Pinnacle Partners

What Pinnacle Partners does

Pinnacle Partners (legal entity: Pinnacle Partner Management LLC) is an SEC-registered investment adviser headquartered in Seattle, Washington, founded in 2018 by Leo Backer and Jeff Feinstein. The firm structures and manages tax-advantaged private real estate investment funds under the federal Qualified Opportunity Zone (OZ) program, with a current emphasis on Build-to-Rent (BTR) townhome developments and workforce housing in high-growth Sun Belt markets. As of the most recent disclosures, Pinnacle has deployed approximately $300 million in assets under management to capitalize nearly $1 billion of multifamily development across 17 projects and more than 2,400 units, with active offerings including the $60 million target BTR OZ Fund (a joint venture with Trilogy Investment Company covering three shovel-ready projects in Decatur GA, Augusta GA, and Huntsville AL totaling 462 townhouses) and the Workforce Housing Fund (in partnership with JPI).

The firm's operating model is a capital-partner architecture rather than direct development: Pinnacle provides the majority of equity (90-95%) under Joint Venture Co-GP and single-promote structures, while best-in-class developer partners execute the projects. Revenue is generated through fund management fees on AUM plus performance fees (carried interest) tied to long-duration fund outcomes. Distribution combines direct outreach to accredited investors with a channel network of 50+ registered investment advisors, CPA firms, and wealth managers; the firm uses Juniper Square for investor portal and fund administration and Schwab as institutional custody partner. Customers include taxable investors with realized capital gains from stock, business, real estate, crypto, or partnership liquidity events, served through both direct relationships and intermediary advisors.

The organization is lean (1-10 employees) and led by co-founders Backer and Feinstein, supported by a Managing Director (Jill Homan), three investor relations professionals, a controller, and a marketing lead, with an advisory bench that includes former senior executives of JPI, Glencove Capital, Riverstone, and Vulcan Northwest. The firm's strategic positioning is anchored on OZ tax expertise, BTR asset-class specialization, and Sun Belt market selection tied to specific job drivers (aerospace/defense in Huntsville, cybersecurity/Fort Eisenhower in Augusta, tech/healthcare in Atlanta/Decatur). Key risks include the regulatory sunset of OZ 1.0 on 12/31/2026, dependence on continued advisor-channel distribution, and concentration of revenue on the success of individual fund raises.

Name

Pinnacle Partners

Legal name

Pinnacle Partner Management LLC

Website

https://pinnacleoz.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Pinnacle Partners is an SEC-registered investment adviser that structures Qualified Opportunity Zone real estate funds (primarily Build-to-Rent and workforce housing) for accredited investors and their wealth advisors, deploying capital alongside developer partners in high-growth Sun Belt markets.

Ownership category

akta.pro rank

Product category

Private Real Estate Investment Funds

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAEAG

Real Estate Funds — Core-Plus

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

SECONDARYFSAAAKAA

Core Real Estate (Stabilized/Core-Plus)

Financial & Insurance/Asset & Wealth Management/Asset Management — Real Assets (Real Estate, Infrastructure, Natural Resources)

SECONDARYFSAAACAB

Financial Planning–Led RIAs

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSANALAG

Micro-PE / Lower Middle Market ETA Funds

Financial & Insurance/Private Equity & Venture Capital/Search Funds / Entrepreneurship Through Acquisition (ETA)

Keywords

• Opportunity zone investing
• Build-to-rent funds
• Tax-advantaged real estate
• Private real estate funds
• Qualified opportunity zones

Headquarters

HQ city

Seattle

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

Revenue model

1. Fund Management Fees: Pinnacle Partners generates revenue through management fees charged on funds under management. The firm operates a direct-to-sponsor economic model with a single promote structure designed to be LP-friendly, avoiding double-promote scenarios common in fund-of-funds models.
2. Performance Fees (Promote): The firm earns carried interest (promote) on fund returns, typically providing Pinnacle with majority equity participation (90-95%) while development partners execute projects. This performance-based compensation aligns interests between GP and LP investors.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Pinnacle Partners is an SEC-registered investment adviser that creates and manages tax-advantaged multifamily real estate Alternative Investment Funds (AIFs), primarily Qualified Opportunity Zone vehicles targeting build-to-rent and workforce housing developments in U.S. Sun Belt markets. The firm operates as a capital partner, providing 90-95% of project equity while local developers execute developments, and distributes fund interests to accredited investors, RIAs, family offices, and wealth managers through direct sales and channel partnerships.

Product overview

Pinnacle Partners is an SEC-registered investment advisor that creates tax-advantaged multifamily real estate Alternative Investment Funds (AIFs) for wealth advisors, family offices, and individuals. The firm operates two primary active fund products: the Build-to-Rent OZ Fund ($60M target, 3 properties, 462 total units across Decatur GA, Augusta GA, and Huntsville AL) and the Workforce Housing Fund. The firm has previously managed OZ Fund VIII with multiple closed projects. All funds focus on opportunity zone investments in high-growth Sun Belt markets, providing investors with tax deferral, elimination of capital gains on fund profits after 10-year hold, and no depreciation recapture benefits.

Differentiator

Problem solved

Functional benefit

Brands

• BTR OZ Fund: Build-to-Rent Opportunity Zone Fund investing in three build-to-rent townhome development projects in Decatur, GA, Augusta, GA, and Huntsville, AL
• Workforce Housing Fund
• OZ Fund VIII

Products and services

• Build-to-Rent OZ Fund A Qualified Opportunity Zone Fund that invests in three Build-to-Rent townhome development projects totaling 462 units across Decatur, GA, Augusta, GA, and Huntsville, AL, offering tax-advantaged real estate investment for accredited investors with capital gains. The fund targets a $60 million raise with a 10-year hold.
• Workforce Housing Fund An active fund targeting workforce housing developments to address housing challenges and demand for affordable workforce housing in high-growth markets, structured as a Pinnacle Partners-managed Opportunity Zone vehicle with strategic partnership from JPI.
• OZ Fund VIII Previous Opportunity Zone fund (closed offering) that included various multifamily, build-to-rent, and student housing projects across multiple U.S. cities including Avondale, AZ (Reve Avondale Station), Charlotte, NC (Reve NoDa Junction), Nashville, TN (East Bank), Denver, CO (Revival on Platte), and others.

Quantifiable outcome

• Capital gains tax deferral until December 31, 2026 under OZ 1.0; potential tax-free appreciation after 10-year hold
• +2 more outcomes

Named customers2 records

Segments9 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Trilogy Investment CompanycoreStrategic or Co-development Partner · 1 November 2024Strategic joint venture partnership for Build-to-Rent Opportunity Zone Fund development. Pinnacle Partners and Trilogy Investment Company launched the BTR OZ Fund targeting $60 million for three shovel-ready BTR townhome projects (Decatur, GA; Augusta, GA; Huntsville, AL). Trilogy serves as development partner providing vertical integration in residential investment and development. Pinnacle provides majority equity (90-95%) while Trilogy executes project development.
• JPIcoreStrategic or Co-development PartnerPartnership with JPI for Workforce Housing Fund, featuring JPI's integrated approach to developing workforce housing projects. JPI is a developer, builder, and investment manager of Class A multifamily assets with 30-year history and over 100,000 units developed. Pinnacle and JPI hosted joint webinar on 2025 Multifamily Market Outlook.
• Three Bell CapitalminorGTM or Marketing PartnerStrategic partnership with Three Bell Capital (based in Silicon Valley, $3.2B+ AUM) for wealth management guidance and educational content. Steve Stroud, Senior Wealth Manager at Three Bell Capital, co-hosts videos with Pinnacle discussing tax-advantaged diversification strategies for tech executives at major tech companies.
• REV3 HomesminorImplementation/ SI/ Consulting PartnerConstruction partner for BTR townhome developments. REV3 Homes brings over 125 years of combined experience in residential development and is responsible for constructing communities like REV3 at Avondale East.
• BMMS Partners, PLLCminorImplementation/ SI/ Consulting PartnerCPA partnership for tax expertise. Brendan McAuliffe, CPA, Partner at BMMS Partners participated in OZ 2.0 webinar discussing tax benefits of the current OZ program.
• HCVTminorImplementation/ SI/ Consulting PartnerTax advisory partnership with HCVT, a CPA firm. Blake Christian, Tax Partner at HCVT, authored articles on OZ tax benefits and recommended the OZ program as a compelling tax mitigation strategy.
• 50+ Registered Investment Advisors (RIAs)coreChannel Partner/ Reseller/ DistributorPartnership network of 50+ RIAs who distribute Pinnacle's OZ investment opportunities to their clients with capital gains. These advisors use Pinnacle's educational materials and fund offerings to serve their high-net-worth clients.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• CrowdStreet: CrowdStreet is an online commercial real estate investing marketplace that connects sponsors with individual investors. It is a comparable peer because it serves the same accredited investor base seeking private real estate exposure, though its technology-platform model differs from Pinnacle's curated fund approach.
• RealtyMogul: RealtyMogul is a real estate crowdfunding and investment platform offering individual investors access to commercial real estate deals. It is a comparable peer because it targets similar accredited investor demand for private real estate exposure, though it is more technology-led than sponsor-curated.
• Cadre: Cadre is a technology-enabled commercial real estate investment platform serving institutional and individual investors. It is a comparable peer because it sources, curates, and distributes institutional-quality real estate deals to similar LP types, though it focuses primarily on commercial rather than multifamily/BTR.
• EquityMultiple: EquityMultiple is a real estate investment platform offering private debt and equity offerings to accredited investors. It is a comparable peer because it targets the same LP demographic and competes for capital earmarked for alternative real estate strategies, including tax-advantaged offerings.

Direct peers

• Capital Plus Financial: Capital Plus Financial is an Opportunity Zone fund sponsor focused on real estate investments in underserved markets. It is a direct peer because it offers similar OZ-structured investment vehicles to accredited investors, competing head-to-head for the same tax-advantaged LP capital.
• EJF Capital: EJF Capital is an alternative asset manager with dedicated Opportunity Zone and real estate strategies serving institutional and accredited investors. It is a direct peer because of overlapping OZ investment product offerings and similar target LP base (RIAs, family offices, high-net-worth individuals).
• Urban Catalyst: Urban Catalyst is a San Jose-based Opportunity Zone fund manager that raises capital from accredited investors to develop and operate real estate projects in California OZs. It is a direct peer because it operates a comparable OZ-focused investment fund model with similar LP acquisition dynamics through RIAs and wealth advisors.

Broad incumbents

• Origin Investments: Origin Investments is a private real estate investment manager that sponsors diversified funds targeting accredited investors. It is a comparable peer because it raises capital for institutional-quality real estate projects via similar wealth-advisor distribution channels, though it has a broader geographic and product mandate.
• Fundrise: Fundrise is a large, established private real estate investment platform managing diversified eREITs and interval funds for individual investors. It is a comparable peer because it raises institutional-quality real estate capital from individual accredited investors, though it operates at significantly greater scale and via a self-serve online model.

Others

• JPI: JPI is a national multifamily developer, builder, and investment manager of Class A multifamily assets with 100,000+ units developed. It is a related peer because it is a development partner for Pinnacle's Workforce Housing Fund and also operates its own investment management business, occasionally competing for the same sponsor capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@pinnaclepartnersOZ
• LinkedInlinkedin.com/company/pinnacle-partners-oz

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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 Pinnacle Partners