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.
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What the data actually shows - TL;DR
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.
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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.
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.
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.
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.
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.
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.
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.
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.
Quick Verdict
Is this platform right for you?
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%.
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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.
Avoid 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.
Top 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.
Key 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.
Compare Before Deciding
Where Gatsby Investment fits against alternatives
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How this compares to Equity Estates Review
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How this compares to Iron Bridge Mortgage Fund Review
Iron Bridge Mortgage Fund Review
An audited real estate lender.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Minimum
$25,000 on current deals; 'as little as $10,000' on some pages and value-add TIC projects.
Liquidity
None.
K-1 Timing
Not stated publicly.
Distributions
Within about 30 days (or 30 business days) of sale, per the site.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Gatsby Investment LLC, founded in 2016 by Dan Gatsby and based in Beverly Hills, sources Los Angeles County properties, places each in its own California LLC (GI Property NN LLC), and sells Class A units to accredited investors under Rule 506(c), verified through a third-party service. Gatsby holds the Class B units, manages the LLC, arranges and co-signs the construction loan, runs design, permitting, construction, leasing and sale, and earns development and profit-share fees. The early deals (2017 to 2021) were house flips held through a Delaware statutory trust; the current offerings are multi-family build-to-sell (21 to 24 months), build-rent-sell (2.5 to 3 years) and value-add tenancy-in-common projects, from $25,000 (some from $10,000). Gatsby is not a registered broker-dealer or investment adviser, and pays a 1% commission on referred investments.
Through 2021 its offerings were described as series of a Delaware statutory trust; from 2022 each property has its own LLC, and the 54 LLCs that filed Forms D raised $54.3 million and the 2021 trust offering $1.19 million. The business moved from flips to small multi-family development, then to build-rent-sell projects that lease units before selling the building. On November 1, 2026 its track record listed 100 properties: 48 completed, 17 rentals, one for sale, 28 under construction and six in pre-construction, with four offerings open.
What you buy
Class A units of a single-property California LLC; Gatsby holds Class B units and all voting rights; Rule 506(c), accredited investors only.
Minimum
$25,000 on current deals; 'as little as $10,000' on some pages and value-add TIC projects.
Strategies
Multi-family build-to-sell (21 to 24 months), build-rent-sell (2.5 to 3 years, quarterly rent once stabilized), value-add TIC (14 to 18 months); earlier house flips.
Leverage
Construction loans of about 55% of project cost at 8.5% on current deals, co-signed by Gatsby.
Fees
5% development fee; as Class B allocations, 25% to 35% of net sale profit and 30% of estimated rental income (base not defined); no ongoing management fee on invested capital, per Gatsby.
Track record
48 currently listed completed deals since 2017, all reporting a profit; headline 22.3% (equal-weighted mean of yearly means); 20.87% across deals; median deal 16.58% annualized.
Company
Gatsby Investment LLC, Beverly Hills; founder and CEO Dan Gatsby; not a registered broker-dealer, investment adviser or real estate broker under the Gatsby name.
Visual Summary
Completed deals by year of sale
Gatsby's reported annualized returns by year of the deal's stated end date, averaged as the site averages them; median and lowest added by AltStreet. County column counts exits recorded as sales with full transfer tax; the rest are #19 and #20 (2019), #31 and #41 (2021), #32, #33 and #38 (2022), #42A and #56A (2023) and #68A (2024), either recorded otherwise or not matched to a parcel.
2017
Deals
2
Average (site)
41.94%
Median
41.94%
Lowest
28.41%
County-confirmed sales
2
2018
Deals
9
Average (site)
15.87%
Median
17.18%
Lowest
2.53%
County-confirmed sales
9
2019
Deals
8
Average (site)
32.52% (12.85% without #23)
Median
12.57%
Lowest
9.42%
County-confirmed sales
6
2020
Deals
5
Average (site)
13.70%
Median
11.16%
Lowest
2.15%
County-confirmed sales
5
2021
Deals
3
Average (site)
23.49%
Median
23.86%
Lowest
20.53%
County-confirmed sales
1
2022
Deals
11
Average (site)
20.08%
Median
17.63%
Lowest
14.11%
County-confirmed sales
8
2023
Deals
5
Average (site)
15.69%
Median
15.05%
Lowest
9.41%
County-confirmed sales
3
2024
Deals
5
Average (site)
15.30%
Median
15.79%
Lowest
14.10%
County-confirmed sales
4
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
Not stated publicly.
Cash Flow
Distributions
Frequency
At sale; quarterly during rental periods.
Timing
Within about 30 days (or 30 business days) of sale, per the site.
Consistency
Every currently listed completed deal reports a positive return; reported holds range from under a month to more than two years.
Liquidity
Exit Reality
Holding period
Until the property sells; projected 14 months to 3 years.
Exit options
- Wait for sale of the property.
Secondary market
None.
Investment Structures
Multi-Family Build-Rent-Sell
Ground-up multi-family in Los Angeles: escrow, design, permit, about 12 months of construction, a rental period, then sale; 2.5 to 3 years; $25,000 minimum; construction loan of about 55% of cost at 8.5%; Gatsby development fee 5%, rental fee 30%, disposition fee 25% to 35% of net sale profit. Four offerings open on November 1, 2026, projecting 36% to 52% net ROI.
Multi-Family Build-to-Sell
Ground-up multi-family sold on completion; 21 to 24 months; $25,000 minimum. Sixteen earlier build-to-sell projects became rentals.
Multi-Family Value-Add TIC
Renovation of existing buildings sold as tenancy-in-common units; 14 to 18 months; from $10,000.
House flips (2017 to 2022)
Purchase, renovation and resale of single-family homes; 38 of the 48 completed deals; holds from under a month to 20 months as reported.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Claim
Class A units of a single-property LLC; equity behind a construction loan of about 55% of cost.
Control
Gatsby holds Class B units and all voting rights, administers the LLC and decides when to sell.
Related parties
Affiliates may buy deal properties (Terms); seven addresses of reported exits reappear in later Gatsby deals.
Liquidity
None until the property sells; no redemption or secondary market.
Reporting
No publicly available financial statements or audits located; Form D notices publicly; investor dashboard reporting not reviewed.
A headline that weights small years heavily
The 22.3% headline is an equal-weighted average of yearly averages; the average across deals is 20.87% and the median deal 16.58% a year.
Why it matters
Investors comparing Gatsby with other sponsors on the headline will overstate the typical outcome.
Mitigation / verification
Use the median and the per-deal figures, and weigh short-hold annualized returns accordingly.
Exits not corroborated as sales
Four reported exits are not corroborated as conventional property sales in county records, and the addresses later appear in other Gatsby offerings.
Why it matters
If an exit was a sale or buyout of LLC interests rather than of the property, the price and the counterparty determine the reported return, and neither is public.
Mitigation / verification
Ask Gatsby how the exits of #31, #32, #33 and #42A were structured, who the counterparty was and what investors received, and check the deed for any exit you rely on.
Sponsor economics outside the Form Ds
A 5% development fee, up to 35% of sale profit and 30% of rental income go to Gatsby; the Form D notices answer $0 to related-person payments from offering proceeds.
Why it matters
Fees shape returns most in the weaker deals, and they are visible only after registration.
Mitigation / verification
Read each deal's financials and operating agreement before investing, and ask for fees actually paid on completed deals.
Leverage and timing
Projects borrow about 55% of cost and depend on permits, construction and the Los Angeles rental and sale market.
Why it matters
Sixteen build-to-sell projects already became rentals, extending holds; investors rank behind the lender.
Mitigation / verification
Size investments to money that can stay in for several years longer than the projection.
ASRisk signals to watch
- Further completed properties reappearing as new Gatsby deals.
- Rentals for sale that do not sell, or sell below cost.
- Changes to the published track record or its yearly averages.
- Late or missing Form D notices for new offerings.
- Any litigation naming Gatsby or a GI Property LLC.
Regulatory & Legal Posture
Security Status
Private placements under Rule 506(c) (two under Rule 506(b)) by single-property California LLCs; Form D notices only.
Gatsby's Terms state that 'GI is not a registered broker-dealer or investment advisor'; IAPD and BrokerCheck show no Gatsby firm, and no broker-dealer is named on any Form D. The California Department of Real Estate shows no license under the Gatsby name or at Gatsby's addresses, although the site describes an in-house brokerage team. Investor accreditation is verified by a third party.
- Enforcement: AltStreet located no SEC, FINRA, CFPB or California DRE action against Gatsby Investment LLC, Gatsby Real Estate LLC, the GI Property LLCs, Dan Gatsby, listed staff or the Form D finder in the sources searched.
- Courts: not yet searched; this review will be updated once federal and Los Angeles County court records are checked.
- Form D timing: 19 of 55 issuers filed after the 15-day deadline (6 to 213 days), all before May 2024; none was amended.
- Referral compensation: a 1% commission on referred investments is advertised to clients and real estate agents; four 2026 Forms D report finders fees to an individual with no broker registration.
Disclosure Quality
Detailed per-deal outcome data and deal financials for registered users and dashboard reporting to investors, as Gatsby describes it; little in the public filings, which are one-time notices that do not show fees or outcomes.
Custody Model
Investor funds are wired to each deal LLC, which holds title to its property; Gatsby administers the LLC.
Regulatory Backing
Rule 506(c) exemption and state notice requirements; no SEC or state registration of Gatsby itself; no independent administrator or custodian.
Tax Treatment
Reporting
Schedule K-1 from each deal LLC.
Annually per LLC.
Income Character
Questions to put to the firm and a tax adviser
Each LLC is a pass-through, so investors receive a K-1 per deal. Whether short-hold flip profits are ordinary income or capital gain, how rental-period depreciation flows through, and whether California returns are required are questions for Gatsby and a tax adviser.
Limitation
AltStreet is not a tax adviser.
Special Considerations
- A separate K-1 for every deal, and California filing obligations for non-residents.
- Holding period of short flips for capital-gain treatment.
- Treatment where an address reappears in a later Gatsby LLC.
Account Suitability
Taxable
The default.
Roth IRA
Possible through a self-directed IRA; leverage may raise unrelated debt-financed income questions.
Traditional IRA
Same as Roth.
HSA
Not applicable.
Before You Invest
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AltStreet Data Layer
What the data actually shows
Gatsby's own deal pages and the county record, read together.
Three measures
22.32% (equal-weighted yearly averages), 20.87% (equal-weighted deals) and 16.58% (median deal).
What this means
Small years carry disproportionate weight in the headline; none is a portfolio return.
One deal moves the headline
#23, shown over 0.6 months at 170.22% annualized, accounts for more than two points of the headline; county records show a 48-day recorded property hold.
What this means
Annualized returns on very short periods magnify averages; recorded property dates are not investor entry dates.
Addresses that reappear
Seven addresses of reported exits appear in later Gatsby deals; four of those exits are not corroborated as conventional sales.
What this means
The structure, counterparty and valuation of those exits are open questions.
Low-return deals
Seven of 48 listed completed deals report under 10% a year, four under 5%.
What this means
The 100% profitable badge includes thin outcomes and covers only the deals now listed.
Data as of 2026-11-01 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Accredited investors who want local, hands-on development exposure
Deal-level detail and a long list of completed projects, with sponsor control, high sponsor profit shares and no audits.
Investors who rely on headline track records
The headline weights small years heavily, and four exits are not corroborated as sales in county records.
Investors who need liquidity or a firm exit date
No exit before sale, and build-to-sell projects have become multi-year rentals.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Transparency
Shown only to registered users; headline averaging; four exits not corroborated as sales.
Returns
Sponsor receives up to 35% of sale profit, 30% of rental income and a 5% development fee.
Structure
Sponsor controls the LLC and the sale; no public audit.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Non-accredited investors
Offerings are under Rule 506(c).
Investors who need their money back on a schedule
Capital returns only when the property sells.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Gatsby's record is better documented than most and less settled than its badge suggests. The deal pages let anyone with an account check every listed project, and most exits do appear in county records as sales at Gatsby's prices. But the headline weights small years heavily, four exits are not corroborated as sales and their addresses reappear in later Gatsby offerings, deals have dropped off the record, and the sponsor's take is large and visible only after sign-up. The open questions are how those four exits were structured and what investors received, what fees were actually paid on completed deals, and how the converted rentals will end.
Positioning
Among real estate syndicators AltStreet covers, Gatsby publishes more per-deal outcome data than Equity Estates or Park View OZ, which report no results, and less independent reporting than Iron Bridge, which files audited statements. Its single-property LLCs resemble Arrived's structure without Arrived's Regulation A reporting.
The Bottom Line
A Los Angeles development syndicator with a detailed, profitable deal record, a headline that weights small years heavily, and four exits the public record does not yet explain.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the per-deal results, not the headline, and use the median.
Ask Gatsby how the exits of #31, #32, #33 and #42A were structured, who the counterparty was and what investors received.
Ask for the fees actually paid to Gatsby and affiliates on completed deals.
Read each deal's operating agreement for the Class B economics before investing.
Check the county record for any exit you rely on.
AltStreet Research Desk
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Similar Platform Reviews
- Equity Estates Review
A sponsor fund with no published results.
- Park View OZ Review
A single-property opportunity zone REIT.
- Iron Bridge Mortgage Fund Review
An audited real estate lender.
- Arrived Review
Single-property LLCs under Regulation A, with filed financials.
Report Appendix
Evidence & Methodology
6 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
6 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
6 supporting passages on file for Gatsby Investment and its offerings from 3 source documents, 2 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 6
- Source documents
- 3
- Analyst verified
- 0
- Discrepancies flagged
- 2
ASReview Evidence
Methodology
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.
Scope
Gatsby's single-property syndications. Court records have not yet been searched; the California Secretary of State, DFPI and NMLS could not be read.
Key Findings
- *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
Comparable Platforms
- Equity Estates
Sponsor fund with no published results.
- Arrived
Single-property LLCs with Regulation A financial reporting.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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.