--- title: "Gatsby Investment Review 2026: What the 22.3% Track Record Counts, What County Records Show, and the Fees" url: https://altstreet.investments/platforms/reviews/gatsby-investment kind: platform-review updated: 2026-11-01 description: "Gatsby Investment review 2026: 48 listed LA exits all report profits, but the 22.3% headline averages yearly averages (median deal 16.58%), four exits aren't corroborated as sales, and fees reach 35% of profit." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Gatsby Investment Review 2026: What the 22.3% Track Record Counts, What County Records Show, and the Fees Gatsby Investment syndicates Los Angeles house flips and small apartment projects to accredited investors, one LLC per property, and advertises a '100% Profitable Track Record' with a 22.3% average annualized net return. All 48 currently listed completed deals report positive investor returns. The 22.3% is an equal-weighted average of yearly averages; the average across the 48 deals is 20.87% and the median deal 16.58%. In the county records reviewed, four of the reported exits are not corroborated as conventional property sales, and those addresses later appear in other Gatsby offerings; how those exits were structured and how investors were paid was not established. AltStreet score: 38.4 (C-), scored November 1, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Gatsby Investment | | What it is | Real Estate Syndicator: Single-Property LLCs Offered Under Rule 506(c) in Los Angeles County | | Asset class | Equity in Los Angeles house flips, small multi-family developments and value-add projects | | Website | gatsbyinvestment.com | | Review first published | November 1, 2026 | | Last updated | November 1, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Gatsby Investment buys Los Angeles properties into single-purpose LLCs, raises equity from accredited investors under Rule 506(c), and acts as the Class B managing member that builds, rents and sells. Three questions frame it. What the track record counts: all 48 currently listed completed deals report positive investor returns. The headline 22.3% is the equal-weighted average of each sale year's average deal return, so a year of two deals counts as much as a year of eleven; the equal-weighted average across the 48 deals is 20.87%, and the median deal returned 16.58% a year (11.64% in total). None of these is a portfolio return, and one 2019 flip shown as held 0.6 months at 170.22% annualized accounts for more than two points of the headline. Earlier versions of the record listed deals that are no longer on it. What the public record shows: the county records reviewed corroborate 38 of the 48 exits as property sales with full transfer tax near Gatsby's dates. Four are not corroborated as conventional sales: two addresses show transfers without transfer tax and two show no recorded transfer since purchase, and all four later appear in other Gatsby offerings. A title record can stay unchanged while interests in the owning LLC change hands, so this is an unresolved discrepancy, not a finding about how those exits worked. What investors pay: a 5% development fee, 25% to 35% of net sale profit and 30% of a line Gatsby calls rental income, as Class B allocations shown on deal pages that require an account; the Form D notices answer $0 to sales commissions and to proceeds paid to related persons. - **22.3%** Gatsby's headline 'Average Annualized Net Return to Investors (2017-2025)', which reproduces as the equal-weighted average of eight yearly averages (22.32%). The equal-weighted average across the 48 deals is 20.87%; the median deal returned 16.58% a year. - **48 of 48** Currently listed completed deals reporting a positive investor return; none reports a loss. Seven report under 10% a year and four under 5%, the lowest 1.27% in total over six months (#12). Deals that earlier versions of the record listed as completed are no longer on it. - **38** Exits corroborated as property sales with full transfer tax in the Los Angeles County Assessor records near Gatsby's dates. Four are not corroborated as conventional sales (#31 and #42A show transfers without transfer tax; #32 and #33 no transfer since 2020) and six were not matched to a parcel. Property records do not show investor returns. - **7** Addresses of reported exits that later appear in other Gatsby offerings, including the four not corroborated as conventional sales; the other three recorded full-transfer-tax sales at Gatsby's stated prices. Buyer identity was not established. - **5% + 35%** Gatsby's development fee on project cost and its Class B share of net sale profit on most current deals (25% to 35%), plus 30% of a line called rental income. The Form D notices answer $0 to sales commissions and to proceeds paid to officers, directors or promoters. - **$55.5M** Sold across 55 Form D offerings from 2021 to 2026 to accredited investors; 19 of the notices were filed after the 15-day deadline, all before May 2024. AltStreet located no publicly available financial statements for any Gatsby entity. Data note: Deal dates, prices, financing, ROI and annualized returns are Gatsby's own figures from its deal pages. County figures are the Los Angeles County Assessor's recorded transfers, with prices implied by the documentary transfer tax; that tax can be computed on value less liens assumed by the buyer, and exempt transfers carry none, so a tax-derived figure is not necessarily the full price. Recording dates are property dates, not the dates investors' capital went in; Gatsby prorates returns by when an investor entered. Averages, medians and the recalculated headline are AltStreet arithmetic on Gatsby's figures. Form D figures are as filed. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 22.3% | The typical deal returned less than the headline. | Gatsby's headline: the equal-weighted average of eight yearly averages of its reported deal returns. 20.87% averaged across the 48 deals; median completed deal 16.58% a year. | | 48 | Currently listed completed deals reporting a positive investor return; none reports a loss. | 38 of the exits corroborated as property sales in county records; investor returns are Gatsby's own figures. | | 4 | Reported exits not corroborated as conventional sales in county records. | #31 and #42A show transfers without transfer tax; #32 and #33 no recorded transfer since 2020; all four addresses appear in later Gatsby offerings. | | 0 | Enforcement actions located against Gatsby, its staff or the Form D finder. | Court records not yet searched. | ## Verdict Gatsby publishes more deal-level outcome data than most real estate syndicators, and every deal now listed as completed reports a profit. The headline 22.3%, though, is an equal-weighted average of yearly averages; across deals the average is 20.87% and the median 16.58%. Four reported exits are not corroborated as conventional sales in county records, two showing transfers without transfer tax and two no recorded transfer, at addresses that later appear in other Gatsby offerings; how those exits worked has not been established. Investors pay a 5% development fee and Class B shares of up to 35% of sale profit and 30% of rental income, and AltStreet located no public audited reporting for any deal. **Best for** - Accredited investors who will read each deal's financials and operating agreement and accept a sponsor-controlled, unaudited structure. **Look elsewhere if** - You are relying on the 22.3% headline. - You need your money back before a property sells. - You want audited reporting or an independent manager. **Strengths** - Per-deal dates, prices and investor returns for all 48 completed deals. - No listed completed deal reports a loss; 38 exits corroborated as property sales in county records. - One property per LLC, with deal-level financials and fees shown before investing. **Limitations** - The headline return is an equal-weighted average of yearly averages; the median deal returned 16.58% a year. - Four exits not corroborated as conventional sales, at addresses that reappear in later Gatsby offerings; structure not established. - Development fee plus Class B shares of sale profit and rental income to the sponsor. - No public financial statements or audits located; late Form D notices before 2024; referral commissions without a registered broker. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors who want local, hands-on development exposure | neutral | | | Investors who rely on headline track records | poor-fit | | | Investors who need liquidity or a firm exit date | poor-fit | | ## Questions **Is Gatsby Investment legit?** Gatsby Investment is a real Los Angeles developer that has completed and sold dozens of properties for investors, files Form D notices for its offerings, and has no enforcement action on record in the sources AltStreet searched. The record needs reading closely: the 22.3% headline is an equal-weighted average of yearly averages (20.87% across deals, 16.58% for the median deal), and four reported exits are not corroborated as conventional sales in county records, with how they worked not yet established. **What returns has Gatsby Investment actually delivered?** Across the 48 currently listed completed deals, Gatsby's own figures give an average of 20.87% a year and a median of 16.58% (11.64% in total per deal), with no losses reported. Seven report under 10% a year. The advertised 22.3% is the equal-weighted average of yearly averages. These are Gatsby's reported investor returns; county records corroborate most of the property sales but cannot verify investor returns. **What fees does Gatsby Investment charge?** On current deals, a development fee of 5% of project cost, plus Class B allocations to Gatsby of 25% to 35% of net profit at sale and 30% of a line called rental income (the page does not define its base), with projected returns shown net of them. Gatsby says it charges no ongoing management or subscription fee; the projected operating budget includes a management fee line. The fees appear on deal pages for registered users; the Form D notices answer $0 to commissions and to related-person payments from offering proceeds. **Can I sell my Gatsby investment early?** No. There is no redemption program or secondary market; capital returns when the property sells, projected at 14 months to 3 years, and several build-to-sell projects have become longer-term rentals. **Is Gatsby Investment registered with the SEC?** Its offerings are not registered. Each deal LLC files a Form D notice claiming the Rule 506(c) exemption for accredited investors; Gatsby itself is not a registered broker-dealer or investment adviser, as its Terms state. ## Evidence appendix Platform website captured November 1, 2026. 56 Form D notices; the public site, Terms and 39 Wayback captures; deal pages for 100 track-record properties and six live deals available to registered users; Los Angeles County Assessor ownership histories for 96 addresses; registers and enforcement tables. **Highlights** - Track record: 'Average Annualized Net Return to Investors (2017-2025): 22.3%'. - Deal pages: 'Gatsby development fee (5%)' and 'Gatsby refinance/disposition fee (Class B unit holder fees)'. - Terms: Gatsby Real Estate LLC 'may receive fees and reimbursements from those companies and may have options to contribute additional capital or purchase the underlying property'. - Terms: 'GI is not a registered broker-dealer or investment advisor'. **Primary source pages** - Gatsby track record page (public), November 1, 2026: headline, stage counts and property list. - Deal pages for each completed and live property (registered users), November 1, 2026: dates, prices, financing, ROI, annualized return, deal financials and fees. - Terms and Conditions effective October 22, 2026. - Form D notices of Gatsby Investment Master Trust (0001567619-21-005173) and 54 GI Property / Gip Property LLCs, 2022 to 2026. - Los Angeles County Assessor ownership histories, including parcel 6065-004-016 (10408 Parmelee Ave; documents 20191113-1231109, 20191231-1460742 and 20191231-1460743). - New Residential Funding 2024-RTL1 and 2024-RTL2 asset-backed filings (sponsor schedules). ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/gatsby-investment - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/real-estate --- Source page: https://altstreet.investments/platforms/reviews/gatsby-investment Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.