21
Completed projects since 2005
Los Angeles · Real Estate Syndication
Generating asymmetrical returns through real estate syndication.
Assemble Capital develops, repositions, and sells residential real estate across Los Angeles's most sought-after neighborhoods — in partnership with accredited investors who share in the profits.
$86.0M
Dispositions & carried value
2.13x
Blended realized equity multiple — 7 documented exits
~38%
Avg. deal-level IRR on realized exits
These results were achieved by the principals through Thornton Development Group and affiliated companies. Thornton Development Group is an independent company operated by the same principals who manage Assemble Capital; the two are separate companies. They were not Assemble Capital offerings, did not involve Assemble Capital investors, and are not the results of any Assemble Capital fund or offering. Figures are sponsor-level, unaudited, and drawn from internal records and closing statements. Past performance is not indicative of future results. See the track record for the full schedule, including one 0.73x result.
The Returns
Returns that outpace the usual paths.
Take the equity from our three most recent fully documented sales — $2.27M — and imagine it parked in the usual alternatives over the same hold periods. Here's how each path would have multiplied it.
These projects — actual2.53x
Private real estate fund (15%/yr)1.55x
Public REIT index (11%/yr)1.38x
S&P 500 (10%/yr)1.35x
10-yr Treasury (4.5%/yr)1.15x
Actual results from three projects completed by our principals through predecessor companies — these were operator-level outcomes, not Assemble Capital investor returns. Benchmarks compound each alternative at a long-run average rate over the same hold periods; illustrative context only, not proof of risk-adjusted outperformance. Real estate development carries leverage, concentration, and loss risk that diversified public markets don't. Past performance is not indicative of future results.
The Firm
We assemble the land, the capital, and the craft — and control every step in between.
Assemble Capital is a full-service Los Angeles development firm. Buying, entitling, designing, building, financing, and selling all happen under one roof — which is how we control cost, timeline, and quality on every project.
We work the neighborhoods our partners have operated in for twenty years — the Hollywood Hills, Santa Monica, Culver City, Westchester, and North Hollywood — going after the deals too big for local flippers and too small for the big funds.
Strategies
Four proven paths
to the same outcome.
Every property gets matched to its most profitable plan — always with at least two ways to exit, a stress-tested downside case, and pricing based on today's comps, not tomorrow's hopes.
SFR–Redev
Luxury Residential Development
Studs-out rebuilds and heavy remodels of under-improved homes in prime submarkets. Basis $2M–$6M, exits $3M–$9M, 12–30 month plans.
MF–Dev
Opportunistic & Value Add Multifamily Development
Ground-up 4–20-unit multifamily projects — sold stabilized, or refinanced into term debt and held as 100%-occupied rentals.
SB–684
SB 684/1123 Fee Simple Subdivisions
Among the first developers executing SB 684 ministerial small-lot subdivisions — fee-simple homes on individual APNs, entitled in months, not years.
TIC
Tenancy-In-Common Housing
Small multifamily sold as tenancy-in-common units at a premium to bulk value — with the bulk-sale fallback underwritten from day one.
Signature Exits
Results, on the record.
Seven documented sales between 2020 and 2026 returned $13.8M on $6.5M invested. Three of them set neighborhood price records at the time of closing.
These sales were completed by our partners through predecessor companies — they reflect operator results, not Assemble Capital investor returns. Figures are unaudited, pre-tax, and drawn from closing statements and internal records. Highlight deals aren't the whole story — the full schedule, including one 0.73x result, is disclosed on the track record. Past performance is not indicative of future results.
The Execution Model
Why it repeats.
Control
Vertically integrated
Acquisition, entitlement, architecture coordination, construction management, and disposition are directed by the principals, who bring their own development experience to each project — controlling cost, timeline, and quality on every project.
Focus
Submarket discipline
Concentrated in high-liquidity LA infill — Hollywood Hills, Studio City, Culver City, Santa Monica, North Hollywood — where exit demand is deepest.
Range
Strategy flexibility
Studs-out remodels, ground-up multifamily, SB 684 small-lot subdivisions, and TIC exit structures — matched to each site's highest-value path.
Tempo
Capital velocity
Short-to-mid duration business plans of 12–36 months, with refinance and recapitalization used to return capital early where markets allow.
Current Projects
Seven active projects.
One standard.
Two finished homes on the market, one build underway in Westchester, and four projects moving through entitlements in Santa Monica and Culver City — with our own money invested in every one.
7 / 7
GP co-invested in every deal
AC I–VII
Project-specific series LLCs
4
Strategies across LA infill
26
Investors — 11 repeat in 2+ deals
Active projects are private offerings. Projected returns and deal financials are shared privately with prospective investors, not published here.
In Development · Santa Monica
The Portfolio
Current Assemble Capital projects.
All seven active projects — from finished homes on the market to subdivisions moving through entitlements. Each is its own LLC, and we invest in every one.
01 · Completed
“The Berryman Residence” | 4432 Berryman Ave
New construction · 6 bd · 6 ba · 3,140 sq ft · AC II LLC
View project →
02 · For Sale
“The Gonzaga Residence” | 8404 Gonzaga Ave
Full remodel · 5 bd · 5 ba · 2,780 sq ft · Assemble Capital LLC
View listing ↗
03 · In Construction
“The Kentwood Farmhouse” | 6450 W 85th St
Main house + ADU · Westchester · AC V LLC · target Q1 2027
Project details →
04 · In Entitlements
“The SAMO IV” | 1925 19th St
4-unit TIC development · Santa Monica · AC IV LLC · target Q4 2027
Project details →
05 · In Entitlements
“The Culver VI” | 3850 Westwood
SB 684 small-lot subdivision · Culver City · AC III LLC · target Q4 2027
Project details →
06 · In Entitlements
“The Harter V” | 4058 Harter
SB 684 small-lot subdivision · Culver City · AC VI LLC · target Q1 2028
Project details →
07 · In Entitlements
“The Helms VI” | 3562 Helms
SB 684 small-lot subdivision · Culver City · AC VII LLC · target Q1 2028
Project details →
01 / 07
Renderings are illustrative; plans, unit counts, finishes, and approvals may change. Target dates are estimates, not commitments. Listing prices are subject to change.
Alignment
Invest alongside us — never ahead of us, never behind.
Our offerings have typically paid investors an 8% preferred return before the sponsor shares in any profit — and we put our own money into every deal. Development on Assemble Capital projects is directed by its managers, who separately operate Thornton Development Group as an independent company; the principals' roles in both are disclosed in each project's private placement memorandum. Terms shown are typical of prior offerings and are not an offer. The final terms of any investment are governed solely by that project's private placement memorandum and operating agreement.