MacKenzie Capital Management

What MacKenzie Capital Management does

MacKenzie Capital Management, LP is a real estate investment management firm founded in 1982 and headquartered in Orinda, California. The firm specializes in purchasing illiquid real estate securities — including shares of non-traded REITs, limited partnership units, private real estate notes, and tenant-in-common interests — at deep discounts to Net Asset Value, alongside direct ownership of value-add opportunistic real estate assets. Its flagship listed vehicle, MacKenzie Realty Capital, Inc., went public on NASDAQ (ticker MKZR) in April 2024. The firm also operates MacKenzie REIT, Inc. (non-traded), the MCM Funds family, and — as of January 2026 — MacKenzie Apartment Communities, Inc. (MAC), a wholly-owned subsidiary consolidating four stabilized West Coast multifamily properties and one development project. Real estate operations span California, including Hollywood Apartments (54 units), Shoreline Apartments (84 units), The Park View (39 units), Commodore Apartments (48 units), and over 292,000 square feet of commercial space. The firm manages capital through preferred share series (A, B, C) paying a 12% annual dividend (3% current quarterly, 9% accrued), an at-the-market equity program of up to $20 million via Maxim Group, secured promissory notes from Streeterville Capital, and mini-tender offers purchasing discounted non-traded REIT shares. Distribution is conducted through FINRA-registered broker-dealers (notably Arete Wealth Management) and investment advisors, targeting income-focused individual investors and advisory account clients. MacKenzie Capital Management is family-controlled by the Patterson family through a general partner entity, with Robert Dixon (CIO/CEO), Chip Patterson (Chairman/General Counsel), and Glen W. Fuller (COO) leading day-to-day operations.

Name

MacKenzie Capital Management

Legal name

MacKenzie Capital Management, LP

Website

https://mackenziecapital.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

MacKenzie Capital Management, founded in 1982, is a real estate investment manager that purchases illiquid real estate securities at deep discounts to NAV and operates value-add property. It manages listed (NASDAQ:MKZR) and non-traded REIT vehicles, serving income-focused individual investors via broker-dealer and investment advisor channels.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599), Trusts, Estates, and Agency Accounts (525920)

SIC

Real Estate Investment Trusts (6798), Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Real estate investment management
• Discounted real estate securities
• REIT management
• Preferred share offerings
• Tender offer services

Headquarters

HQ city

Orinda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Advisory and Management Fees: MacKenzie Realty Capital pays advisory fees to MacKenzie Real Estate Advisers, LP under an Advisory Management Agreement. The amended fee structure (effective January 1, 2026) includes a 1.25% Base Management Fee on gross assets and a 5% Bonus Management Fee on adjusted funds from operations. Acquisition Fees have been eliminated in the revised structure.
2. Preferred Share Offerings: The company raises capital through offerings of preferred shares (Series A, Series B, Series C) to retail investors through broker-dealers, with shares priced at $25.00 (advisory accounts at $23.25), paying a 12% annual dividend (3% current quarterly, 9% accrued).
3. Real Estate Rental Income: The company generates rental income from its portfolio of multi-family apartments and commercial properties across California, including Hollywood Apartments (54 units), Shoreline Apartments (84 units), The Park View (39 units), Commodore Apartments (48 units), and multiple commercial buildings totaling over 292,000 square feet.
4. Capital Markets Transactions: The company utilizes at-the-market (ATM) offering programs and secured promissory note agreements with Streeterville Capital, LLC to raise capital for operations and tender offer purchases of non-traded REIT securities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

MacKenzie Capital Management, LP is a real estate investment management firm that purchases significantly discounted real estate securities and value-add opportunistic real estate assets. The firm manages a family of private and public funds, including MacKenzie Realty Capital (NASDAQ:MKZR), a non-traded REIT, MCM Funds, and a preferred share program, and runs tender offers to provide liquidity for illiquid non-traded REIT shares. Advisory services are provided through affiliated investment advisers MCM Advisers, LP and MacKenzie Real Estate Advisers, LP under an Advisory Management Agreement.

Product overview

MacKenzie Capital Management operates as a real estate investment management firm offering a family of investment products centered around discounted real estate securities and value-add opportunistic real estate assets. The core product is MacKenzie Realty Capital (NASDAQ:MKZR), a publicly traded REIT, alongside MacKenzie REIT, Inc. (non-traded), and MCM Funds. The firm also offers preferred share series (A, B, C) through MacKenzie Realty Capital with varying dividend structures. In January 2026, the company created MacKenzie Apartment Communities (MAC) as a new subsidiary focused on multifamily properties. The investment strategy focuses on purchasing illiquid real estate securities at deep discounts to Net Asset Value, with at least 80% of assets in real property and up to 20% in real estate securities. The company also provides mini-tender offer services for purchasing non-traded REIT shares.

Differentiator

Problem solved

Functional benefit

Products and services

• MacKenzie Realty Capital A Real Estate Investment Trust (REIT) that invests at least 80% of its assets in real property by partnering with best-in-class operators, and up to 20% in real estate securities, with a 30+ year track record of identifying and purchasing illiquid real estate securities at deep discounts to Net Asset Value.
• MacKenzie REIT, Inc.

Quantifiable outcome

• 12% annual dividend on preferred shares (3% current quarterly, 9% accrued)
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• MacKenzie Apartment Communities, Inc. (MAC)coreOthers · 8 January 2026New wholly-owned subsidiary created through reorganization of multifamily real estate assets, transferring four stabilized properties and one development project effective January 1. MAC Board established initial NAV of $18.10 per share based on appraisals as of March 31, 2025, with valuation range of $16.46 to $19.95 per share.
• Arete Wealth Management, LLCcoreChannel Partner/ Reseller/ DistributorArete Wealth Management, LLC is a FINRA member broker-dealer that offers MacKenzie Realty Capital preferred shares through investment advisors and independent broker-dealers. The firm is not affiliated with MacKenzie Capital Management.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• American Healthcare REIT: Publicly traded healthcare-focused REIT with diversified property portfolio. Comparable to MacKenzie Realty Capital as a small-cap REIT operating in the same investment universe, though substantially larger in scale and with a different sector focus.
• Blackstone Real Estate Income Trust: Large non-traded REIT managed by Blackstone, operating in the same non-traded REIT space that MacKenzie's tender offer strategy targets. Represents the broader competitive landscape of non-traded REIT sponsors with much greater scale.
• Starwood Property Trust: Diversified real estate finance company and REIT that invests across commercial real estate debt and equity. Comparable to MacKenzie's diversified real estate investment strategy, though operating at substantially larger scale and with broader mandate.

Direct peers

• CNL Healthcare Properties: Non-traded healthcare REIT that is an acquisition target for MacKenzie's tender offer strategy. Operates in the same illiquid non-traded REIT space and has been subject to MacKenzie's mini-tender offers at $4.55/share.
• National Healthcare Properties: Non-traded healthcare REIT recently subject to a MacKenzie mini-tender offer at $7.27/share. Comparable as a non-traded real estate security that creates illiquidity-discount purchasing opportunities for MacKenzie's strategy.
• KBS Real Estate Investment Trusts: Sponsor of multiple non-traded REITs that operate in the same illiquid REIT universe as MacKenzie's core target market. Similar business model of managing diversified portfolios of institutional real estate assets for retail and institutional investors.
• Phillips Edison & Company: Publicly traded small-cap REIT focused on necessity-based real estate. Comparable to MacKenzie Realty Capital as a small-cap publicly listed REIT, though with a more focused grocery-anchored center strategy rather than diversified real estate securities.
• Gladstone Commercial Corporation: Small-cap publicly traded REIT focused on industrial, office, and retail properties. Comparable as a small/mid-cap diversified REIT operating with similar investor base dynamics to MacKenzie Realty Capital (NASDAQ:MKZR).
• Highlands REIT: Non-traded REIT that has been subject to a MacKenzie tender offer expiring July 7, 2026. Operates in the same illiquid non-traded REIT segment and represents a direct comparable investment target.

Regional players

• Inland Real Estate Group: Sponsor of multiple non-traded REITs and real estate investment products with a similar multi-fund structure to MacKenzie's MCM Funds family. Comparable in business model of offering retail investors access to diversified institutional real estate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/mackenzie-capital-management-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MacKenzie Capital Management