Investors
Investing with the partnership.
What Capistrano Real Estate Partners buys, how a deal is made, and what an investor can expect. This page describes the business. It is not an offer of any security.
01 · What the partnership buys
Suburban apartments, bought with the debt in place.
Capistrano Real Estate Partners is a partnership between Friess Property Company and Leivas Real Estate Company. It buys established garden-style and townhome communities in the suburbs of North Carolina, South Carolina, Iowa, Kentucky, and Tennessee.
The partnership looks for properties whose existing agency loan can be assumed, often a loan that has passed its interest-only period or is approaching maturity. Assuming that loan means an acquisition does not depend on new bridge debt. The plan for each property is the same: renovate the units that lag the submarket, run the community well, and hold.
The reasoning behind the markets is on the research page, and the read on each state is on target markets.
02 · How a deal is made
Five steps, both partners on each one.
Find the loan
The screen starts with the debt: agency loans written between 2016 and 2019 whose interest-only period has ended, on suburban communities in the five states.
Underwrite together
Cody Leivas builds the underwriting from the rent roll, the trailing twelve months, and the loan documents. Dan Friess tests it against how the property can actually be run and renovated.
Assume the loan and close
The existing loan is assumed with the lender's approval. Both partners sign off on the property, the price, and the plan before anything closes.
Renovate and operate
Friess Property Company leads the operating plan and the renovation program, unit by unit, with the goal of bringing the community up to its submarket.
Report
Investors hear how each property is doing: occupancy, renovation progress, and operations, in writing and through the investor portal.
03 · How offerings are made
Privately, and only to people the partners know.
Investments are offered privately under Rule 506(b) of Regulation D. They are not advertised, and nothing on this site is an offer to sell or a solicitation of an offer to buy any security.
Opportunities are discussed only with people who already have a relationship with Dan Friess or Cody Leivas, and generally only with accredited investors. The terms of each investment are set out in its offering documents, which are shared directly, after that conversation, and never through this site.
No offering is open today. Acquisitions are planned to begin around January 2027.
04 · What investors receive
Plain reporting, from the people who made the decision.
- An investor portalDocuments, statements, and requests in one place, at portal.capistranore.com.
- Quarterly property lettersOccupancy, renovation progress, and operations for each investment, written by the partners.
- Annual tax documentsA Schedule K-1 for each investment, each year.
- The partners themselvesQuestions go to Dan Friess or Cody Leivas directly.
Reporting described here is the partnership's plan. The governing documents for each investment set out what is provided and when.
05 · Questions
What people usually ask.
Who can invest?
Offerings are made privately to people who already know the partners, and generally only to accredited investors as defined by the SEC. If you are not sure whether you qualify, the partners can talk it through, and your own advisor should confirm it.
What is the minimum investment?
Minimums and all other terms are set in the offering documents for each investment. They are not published on this site.
Is anything available now?
No. Acquisitions are planned to begin around January 2027. The partnership is screening properties and building relationships before then.
Where does the partnership invest?
Suburban garden-style and townhome communities in North Carolina, South Carolina, Iowa, Kentucky, and Tennessee. The metros and suburbs are listed on target markets.
Who runs the properties?
Friess Property Company, led by Dan Friess, leads the operating plan and the renovation program. Leivas Real Estate Company, led by Cody Leivas, leads sourcing, underwriting, and investor reporting.
How can I follow the partnership's work?
Read the quarterly market letter. It covers the debt, new supply, and rents in the five states, and it never contains an offer.
06 · Introduce yourself
Start with a conversation.
Tell the partners who you are. Dan Friess or Cody Leivas will reply personally. This form starts a conversation. It does not provide offering materials or access to the investor portal.