5.1 CRE Fund Structures: REITs, DSTs & Opportunity Zones
- 9 Sections
- 36 Lessons
- 37 Quizzes
The Fund Structure Landscape
- Lesson 1.1: Why Deals Grow Into Funds
- Quiz 1.1: Why Deals Grow Into Funds
- Lesson 1.2: The Structure Spectrum, From JV to Public REIT
- Quiz 1.2: The Structure Spectrum, From JV to Public REIT
- Lesson 1.3: How Structure Drives Investor Experience
- Quiz 1.3: How Structure Drives Investor Experience
- Lesson 1.4: How GP Economics Evolve from Deal to Fund
- Quiz 1.4: How GP Economics Evolve from Deal to Fund
REITs, THE PUBLIC AND PRIVATE VEHICLES
- Lesson 2.1: REIT Qualification, The Rules That Make the Structure Work
- Quiz 2.1: REIT Qualification, The Rules That Make the Structure Work
- Lesson 2.2: Traded vs. Non-Traded REITs, The Liquidity Premium and Its Discontents
- Quiz 2.2: Traded vs. Non-Traded REITs, The Liquidity Premium and Its Discontents
- Lesson 2.3: REIT Operating Mechanics, FFO, Capital Raises, and the Income Machine
- Quiz 2.3: REIT Operating Mechanics, FFO, Capital Raises, and the Income Machine
- Lesson 2.4: The REIT Premium, Why Public REITs Price Differently Than Private Assets
- Quiz 2.4: The REIT Premium, Why Public REITs Price Differently Than Private Assets
- Lesson 2.5: Mortgage REITs vs. Equity REITs, Two Different Businesses
- Quiz 2.5: Mortgage REITs vs. Equity REITs, Two Different Businesses
DELAWARE STATUTORY TRUSTS, THE 1031 INSTITUTION
- Lesson 3.1: What a DST Is and Why It Exists
- Quiz 3.1: What a DST Is and Why It Exists
- Lesson 3.2: The Seven Deadly Sins, The IRS Restrictions That Shape Everything
- Quiz 3.2: The Seven Deadly Sins, The IRS Restrictions That Shape Everything
- Lesson 3.3: DST Economics, What the Sponsor Earns, What You Receive
- Quiz 3.3: DST Economics, What the Sponsor Earns, What You Receive
- Lesson 3.4: DST Due Diligence, Reading the PPM and Evaluating the Sponsor
- Quiz 3.4: DST Due Diligence, Reading the PPM and Evaluating the Sponsor
- Lesson 3.5: DST vs. TIC vs. Direct Ownership, The Decision Framework
- Quiz 3.5: DST vs. TIC vs. Direct Ownership, The Decision Framework
QUALIFIED OPPORTUNITY ZONES, THE FULL MECHANICS
- Lesson 4.1: The Three Tax Benefits and How They Actually Work
- Quiz 4.1: The Three Tax Benefits and How They Actually Work
- Lesson 4.2: What Qualifies, The QOZB Asset and Business Tests
- Quiz 4.2: What Qualifies, The QOZB Asset and Business Tests
- Lesson 4.3: OZ 2.0, The Legislative Update and What It Changes
- Quiz 4.3: OZ 2.0, The Legislative Update and What It Changes
- Lesson 4.4: QOZ Fund Due Diligence, Evaluating the Deal Behind the Tax Benefit
- Quiz 4.4: QOZ Fund Due Diligence, Evaluating the Deal Behind the Tax Benefit
PRIVATE EQUITY REAL ESTATE FUNDS
- Lesson 5.1: The PERE Fund Lifecycle, From Fundraising to Wind-Down
- Quiz 5.1: The PERE Fund Lifecycle, From Fundraising to Wind-Down
- Lesson 5.2: Fund Economics in Detail, Management Fee, Preferred Return, Catch-Up, and Carry
- Quiz 5.2: Fund Economics in Detail, Management Fee, Preferred Return, Catch-Up, and Carry
- Lesson 5.3: American vs. European Waterfall, The GP Economics Difference
- Quiz 5.3: American vs. European Waterfall, The GP Economics Difference
- Lesson 5.4: LP Rights and Protections, LPAC, Key Man, Removal, and Reporting
- Quiz 5.4: LP Rights and Protections, LPAC, Key Man, Removal, and Reporting
- Lesson 5.5: The Secondary Market for LP Interests, Liquidity When There Is None
- Quiz 5.5: The Secondary Market for LP Interests, Liquidity When There Is None
FUND DOCUMENTATION AND COMPLIANCE
- Lesson 6.1: The Fund LPA, Key Provisions Every LP Should Negotiate
- Quiz 6.1: The Fund LPA, Key Provisions Every LP Should Negotiate
- Lesson 6.2: The Fund PPM, What the Disclosures Actually Tell You
- Quiz 6.2: The Fund PPM, What the Disclosures Actually Tell You
- Lesson 6.3: Investment Adviser Registration — What LPs Should Confirm, Not Calculate
- Quiz 6.3: Investment Adviser Registration — What LPs Should Confirm, Not Calculate
- Lesson 6.4: ERISA-Covered Capital — Why Pension Money Calls for Specialist Counsel
- Quiz 6.4: ERISA-Covered Capital — Why Pension Money Calls for Specialist Counsel
FUND PERFORMANCE, MEASURING WHAT MATTERS
- Lesson 7.1: IRR vs. Equity Multiple, Why Sophisticated Investors Use Both
- Quiz 7.1: IRR vs. Equity Multiple, Why Sophisticated Investors Use Both
- Lesson 7.2: TVPI, DPI, and RVPI, The Three Metrics That Tell the Full Story
- Quiz 7.2: TVPI, DPI, and RVPI, The Three Metrics That Tell the Full Story
- Lesson 7.3: Vintage Year Analysis, How to Compare Funds Across Market Cycles
- Quiz 7.3: Vintage Year Analysis, How to Compare Funds Across Market Cycles
- Lesson 7.4: J-Curve Dynamics, Why Early IRR Is Meaningless
- Quiz 7.4: J-Curve Dynamics, Why Early IRR Is Meaningless
- Lesson 7.5: Benchmarking, The Illiquidity Premium and What Justifies It
- Quiz 7.5: Benchmarking, The Illiquidity Premium and What Justifies It
CAPSTONE, EVALUATE A FUND INVESTMENT DECISION
- Lesson 8.1: The Scenario, Three Vehicles, One Decision
- Quiz 8.1: The Scenario, Three Vehicles, One Decision
- Lesson 8.2: Fee Drag and Return Analysis
- Quiz 8.2: Fee Drag and Return Analysis
- Lesson 8.3: Liquidity Profile and Tax Treatment, The Full Picture
- Quiz 8.3: Liquidity Profile and Tax Treatment, The Full Picture
- Lesson 8.4: The Pro Lens, Making the Recommendation
- Quiz 8.4: The Pro Lens, Making the Recommendation
Final Exam
Fund structures are how large capital meets real estate, and how passive investors get in. Big topic, handled in plain mechanics.
You cover public and private REITs, Delaware Statutory Trusts and their 1031 role, the full Opportunity Zone rules, and private equity real estate funds. Modules on documentation, compliance, and performance teach you to measure what matters.
Eight modules, 36 written lessons, 104 practice questions, and a graded final exam with a certificate. The capstone evaluates a fund investment. Self-paced, 12 months of access included.
For the level where structure decides the outcome.
Educational only. This is not legal, tax, or investment advice. Confirm your situation with a qualified professional.
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