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Topic Guide

Real Estate Funds and Investing

Most investors own real estate through a fund rather than a building: a public REIT, a non-traded REIT, an interval fund, a private fund or a fractional platform. They hold similar property but differ sharply in minimums, fees and, above all, how easily you can get your money back. This page compares the structures, then links to AltStreet's EDGAR landscape of the actual real estate vehicles, managers and capital raised.

Real Estate Funds

EDGAR-verified real estate funds, private REITs, property-level SPVs, manager rollups, and links down to individual CIK pages.

Real Estate Offerings

4,777 individual real estateofferings tracked across platforms, each with the terms readable off its own filing and a link to the issuer's EDGAR record.

Fractional Real Assets Guide

Platform access, fractional ownership structures, risks, and due diligence for real assets.

Fundrise vs CrowdStreet

Compare Fundrise's operating 40 Act fund model with CrowdStreet's post-marketplace institutional fund distribution model.

Types of real estate funds compared

StructureMinimumWho can investGetting your money back
Public REIT, REIT ETF or mutual fundOne shareAnyoneDaily, at the market price
Non-traded REIT (for example BREIT)Set by each offering, sold through advisorsSet by each offering; many take non-accredited investorsRepurchases at NAV, capped (BREIT: 2% of NAV a month, 5% a quarter)
Interval fund$1,000 at FundriseAnyoneRepurchase offers of 5% to 25% of shares every 3, 6 or 12 months
Open-end private core fund (NCREIF ODCE)Institutional sizesMainly institutionsQuarterly withdrawals, subject to a queue
Closed-end private equity real estate fundUsually large commitmentsAccredited or institutional investorsLittle or none until properties are sold, typically 7 to 10 years
Fractional property platform$100 at ArrivedAnyone, under Regulation A limitsHold until sale, or a platform resale market if one exists

The test that matters is liquidity under stress. Non-traded REITs and private funds value their properties by appraisal, which keeps reported values steady, but when many investors ask to leave at once the caps bind: Starwood Real Estate Income Trust filled only about 3% of each repurchase request in early 2026 before narrowing its plan to death, disability and small accounts. Read the repurchase terms before the return history. Platform reviews: Fundrise, Arrived, Ark7; structure explainer: interval funds.

Sources: BREIT prospectus supplement (April 2026) and Starwood REIT Form 8-K (April 29, 2026) on SEC EDGAR; SEC Rule 23c-3; AltStreet platform reviews.

Real estate fund FAQs

What is a real estate fund?

A pooled vehicle that owns properties, real estate debt or both, managed by a sponsor for a fee. The main forms are public REITs and real estate mutual funds and ETFs (daily liquidity); non-traded REITs and interval funds (bought at NAV, with limited periodic repurchases); and private closed-end funds sold under Regulation D, usually to accredited investors, which call capital over several years and return it when properties are sold.

What is a private real estate fund?

A fund that is not listed on an exchange and is sold privately, usually to accredited or institutional investors. Open-end core funds, such as those in NCREIF's ODCE index, own stabilized properties with moderate leverage and allow quarterly withdrawals subject to a queue. Closed-end value-add and opportunistic funds, often called private equity real estate funds, buy properties to improve or develop, use more leverage, run for seven to ten years or more, and typically charge a management fee plus a share of profits.

How have private real estate funds performed recently?

NCREIF's ODCE index of 25 large open-end core funds returned 1.49% gross in the second quarter of 2026 (1.02% income, 0.47% appreciation) and 4.45% gross for the year to June 30, 2026. Investors withdrew a net $8.7 billion over that year, a sign that redemption queues remain.

Source: NCREIF NFI-ODCE press release, July 30, 2026

Can you withdraw money from a non-traded REIT?

Only within limits. Blackstone Real Estate Income Trust (BREIT), the largest, caps repurchases at 2% of NAV per month and 5% per calendar quarter, fills excess requests pro rata, and its board can limit or suspend the plan. Starwood Real Estate Income Trust filled only about 3% of each request in early 2026 and, from April 29, 2026, limited repurchases to death, disability and small-account requests up to $5 million a month.

Sources: BREIT prospectus supplement (April 2026); Starwood REIT Form 8-K (April 29, 2026)

What is an interval fund?

A registered closed-end fund that must offer to repurchase a set share of its stock, between 5% and 25%, at regular intervals of three, six or twelve months under SEC Rule 23c-3. If more shareholders ask to sell than the offer covers, requests are prorated. Several real estate platforms, including Fundrise, use interval funds to offer private real estate to non-accredited investors with low minimums.

Source: AltStreet Fundrise review

What is the minimum investment for a real estate fund?

It ranges from one share of a public REIT to $25,000 or more for private funds. Among online platforms AltStreet has reviewed, Fundrise's funds take $1,000 subscriptions and Arrived sells shares of individual rental homes from $100, both open to non-accredited investors. Private closed-end funds typically require accredited status and much larger commitments.

Sources: AltStreet Fundrise review; AltStreet Arrived review

Real estate reference library

Income, valuation and leverage measures, and the non-traded structures used to sell real estate to individual investors. 39 terms.

All terms: AltStreet reference index and glossary.

Largest SEC filers in real estate

Ranked by the total reported sold on the latest Form D or Regulation A notice. Each page carries the filing record, the related persons and what to check; AltStreet gives no verdict on an issuer.

All 437 real estate filers on EDGAR →