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.
How It Works
What a real estate
syndication actually is.
Most people meet the word before they meet the mechanics. Here is the plain version — and how ours is put together.
A real estate syndication is a group of investors funding one property together. A sponsor — the general partner — finds the deal, raises the equity and runs the project. The investors — limited partners — contribute capital and hold a passive stake. Profits are split on terms agreed before anyone wires a dollar.
It is how most private residential development actually gets funded. A single Hollywood Hills rebuild can need several million in equity; syndication is how that gets assembled without one person carrying the whole position.
What separates real estate syndication companies from one another is rarely the structure — the paperwork looks similar everywhere. It is who does the work. Many sponsors raise the capital and hire the building out.
We do both. At Assemble Capital the same principals underwrite the deal, pull the permits, run the construction and take it to market. That is why we can hold a plan when a project moves: the people deciding are the people building.
Each project is its own entity with its own investors and its own waterfall. A preferred return means investors are paid to an agreed rate before the sponsor participates in profit — the specific rate, split and hold period are set out in that project’s offering documents, and they differ deal to deal. We invest our own capital in every one.
Further reading: general partner vs limited partner, private placements, how to read an offering memorandum and judging a sponsor.
Educational information about how residential real estate syndications are structured generally. Nothing here is an offer to sell or a solicitation of an offer to buy any security, investment advice, or tax advice. Any offering is made only to accredited investors through its own definitive documents. See risks & disclosures.
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.
Questions
Frequently asked.
The questions we get most often about how syndication works, answered plainly.
What is a real estate syndication?
A real estate syndication is a group of investors pooling capital to fund a single property or project together. A sponsor, acting as general partner, sources the deal, raises the equity and manages execution. Investors participate as limited partners: they contribute capital, hold a passive stake, and share in profits according to terms agreed in advance.
How does a real estate syndication work, step by step?
The sponsor identifies a property and underwrites it, then forms an entity for that project and raises equity from investors. Once funded, the sponsor executes the business plan — entitlement, construction, repositioning or lease-up. On sale or refinance, proceeds are distributed through a waterfall set out in the offering documents: typically return of capital, then a preferred return to investors, then a split of remaining profit between investors and sponsor.
What is a preferred return?
A preferred return is a rate investors are paid before the sponsor participates in profit. It is a priority in the distribution order, not a guarantee — if a project does not produce enough proceeds, the preferred return is not paid. The specific rate and structure vary by project and are defined in each offering's documents.
What is the difference between Rule 506(b) and Rule 506(c)?
Both are exemptions that let a private offering raise capital without registering with the SEC. Under 506(b) the sponsor cannot advertise the offering publicly and generally relies on pre-existing relationships with investors. Under 506(c) the sponsor may market the offering publicly, but every investor's accredited status must be verified rather than self-certified.
Who can invest in a real estate syndication?
Private placements are generally limited to accredited investors, a status defined by SEC rules using income, net worth or professional-credential thresholds. Whether a particular person qualifies depends on their own circumstances and is determined through the offering's subscription process, not by a website.
What does a Los Angeles real estate syndication company do differently?
Local operators underwrite against submarket-level knowledge rather than citywide averages — which streets carry a premium, how a specific planning department behaves, what a build actually costs in that neighborhood. Assemble Capital operates in Los Angeles infill submarkets including the Hollywood Hills, Santa Monica, Culver City, Westchester, North Hollywood and Studio City, and handles acquisition through disposition in-house.
General educational information only — not an offer, solicitation, investment advice or tax advice, and not a determination of any person’s accredited status. See risks & disclosures.
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.