Back Bay ‘For-Sale’ Residential Fund
A Real Estate Fund Transforming Underutilized Land into Builder-Ready Residential Assets
Fund Overview
The Back Bay “For-Sale” Residential Fund is a Southern California real estate fund focused on acquiring underutilized infill commercial properties and land, securing residential entitlements, and selling builder-ready sites to national and regional homebuilders.
By executing a disciplined entitle-to-sell strategy across Los Angeles, Orange County, and San Diego, the Fund captures the value premium of entitled residential land while avoiding the risk, cost, and timelines of vertical construction.
The Fund targets $10 million in blind-pool equity, supplemented by approximately $40 million in deal-level syndicated capital, for a total of $50 million in equity to support the acquisition of roughly $150 million in assets across 5 to 7 properties by 2026.
The Opportunity
Where Scarcity Shapes Residential Returns
Southern California continues to experience a persistent shortage of “for-sale” housing, driven by restrictive zoning, limited developable land, and sustained population and employment growth.
While demand from both homebuyers and homebuilders remains strong, the supply of fully entitled residential sites has lagged, creating a structural imbalance across Los Angeles, Orange County, and San Diego and compelling property investment opportunities for disciplined sponsors.
The Back Bay “For-Sale” Residential Fund is designed to thoughtfully capitalize on this dynamic by converting overlooked commercial and infill properties into builder-ready residential development sites.
By focusing on the entitlement phase and exiting prior to construction, the Fund positions assets for premium sales at the point when builder demand is strongest.
A Real Estate Fund Tested Across Multiple Market Cycles
40+
completed projects
$30M+
equity raised
$75M+
assets managed
$25M+
investor profits
50%
typical project returns
30%
lifetime returns (low)
500%
lifetime returns (high)
0%
investor loss
2-3 yrs
typical deal time
The Strategy: Entitle-to-Sell
Residential Upside Without Construction Risk
The Fund’s core strategy is designed to capture residential value at the point where pricing power is highest and risk is most controllable: the entitlement stage, which distinguishes this real estate fund from traditional development models.
By focusing on entitlement-driven exits, the Fund avoids the capital intensity, execution complexity, and extended timelines associated with construction. This approach supports a shorter-duration, repeatable investment model aligned with active homebuilder demand.
ACQUIRE
Target underutilized commercial properties and infill land with a clear, defensible path to residential rezoning and entitlement.
ENTITLE
Execute a rigorous, municipality-driven entitlement process to secure approvals for for-sale residential communities.
SELL
Market fully entitled sites to national and regional homebuilders, exiting before construction at an entitlement premium.
The Investment Process
Turning Entitlements into Realized Value
The Fund employs a streamlined, five-stage investment process designed to ensure consistent underwriting, execution clarity, and defined exit pathways for real estate investors. This process-driven framework allows the Fund to manage risk proactively while scaling across multiple assets.
SOURCING
Identify off-market and lightly marketed opportunities through long-standing broker relationships and direct-to-owner outreach.
UNDERWRITING
Conduct comprehensive zoning analysis, market research, entitlement feasibility review, and financial modeling to evaluate value creation potential.
ACQUISITION
Negotiate favorable purchase terms to secure assets at an attractive basis ahead of entitlement value creation.
ENTITLEMENT
Work closely with municipalities, land-use consultants, and legal experts to secure residential approvals efficiently and cost-effectively.
DISPOSITION
Execute a competitive sales process to deliver fully entitled sites to national and regional homebuilders at premium pricing.
Investor Structure
A Framework That Prioritizes Investor Interests
The Fund is structured with two investor classes to accommodate varying capital mandates while maintaining strong investor alignment, supporting efficient residential development funding across multiple projects.
CLASS A INVESTORS
- $250,000 minimum
- Non-voting interests
- 18% preferred return (accrued, non-compounded)
CLASS B INVESTORS
- $1,000,000 minimum
- Voting interests
- 22% preferred return
(accrued, non-compounded) - First right to co-invest in deal-level equity outside the Fund
Risk Management
Disciplined Controls Built Into Every Stage
Risk management is central to Back Bay’s investment philosophy. The Fund emphasizes defined exit points, conservative underwriting, and diversification across assets and submarkets.
Focused at the Point of Value
By concentrating on the entitlement phase, the strategy captures residential value before construction begins, avoiding the execution risk, capital intensity, and long-term exposure associated with building and leasing.
Disciplined Entitlement Execution
Deep experience navigating complex regulatory environments allows the team to move projects through entitlements efficiently, helping control timelines, manage costs, and reduce approval uncertainty.
Portfolio-Level Diversification
Capital is deployed across 5 to 7 properties in multiple Southern California submarkets, limiting asset-specific exposure while creating multiple, staggered exit opportunities.
Builder-Aligned Exits
The entitle-to-sell approach is designed to exit at the point of strongest builder demand, aligning sales timing with market liquidity and reducing reliance on broader market cycles.
The Vision Behind The Fund
Led by an Experienced, Aligned Operator
The Fund is led by an experienced, execution-focused team with a strong track record in residential real estate investment and development.
Managing Partner Andrew Fielder has successfully funded and managed over 40 projects with no investor losses, bringing deep expertise in sourcing, underwriting, and entitlement execution.
Back Bay Investment Group is supported by a seasoned network of high-net-worth individuals and family offices and operates with a clear investor-first approach. This commitment distinctly positions the firm among experienced real estate investment companies.
Request Exclusive Access to the Fund
The Back Bay “For-Sale” Residential Fund is available to accredited investors seeking thoughtfully structured exposure to residential value creation in Southern California.
If this entitlement-driven real estate fund aligns with your investment objectives, we invite you to review the fund materials or connect with our team to explore compelling property investment opportunities supported by disciplined execution.