Topaz Capital Group LLC

What Topaz Capital Group LLC does

Topaz Capital Group LLC is a privately held, vertically integrated real estate investment and asset management firm founded in late 2017 and headquartered in Bay Harbor Islands (Miami Beach area), Florida. The firm specializes exclusively in Southeast U.S. residential and industrial real estate, with a concentration in Florida's highest-growth metropolitan statistical areas including Jacksonville, Lakeland, Melbourne, Tallahassee, and Sanford. Core activity is the acquisition, development, ownership, and asset management of multifamily, Build-to-Rent (BTR), Single-Family Rental (SFR), townhome, workforce housing, and attainable housing communities, alongside a newer industrial investment platform covering IOS, shallow-bay, mid-bay, and sale-leaseback assets. The current portfolio comprises more than 2,500 residential units valued at over $500 million, with an explicit target to surpass $1 billion in portfolio value by 2027.

The firm operates through five distinct investment platforms: Southeast Housing Investment Platform (principal acquisitions), Southeast Industrial Investment Platform, Southeast Co-GP/JV Development Platform, Southeast Direct Lending & Structured Capital Platform (preferred equity, mezzanine, bridge, construction financing), and specialized service brands including TOPAZ Joint Ventures, TOPAZ Gap Financing, TEN31 Xchange (1031 exchange facilitation for accredited investors with $2.5M+ in exchange proceeds), and TopazProp Ventures LP (Series-A proptech venture fund). Topaz earns revenue from recurring asset management fees on its $500M+ portfolio, transaction-based acquisition and disposition fees, returns on preferred equity and mezzanine financing, fees from 1031 exchange co-ownership structures, and venture returns from proptech investments. Capital is sourced through direct relationships with family offices, private equity real estate funds, and institutional investors, with debt financing provided through partnerships with Arbor Realty Trust, Lument, Meridian Capital Group, Fannie Mae, Freddie Mac, and Greystone.

The company is led by co-founders Marc A. Hershberg (Managing Partner & CEO; prior experience at UBS Financial Services and Brick Capital Group) and J. Etan Friedman (Managing Partner & COO; prior at Treetop Development), supported by a lean team of 11-50 employees including a CFO (Mark Reich), VP of Asset Management (Sharon Steffen, 25+ years experience at Greystar, Equity Residential, and The Lynd Company), and a Creative Marketing Director. The firm holds strategic joint ventures with Lynd Companies (40+ years operational expertise) and maintains capital markets relationships with JLL, Cushman & Wakefield, Northmarq, and Berkadia. Demonstrated investment outcomes include a 48% IRR on Topaz Villas JAX and 40% IRR on Topaz Plaza, alongside portfolio-wide operational improvements of 15%+ in tenant retention and 17% in insurance cost reduction.

Name

Topaz Capital Group LLC

Legal name

Topaz Capital Group LLC

Website

https://topazcg.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Topaz Capital Group LLC is a vertically integrated Florida-focused real estate investment and asset management firm acquiring, developing, and managing multifamily, BTR, SFR, and industrial properties. It serves institutional investors, family offices, developers, and accredited individuals through five investment platforms spanning $500M+ in AUM.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Investment & Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Real Estate Credit (522292), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Investment Advice (6282), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Real Estate Funds — Opportunistic / Development (FSANAEAI), Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Multifamily real estate investment
• Build-to-rent development
• Preferred equity financing
• Joint venture capital
• 1031 exchange services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Asset Management Fees: Ongoing management fees for overseeing multifamily and residential communities across the portfolio, charged to LP investors and joint venture partners.
2. Acquisition and Disposition Fees: Transaction-based fees earned on property acquisitions and sales, typically calculated as percentage of deal value.
3. TEN31 1031 Exchange Services: Co-ownership structures and exchange facilitation for investors with $2.5M+ in exchange proceeds, with typical preferred returns of 6-8%.
4. Gap Financing / Preferred Equity Returns: Returns from preferred equity and mezzanine financing investments in multifamily sponsors, providing gap capital in capital structures.
5. TopazProp Ventures Investment Returns: Venture returns from Series-A proptech investments with typical pre-money valuations of $15-50 million and investment range of $360K to $1.5M.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels8 records

Core offering

Topaz Capital Group operates a vertically integrated Southeast-focused real estate investment platform that acquires, develops, owns, lends to, and asset-manages multifamily, build-to-rent, single-family rental, townhome, workforce, attainable, and industrial properties across Florida. The firm generates revenue through asset management fees, transaction fees, joint-venture capital deployment, preferred equity and mezzanine lending, 1031 exchange co-ownership structures, and a Series-A proptech venture fund, while serving institutional investors, family offices, developers, and accredited individuals.

Product overview

Topaz Capital Group LLC operates as a vertically integrated real estate investment and asset management platform offering multiple investment platforms rather than a single unified product. The core offering consists of four main investment platforms: the Southeast Housing Investment Platform (multifamily, BTR, SFR, townhome communities), Southeast Industrial Investment Platform (IOS and industrial property types), Southeast Co-GP/JV Development Platform (development and recapitalization), and Southeast Direct Lending & Structured Capital Platform (preferred equity and mezzanine financing). Supporting these core platforms are specialized services including TOPAZ TEN31 Xchange (1031 exchange facilitation), TOPAZ Gap Financing (preferred equity/mezzanine debt for sponsors), TOPAZ Joint Ventures (JV partnership platform), Passive Multifamily Investment (passive investor vehicle), and TopazProp Ventures LP (PropTech venture fund). The company manages a portfolio of residential communities across Florida including Topaz Village, Topaz Retreat, Topaz Oaks, Topaz Grove, The Caroline, Topaz Cay, Topaz Riviera, The Park At Topaz Tuscana, and The Cypress at Wesley Park.

Differentiator

Problem solved

Functional benefit

Brands

• TopazProp Ventures LP (TPV): Series-A PropTech venture investment platform focused on early-stage property technology companies, typically targeting pre-money valuations of $15M to $50M with investments of $360K to $1.5M.
• TEN31 Xchange
• TOPAZ Gap Financing
• TOPAZ Joint Ventures (TJV)

Products and services

• Southeast Housing Investment Platform Vertically integrated acquisition, development, ownership, and asset management of multifamily, build-to-rent, single-family rental, townhome, workforce housing, and attainable housing communities across Florida.
• Southeast Industrial Investment Platform Investment platform for acquisition, development, ownership, and asset management of industrial outdoor storage (IOS), low-coverage, shallow-bay, mid-bay, service industrial, and sale-leaseback assets in the Southeast.
• Southeast Co-GP / JV Development Platform Joint-venture development platform covering multifamily, build-to-rent, townhome, industrial, land, and mixed-use development, plus recapitalizations and GP equity solutions in the Southeast.
• Southeast Direct Lending & Structured Capital Platform Direct lending and structured capital platform providing preferred equity, mezzanine financing, construction financing, acquisition financing, bridge lending, rescue capital, recapitalizations, GP capital, LP capital, JV equity, and structured finance solutions to real estate sponsors.
• TOPAZ TEN31 Xchange 1031 like-kind exchange platform offering replacement multifamily properties, capital advisory, tax and legal counsel coordination, and creative co-ownership structures for investors with a minimum of $2.5M in exchange proceeds; nationwide reach with typical 6-8% preferred returns.
• TOPAZ Gap Financing Preferred equity and mezzanine debt financing program that fills gaps within multifamily sponsor capital stacks, with investment sizes from $100,000 to $10M+ and flexible deal structures.
• TOPAZ Joint Ventures Florida-focused joint venture multifamily platform partnering with owners, operators, property managers, and developers, providing up to 90% of total capitalization costs. Targets partners managing at least 5,000 units and completing at least 2,000 units at the development level.
• Passive Multifamily Investment Passive investment vehicle for accredited individuals to participate in Topaz-managed multifamily real estate with leverage, passive income, tax efficiency, and no landlord responsibilities.
• TopazProp Ventures LP (Topaz Ventures) Series-A strategic venture investment platform administered through AngelList that invests in proptech startups serving residential and multifamily real estate, with $360K-$1.5M investments at $15M-$50M pre-money valuations and access to a 100,000+ unit network for piloting technologies.
• The Cypress at Wesley Park 72-unit build-to-rent community of detached single-family homes in the Tallahassee MSA, acquired Q3 2025 from D.R. Horton with acquisition financing through Arbor Realty Trust and currently 96% leased.
• The Caroline 228-unit newly constructed Class A multifamily property in Lakeland, FL, built in 2022 and acquired Q4 2022 for $68.115M from AQRE VI and the Latigo Group, with debt arranged by Meridian Capital Group.
• Topaz Village 229-unit multifamily property in Melbourne, FL acquired Q4 2021 for $30M after several rounds of negotiations with prior ownership.
• Topaz Retreat 96-unit multifamily property in Lakeland, FL acquired mid-2021 for $10.625M after several rounds of negotiations with prior ownership.
• Topaz Oaks 73-unit property with 60 storage units in Callahan, FL within the Jacksonville MSA, acquired Q4 2020 for $11.8M and later refinanced with a Fannie Mae Green Loan after receiving Green Globes NC certification.
• Topaz Riviera 256-unit apartment community built in 1985 in Sanford, FL, acquired Q1 2022.
• Topaz Grove 158-unit apartment community in Tallahassee, FL acquired Q2 2022 and later refinanced to extend maturities.
• Topaz Cay 197-unit apartment community built in 1985 in Melbourne, FL, acquired Q2 2022.
• The Park at Topaz Tuscana Apartment community in Brevard County, Melbourne, FL, acquired Q2 2024 at 1245 Palm Bay Rd NE.

Quantifiable outcome

• Tenant retention increased by more than 15% year-over-year
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered major, minor and core.

• JLL (Jones Lang LaSalle)majorChannel Partner/ Reseller/ DistributorCommercial real estate services firm providing investment sales and capital markets advisory. Listed as a capital markets platform partner.
• Cushman & WakefieldmajorChannel Partner/ Reseller/ DistributorCommercial real estate services firm providing brokerage and advisory services. Listed as a capital markets platform partner.
• NorthmarqmajorChannel Partner/ Reseller/ DistributorInvestment sales broker that represented buyer on The Caroline acquisition and multiple other Florida transactions.
• BerkadiamajorChannel Partner/ Reseller/ DistributorInvestment sales broker that facilitated Planters Walk acquisition and Topaz Gardens sale transactions in Jacksonville market.
• Franklin StreetminorChannel Partner/ Reseller/ DistributorBrokerage firm that brokered Autumnwood Apartments acquisition in Lakeland market.
• Lynd CompaniescoreStrategic or Co-development PartnerJoint venture partner on Jacksonville multifamily assets including Topaz Villas JAX (444 units) and Mission Springs JV. Partnership completed successful $66M sale of 444-unit Jacksonville community. Lynd brought 40+ years of operational expertise to joint ventures.
• AngelListmajorTechnology or IntegrationPlatform used to administer TopazProp Ventures LP (TPV), the firm's proptech venture investment platform. Provides fund administration and investor management capabilities.
• Stein Adler Dabah Zelkowitz LLPminorImplementation/ SI/ Consulting PartnerLegal counsel that acted as buyer's representative for The Cypress at Wesley Park BTR acquisition.
• ColliersminorChannel Partner/ Reseller/ DistributorCommercial real estate broker that represented D.R. Horton in the sale of The Cypress at Wesley Park BTR property.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• The Related Group: Large, established Florida-based real estate developer and investment manager spanning multifamily, mixed-use, and luxury residential. Operates across Florida MSAs where Topaz is concentrated and serves a similar investor base.
• Harbor Group International: Privately held national real estate investment and management firm with significant multifamily exposure across the U.S. Comparable institutional acquisition, asset management, and JV equity capabilities to Topaz.
• Taurus Investment Holdings: Global real estate investment and development firm with a U.S. multifamily platform. Comparable joint venture and co-investment structuring capabilities to Topaz's JV platform.

Direct peers

• RangeWater Real Estate: Privately held, vertically integrated multifamily investment and management firm focused on the U.S. Sun Belt. Highly comparable to Topaz's strategy of acquiring, owning, and operating garden-style multifamily in growth MSAs with institutional and private capital.
• Berkshire Residential Investments: Vertically integrated multifamily investment manager operating core acquisitions and value-add funds with discretionary capital. Comparable to Topaz's direct investment and asset management offering across U.S. residential markets.
• Beztak Properties: Privately held real estate investment, development, and management company active across multifamily and senior housing. Comparable vertically integrated operating model and Sun Belt asset focus.
• Tricon Residential: Publicly traded Single-Family Rental and multifamily investment manager operating a vertically integrated platform across the U.S. Sun Belt. Comparable to Topaz's SFR/BTR emphasis and institutional investor base.
• Mill Creek Residential: Vertically integrated multifamily developer, owner, and operator with a strong Build-to-Rent and garden-style multifamily focus. Directly comparable to Topaz's BTR/SFR/multifamily platform across high-growth U.S. Sun Belt markets.
• American Landmark Properties: Multifamily acquisition, value-add repositioning, and asset management firm active across the Southeast U.S. Highly comparable operating model to Topaz — acquiring workforce and attainable housing with institutional JV capital.

Regional players

• Lurin Real Estate Management: Multifamily acquisition, management, and investment firm active in Florida and the Southeast. Similar mid-market orientation, target asset class (garden multifamily), and Southeast US geographic concentration as Topaz.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@TopazCapital
• Facebookfacebook.com/TOPAZCAPITALGROUP
• LinkedInlinkedin.com/company/topaz-capital-group
• Instagraminstagram.com/topaz_capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 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 Topaz Capital Group LLC