are typically designed to pay investors first (subject to available cash), often through a defined preferred return mechanism. After preferred return obligations are met and capital is returned (as applicable), remaining profits may flow to common equity participants.
Co‑GP / JV Equity (Upside‑Participating)
In certain joint ventures, investors may participate as LP equity (and in some cases a negotiated promote or co‑GP participation). Returns may be realized primarily at exit or major capital events, after project costs, senior obligations, and defined priorities are satisfied.
A simple way to think about payout order
While every deal is different, many structures follow a logical sequence:
- Operating income / contractual payments received (if applicable)
- Expenses + reserves (asset costs, reporting, admin, debt service, etc.)
- Priority distributions (e.g., preferred return where applicable)
- Return of capital (as defined by the structure)
- Profit split / upside participation (per the waterfall)
Transparency matters. We aim to provide consistent reporting so investors can see how performance tracks against underwriting assumptions, including timing, budget, milestones, and exit status.
Compliance: Distribution timing and amount are not guaranteed and may be affected by project performance, reserves, financing terms, and market conditions. Investors should review the applicable offering documents and risk factors.
Illustratively 12-18 months, depending on jurisdiction and scope of approvals.
Bulk sales at map approval, phased takedowns aligned to builder absorption, or JV with a vertical developer where warranted.
Conservative; primarily for carry and specific pre‑development activities with strong downside protection.
Entitlement risk and timeline uncertainty; community opposition; regulatory and environmental findings; macro interest rate and housing demand risk; liquidity at exit; carrying cost overruns; title/platting issues; infrastructure and utility timing; force majeure. The Fund will implement stage‑gates and kill criteria but cannot eliminate these risks.
- Land purchase prices, option premiums, and deposits
- Planning, legal, engineering, traffic, environmental, geotechnical, utility studies
- Community outreach and lobbying/consultant fees permissible by law
- Taxes, insurance, interest, and owner’s representative costs
- Select horizontal pre‑development (e.g., access, rough grading, off‑site design) where ROI is compelling
At this time, we provide capital primarily through joint venture arrangements, where we may also help bring in investors as part of the overall structure.
We are not currently able to secure investment capital solely on behalf of third parties without a joint venture relationship. We’re actively working on this expanded capability and anticipate being able to offer standalone capital placement services in early 2026.
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
- 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.
Prodigy makes money primarily when 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.
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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.
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