Black Salmon
Black Salmon is a private U.S. real estate investment manager and developer managing ~$2.1B in projects and AUM across industrial, multifamily, hospitality, and mixed-use assets. It serves high-net-worth individuals, family offices, and institutional investors — particularly from Latin America and Europe — through closed-end private funds, club deals, and co-developed projects.
- Company typePrivate
- Founded2017
- HeadquartersCoral Gables, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Black Salmon does
Black Salmon is a private real estate investment manager and development firm headquartered in Coral Gables, Florida, focused on U.S. commercial real estate across housing, industrial, hospitality, and mixed-use sectors. Founded in 2017 by Jorge Escobar and Camilo Lopez — formerly managing partners of TSG Group (founded 2008) — the firm reports $2.1 billion in projects and assets under management and $500M+ in equity invested, with a portfolio spanning 35+ U.S. metros concentrated in the Sunbelt and Southeast. The company serves high-net-worth individuals, family offices, and institutional investors, with particular depth among Latin American and European LPs accessed through a strategic 33% partnership with Chilean financial firm LarrainVial ($28B AUM).
The firm's product surface combines closed-end private funds — a $500M Industrial Fund (distribution warehouses, cold storage, last-mile), a $250M Multifamily Fund (Sunbelt value-add, targeting 11% net IRR), and a Hotel Fund (distressed hospitality) — alongside single-asset club deals and a development arm executing ground-up mixed-use and multifamily projects (Wynwood Haus, Gallery Haus, Highland Park Miami, Cassa Brickell). Its underlying technology layer is the proprietary "Black Salmon Atlas," a data platform maintained by Chief Data Science Officer Jeremy Salsburg that combines ML models, proprietary submarket scoring, demand forecasting, and cost optimization to inform site selection, underwriting, and market timing.
Revenue is generated through three streams: recurring fund management fees on committed/invested capital, transaction and development fees from acquisitions and co-development arrangements (with partners including The Allen Morris Company, LD&D, AMS Hospitality, Embrey, InLight Real Estate Partners), and performance-based carried interest. Distribution is relationship-driven — direct capital formation teams in the U.S. and Brazil, an investor portal, and industry-event engagement — reflecting the firm's focus on accredited investors and institutional capital rather than retail distribution.
Black Salmon firmographics
Firmographics- Name
- Black Salmon
- Legal name
- Black Salmon LLC
- Website
- https://blacksalmon.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Black Salmon is a private U.S. real estate investment manager and developer managing ~$2.1B in projects and AUM across industrial, multifamily, hospitality, and mixed-use assets. It serves high-net-worth individuals, family offices, and institutional investors — particularly from Latin America and Europe — through closed-end private funds, club deals, and co-developed projects.
- Ownership category
- akta.pro rank
Black Salmon industry classification
Industry- Product category
- Commercial Real Estate Investment Management
- SIC
- Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Onshore Private Banking (Domestic HNW/UHNW) (FSAAABAA)
- akta.pro secondary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where Black Salmon is headquartered
LocationHeadquarters
- HQ city
- Coral Gables
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Black Salmon business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Fund Management Fees: Black Salmon earns management fees from managing private real estate funds including the $250M multifamily fund and $500M industrial fund. Fees are collected from a select group of investors including Latin American and European investors.
- Development and Acquisition Fees: The firm generates revenue through development and acquisition activities, including co-development arrangements (e.g., Wynwood Haus with Lineaire Group/LD&D), ground-up development projects, and property acquisitions across industrial, multifamily, hospitality, and office sectors.
- Carried Interest / Performance Fees: Fund structure includes performance-based returns with the multifamily fund targeting 11% NET IRR, suggesting carried interest participation in investment profits.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Black Salmon product offering
Product offeringCore offering
Black Salmon is a real estate investment manager and development company that raises and deploys capital through private funds (Industrial, Multifamily, Hotel) and club deals into U.S. commercial real estate assets, while also performing ground-up development of multifamily, mixed-use, and industrial projects. The firm serves accredited investors, family offices, and institutional clients with a focus on value-add opportunities in Sunbelt markets and South Florida, supported by proprietary data-driven market intelligence.
Product overview
Black Salmon is a real estate investment manager and development company offering two core services: Investment Management and Development. The Investment Management division provides access to institutional-quality real estate through Private Funds (Industrial Fund, Multifamily Fund, Hotel Fund) and Club Deals. The Development division creates mixed-use, multifamily, and land banking projects. Key products include the Industrial Fund ($500M) targeting distribution warehouses and cold storage, the Multifamily Fund ($250M) focused on Sunbelt value-add properties, and the Hotel Fund for distressed hospitality assets. Notable development projects include Wynwood Haus (224-unit multifamily in Miami), Highland Park Miami ($1B mixed-use project), and various industrial developments in Atlanta, San Antonio, and Savannah. The company operates primarily in the United States with a focus on South Florida, Sunbelt markets, and coastal/inland port industrial markets.
Differentiator
Problem solved
Functional benefit
Products and services
- Investment Management Investment management services for private investors providing access to institutional-quality real estate opportunities across housing, industrial, hospitality, and mixed-use sectors in the United States. Targeted at accredited investors, family offices, and institutional clients.
- Development Real estate development services transforming neighborhoods into vibrant communities through mixed-use, multifamily, and land banking projects primarily in South Florida.
- Industrial Fund Closed-end fund focused on acquisition and development of industrial properties including distribution warehouses, cold storage facilities, industrial service facilities, and last mile facilities nationwide. For accredited investors and institutions.
- Multifamily Fund Value-add focused fund acquiring multifamily properties in the Sunbelt region with population growth and strong economic fundamentals. Targeting 11% NET IRR for investors.
- Hotel Fund Investment fund focused on acquiring distressed hospitality assets in prime locations across the Sunbelt and Southeastern regions of the United States.
- Club Deals Individual real estate investment opportunities for investors interested in particular assets with flexible holding periods, offering hands-on investing with full capital deployed in single properties.
- Wynwood Haus Co-developed with Lineaire Group; 224-unit multifamily building in Miami's Wynwood neighborhood featuring studios to two-bedroom residences with oversized balconies and high-end finishes.
- Highland Park Miami $1 billion mixed-use master plan in Miami Health District developed in partnership with The Allen Morris Company, including 1,000+ residential units, 150-key hotel, and 500,000 sq ft of medical office space.
- Interchange at Live Oak 493,688 sq ft, 4-building warehouse project at the intersection of 2 major highways in Northeast San Antonio, Texas, developed as part of the industrial fund.
- BARSAN Transload Facility Class A truck-terminal and transload facility near Port of Savannah with approximately 120 dock doors and 600 truck parking stalls on a 50-acre development site.
- Gallery Haus Mixed-use multifamily project in St. Petersburg, FL, developed in joint venture with LD&D; $115 million project including 251 luxury multifamily residences.
- Edgewater Conceptual multifamily development in Miami's Edgewater neighborhood with 27 floors and 228 units, currently undergoing land use strategy.
- Cassa Brickell 10-story boutique condominium building with 80-81 residences featuring 21 different layouts, rooftop amenities including infinity-edge pool, fitness center and sauna.
Quantifiable outcome
- $2.1 billion in projects and assets under management
- +5 more outcomes
Companies that use Black Salmon
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles3 records
Black Salmon technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Black Salmon partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- LD&D (formerly Lineaire Group)coreBlack Salmon and LD&D (formerly Lineaire Group, a joint venture between LD&D and IGEQ) formed a joint venture to develop Gallery Haus, a $115 million mixed-use multifamily project in St. Petersburg, FL. LD&D is a Miami-based real estate investment, development, and design firm behind notable projects including Wynwood Haus, Surf Row Residences, and 500 Datura. The partnership combines Black Salmon's capital with LD&D's design and development expertise.
- The Allen Morris CompanycoreBlack Salmon and The Allen Morris Company partnered on Highland Park Miami, a $1 billion large-scale mixed-use project in Miami's Health District. The 7-acre project includes 1,000+ residential units, 150-key hotel, ~500,000 SF medical office space, and open-air parks. The Allen Morris Company is one of the largest diversified real estate firms in the Southeast U.S.
- InLight Real Estate PartnersminorBlack Salmon partnered with InLight Real Estate Partners to seed the $500 million industrial fund with initial investments including a 50-acre development site near Port of Savannah, GA (truck terminal and transload facility), and industrial development projects in Atlanta along I-85 corridor.
- Embrey, LLCminorBlack Salmon partnered with Embrey, LLC, based in San Antonio, Texas, for the acquisition of Arboretum Oaks, a 252-unit garden-style multifamily property in Austin, Texas. This was the initial acquisition for Black Salmon's $250 million multifamily fund.
- AMS Hospitality (The Allen Morris Company + Stormont Hospitality Group)coreAMS Hospitality (comprised of The Allen Morris Company and Stormont Hospitality Group) and Black Salmon announced a joint venture to acquire $300 million in hospitality assets across the U.S. within 18 months. The initial acquisition was The Pelham Hotel in New Orleans. The partnership leverages key strengths across acquisitions, asset management, and capital raising. AMS Hospitality principals have over 140 years of real estate and hospitality experience with 131 projects and 12,000+ hotel keys completed.
- American House Senior Living CommunitiesminorBlack Salmon partnered with American House Senior Living Communities, one of the leading senior housing operators with 40 years of experience managing 60+ senior communities, for the $28 million acquisition of Bentley Commons at Keene, NH. American House provides property management and operations for the senior housing facility.
- Lineaire Group (LD&D predecessor)coreBlack Salmon and Lineaire Group co-developed Wynwood Haus, a 224-unit multifamily building at 1765 N Miami Ave, Miami. The project features thoughtful design by Corwil Architects and landscape design by Enzo Enea. Lineaire Group combined with IGEQ to form LD&D.
Scale indicators18 records
Recent moves6 records
Expansion highlights6 records
Black Salmon competitors and assessment
Company assessmentBroad incumbents
- JLL Capital Markets: Global real estate services and investment management platform (arranged financing for Black Salmon's Camp Creek acquisition); broader incumbent offering capital markets, investment sales, and equity placement services overlapping Black Salmon's distribution and acquisition activities.
- Starwood Capital Group: Global private investment firm focused on real estate and hospitality, with a diversified fund family across asset classes — overlaps with Black Salmon's hospitality and multifamily strategies at much larger scale.
- Brookfield Asset Management: Global alternative asset manager with a major real estate strategy spanning logistics, multifamily, office, and mixed-use — broadest incumbent comparable to Black Salmon's diversified commercial real estate platform, though at materially larger scale.
- CBRE Investment Management: Global real estate investment management arm of CBRE Group, managing diversified funds across all major property types — a broader incumbent with overlapping investment management and capital raising capabilities versus Black Salmon.
Direct peers
- Harrison Street: Alternative real estate investment manager with sector-specialized funds (senior housing, student housing, data centers, life sciences) — comparable in fund structure and sector diversification to Black Salmon's multifamily, hospitality, and mixed-use offerings.
- Rockpoint Group: Boston-based PE real estate investment manager operating multiple funds targeting commercial real estate opportunities across the U.S., closely comparable to Black Salmon's closed-end fund structure and diversified asset class strategy.
- AEW Capital Management: U.S.-focused real estate investment manager running core, value-add, and opportunistic strategies across industrial, multifamily, and office — a direct comparable to Black Salmon's diversified fund and club-deal investment platform.
- Crow Holdings Capital: Dallas-based private equity real estate investment manager with a multi-fund strategy across industrial, multifamily, and office, comparable to Black Salmon's diversified U.S. commercial real estate fund platform with similar Sunbelt and value-add orientation.
- Bridge Investment Group: Vertically integrated real estate investment manager operating sector-specific funds (multifamily, senior housing, industrial) — a strong comparable to Black Salmon's sector-focused fund lineup and active development approach.
- BlueVista Capital Management: Mid-market private equity real estate firm with U.S. value-add funds focused on industrial and multifamily, most similar in size and strategy to Black Salmon's Industrial and Multifamily Fund theses.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Black Salmon social profiles
Digital presenceBlack Salmon financial estimates
Financial estimateRevenue estimate
Valuation estimate
Black Salmon leadership team
Management profileNumber of profiles
Profiles17 records
Black Salmon funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Black Salmon M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Black Salmon
What does Black Salmon do?
Black Salmon is a real estate investment manager and development company that raises and deploys capital through private funds (Industrial, Multifamily, Hotel) and club deals into U.S. commercial real estate assets, while also performing ground-up development of multifamily, mixed-use, and industrial projects. The firm serves accredited investors, family offices, and institutional clients with a focus on value-add opportunities in Sunbelt markets and South Florida, supported by proprietary data-driven market intelligence.
Is Black Salmon a public or private company?
Black Salmon is a private company. It is classified as venture growth investor backed and is currently operating.
When was Black Salmon founded?
Black Salmon was founded in 2017. It employs 11 to 50 people.
Where is Black Salmon based?
Black Salmon is headquartered in Coral Gables, United States, in the North America region.
How does Black Salmon make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are development and Acquisition Fees and carried Interest / Performance Fees.
Who are Black Salmon's main competitors?
Broad incumbents on record are JLL Capital Markets, Starwood Capital Group, Brookfield Asset Management and CBRE Investment Management. Direct peers are Harrison Street, Rockpoint Group, AEW Capital Management, Crow Holdings Capital, Bridge Investment Group and BlueVista Capital Management.
Does Black Salmon have an API?
No public API is recorded for Black Salmon.
What industry is Black Salmon in?
Black Salmon's product category is Commercial Real Estate Investment Management. Its primary akta.pro industry code is FSAAABAA, Onshore Private Banking (Domestic HNW/UHNW), with a secondary code of FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its SIC code is 6531.