Syndicating Real Estate Equity: Raising Outside Money for the First Time

It was late one night in early September 2025. "Or is it early morning?" thought James Troy. He had lost track of time while sitting at his laptop, reviewing again the complicated spreadsheet model that might play an outsized role in his professional future. The model formed the basis of his investment thesis; he was about to close on the purchase of a 50-unit apartment complex, and although he was an experienced real estate investor, this would be the first time he needed to raise serious money from outside investors.