Belay Investment Group

What Belay Investment Group does

Belay Investment Group is a privately held institutional real estate investment management firm headquartered in Los Angeles with a secondary office in New York, founded in 2018 by Eliza Bailey (CEO & CIO) and Amy Ko (COO). The firm invests in small to middle-market real estate transactions (typically ~$60 million or less in total capitalization) that benefit from micro-market inefficiencies, deploying capital through programmatic joint ventures with locally entrenched operating partners rather than through commingled flagship funds. Belay's product surface spans equity and debt investments across multifamily, industrial, retail, office, and attainable housing, with current scale of approximately $714 million in Assets Under Management and $2.0 billion in Gross Asset Value across 170+ completed transactions.

The firm's core platform is its operating partner network, which includes relationships with Standard Real Estate Investments (Midwest multifamily), Marquee Capital (Midwest retail strip centers), ArtHaus Partners (Bay Area attainable housing), Birtcher Anderson & Davis (industrial), Foothill Partners (Northern Nevada development), Arixa Capital (West Coast multifamily), and Elion Partners (logistics). Under the programmatic JV model, Belay provides institutional capital, governance, and active asset management, while operating partners contribute exclusive deal flow, local market expertise, and execution capability; partners retain bespoke economics tied directly to real estate performance rather than platform-level stakes. Investment activity spans California, Texas, Illinois, Florida, Nevada, Minnesota, Wisconsin, and New York, with documented value-add execution including 65% and 43% rental rate increases on industrial exits in the Dallas-Fort Worth market.

Belay earns revenue through institutional management fees on committed capital and through GP economics (carried interest and promote) tied to performance on its programmatic JV structures. The firm does not disclose pricing publicly; deal structures are custom-tailored to each operating partner and institutional LP relationship. Go-to-market is relationship-driven, leveraging PR coverage in trade publications (GlobeSt, Green Street Real Estate Alert, Real Estate Fund Intelligence), industry conference participation by the CEO, and an inbound operator submission portal. The firm maintains signatory status with UN PRI, ILPA Diversity in Action, and the CFA DEI Code, and reports approximately 53% of investments are executed with diverse operating partners.

Name

Belay Investment Group

Legal name

Belay Investment Group, LLC

Website

https://belayinvestmentgroup.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Belay Investment Group is a Los Angeles-based institutional real estate investment manager that deploys capital into small to middle-market U.S. real estate through programmatic joint ventures with locally entrenched operating partners across multifamily, industrial, and retail.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Fundraising Placement (REPE/REIT/Property Funds) (FSAEALAD)

Keywords

• Real estate investment management
• Programmatic joint ventures
• Value-add real estate
• Institutional asset management
• Middle-market multifamily

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Belay earns management fees from institutional clients for providing access to differentiated small-scale real estate deal flow, institutional governance, and active portfolio management through its network of operating partners.
2. Performance Fees / Carried Interest: The firm participates in GP economics through its programmatic joint venture structures, with preferential economics driven directly by real estate performance. Structures provide participation in upside without taking direct platform stakes or assuming platform-level risks.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Belay Investment Group is an institutional real estate investment management firm that provides scalable access to small-scale real estate opportunities through programmatic joint ventures with locally entrenched and specialized operators across the U.S. The firm targets transactions of approximately $60 million or less in total capitalization, offering equity and debt investments across multifamily, industrial, retail, office, and other property types. Its core activities include deal sourcing through its operating-partner network, institutional underwriting and governance, active asset management, and custom-tailored JV structures for LP investors (pension funds, endowments, family offices).

Product overview

Belay Investment Group is an institutional real estate investment management firm that provides scalable access to small-scale real estate opportunities through programmatic partnerships with locally entrenched operators. The firm operates as a unified investment platform offering equity and debt investments across property types (multifamily, industrial, retail, office) and geographies throughout the US. Belay's core offering consists of its investment management platform, which provides deal sourcing through an operating partner network, active asset management, and custom-tailored joint venture structures. The firm manages specialized investment programs including industrial (via BA&D partnership), retail strip centers (via Marquee Capital), and multifamily (via Standard Real Estate Investments and ArtHaus Partners), targeting value-add and opportunistic strategies with total capitalization under $60 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Small-Scale Real Estate Investment Management Institutional investment management providing scalable access to small to middle-market real estate opportunities (approximately $60 million or less in capitalization) across the U.S., delivered through programmatic partnerships with locally entrenched operators.
• Programmatic Joint Venture Structures Custom-tailored programmatic JV structures with operating partners providing institutional LPs access to value-add and opportunistic multifamily, industrial, retail, and other property type investments, with preferential GP economics tied to real estate performance.
• Industrial Portfolio Investment Program Multi-tenant light industrial investment program targeting small bay industrial properties across U.S. markets, executed through partnership with Birtcher Anderson & Davis.
• Midwest Retail Strip Center Program Retail strip center acquisition and management program targeting anchored retail strip centers across the Midwest, executed through partnership with Marquee Capital.
• Midwest Value-Add Multifamily Program Middle-market value-add multifamily investment program targeting opportunities across the Midwest, executed through partnership with Standard Real Estate Investments.
• Bay Area Attainable Housing Program Programmatic JV investment program targeting attainable multifamily housing for middle-income urban professionals in the San Francisco Bay Area, executed through partnership with ArtHaus Partners.

Quantifiable outcome

• Over 170 completed transactions across diverse asset types and geographic markets
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core, secondary and minor.

• Standard Real Estate InvestmentscoreStrategic or Co-development Partner · 7 April 2026Standard Real Estate Investments, a national real estate firm with offices in Los Angeles and Washington, D.C., expanded its strategic partnership with Belay through a $50 million programmatic joint venture targeting middle-market value-add multifamily investment opportunities across the Midwest. The partnership's first acquisition was Martin's Point, a 256-unit garden-style apartment community in Lombard, Illinois for $61 million. Standard Real Estate Investments was founded by ex-CBRE GI duo and is predicated on providing capital to minority operators across the US.
• ArtHaus PartnerscoreStrategic or Co-development Partner · 23 December 2025ArtHaus Partners (formerly Riaz Capital), a Bay Area-based vertically integrated multifamily developer and operator, formed a $50 million programmatic joint venture with Belay Investment Group to acquire, reposition, and enhance multifamily assets throughout the San Francisco Bay Area. The initial activity centered on a portfolio of nine multifamily properties across Oakland, California. ArtHaus has a long track record executing value-add transactions in Bay Area micro-markets and regulatory environments, with $1B in AUM across 4,000 units in California.
• Marquee CapitalcoreStrategic or Co-development Partner · 16 October 2025Marquee Capital, a Milwaukee-based fully integrated real estate investment and asset management firm, and Belay Investment Group formed a $70 million programmatic joint venture to acquire and manage anchored retail strip centers across the Midwest. The partnership launched with the acquisition of Shoppes on Maine in Rochester, MN (anchored by Super Target and Lowe's), and included a second acquisition of Nagawaukee Center (220,000 SF regional shopping center in Delafield, WI). Marquee currently manages over 2.9 million square feet of anchored retail strip centers across the Midwest.
• Standard Real Estate Investments (first partnership)coreStrategic or Co-development Partner · 20 September 2021Belay partnered with Standard Real Estate Investments as its first capital partner. Standard is an upstart real estate firm founded by ex-CBRE GI duo, with a strategy predicated on providing capital to minority operators across the US. This initial partnership laid the groundwork for the expanded $50M JV announced in 2026.
• Arixa CapitalsecondaryStrategic or Co-development Partner · 10 June 2021Arixa Capital formed a programmatic joint venture with Belay Investment Group to invest in multifamily development on the West Coast, specifically aimed at tackling the housing affordability gap in Los Angeles.
• Birtcher Anderson & Davis (BA&D)coreStrategic or Co-development PartnerBirtcher Anderson & Davis Associates, Inc., a California-based privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional locations in CA, NV, and AZ, has partnered with Belay on multiple multi-tenant industrial property acquisitions and dispositions. Joint transactions include Whitlock I (49,650 SF, Carrollton TX — sold Feb 2026), Lindbergh (97,840 SF, Addison TX — sold Feb 2026), Bellegrave Business Park (Jurupa Valley, CA — acquired Feb 2026), and Heritage Business Center (137,500 SF, Lakeland FL — acquired Jun 2025).
• Foothill Partners, Inc.secondaryStrategic or Co-development PartnerFoothill Partners, Inc., an award-winning mixed-use property developer/owner operating in Northern California and Northern Nevada, partnered with Belay for investment capital on The Oddie District, a transformative 175,000 square foot redevelopment project transforming a vacant former Lowe's Home Improvement center into a multi-faceted business innovation hub in Reno-Sparks, Nevada. Phase II construction is underway with anticipated completion by late 2025/early 2026.
• Elion PartnersminorStrategic or Co-development PartnerBelay Investment Group made a $75 million equity commitment with Elion Partners, an emerging manager and logistics specialist, as part of its industrial investment program.
• UN Principles for Responsible Investment (PRI)minorOthersBelay is a signatory to the UN Principles for Responsible Investment (PRI), aligning with international responsible investment standards.
• ILPA: Diversity in ActionminorOthersBelay is a signatory to ILPA's Diversity in Action initiative, demonstrating commitment to diversity, equity, and inclusion in private investment.
• National Association of Investment Companies (NAIC)minorOthersBelay is a member of the National Association of Investment Companies (NAIC), an industry association for investment managers.
• CFA DEI CodeminorOthersBelay is aligned with the CFA Institute's Diversity, Equity, and Inclusion Code for investment professionals.
• Real Estate Roundtable Sustainability SubcommitteeminorOthersBelay participates in the Real Estate Roundtable Sustainability Subcommittee as part of its responsible investment commitment.
• Emerging Manager Monthly: Diverse Managers DirectoryminorOthersBelay is listed in Emerging Manager Monthly's Diverse Managers Directory, supporting visibility for diverse-owned investment managers.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Stockbridge Capital Group: Institutional real estate investment management firm offering value-add, core-plus, and debt strategies across U.S. property sectors. Comparable to Belay in providing multi-strategy RE exposure to pension funds and other institutional LPs.
• Passco Companies: Private real estate investment firm managing multifamily, office, industrial, and retail investments on behalf of institutional and high-net-worth investors. Comparable in operating a programmatic JV-style model with multiple operating partners across U.S. markets.
• Harrison Street Capital: Real estate investment manager focused on alternative property sectors including multifamily, student housing, senior living, and data centers. Comparable in institutional LP base and programmatic deployment model, though more specialized than Belay.
• Rockwood Capital: Real estate investment manager focused on small-to-mid market value-add and opportunistic equity investments across U.S. markets with a multi-investor fund structure. Highly comparable to Belay in target deal size, value-add orientation, and institutional LP base.
• BlueRock Real Estate: Emerging real estate investment manager focused on small-to-mid market value-add multifamily and mixed-use opportunities. Highly comparable to Belay in size, focus on programmatic JV structures, and emerging manager positioning with institutional LPs.
• Bascom Group: Private real estate investment manager specializing in value-add multifamily and commercial properties through joint venture partnerships. Comparable in deploying capital via JV structures with operating partners and targeting value-add returns.
• GID Investment Advisers: Vertically integrated real estate investment and operating firm that invests across multifamily, industrial, office, and life sciences. Comparable to Belay's multi-product, value-add orientation and programmatic joint venture approach.

Broad incumbents

• AEW Capital Management: Large diversified real estate investment manager with core, value-add, and opportunistic strategies across U.S. and European markets. Comparable in serving institutional LPs, but at much larger AUM scale and with broader strategy coverage than Belay.
• Crow Holdings Capital: Real estate investment manager with a multi-fund platform covering value-add, opportunistic, and development strategies across U.S. markets. Comparable institutional orientation, though with broader sector and capital structure coverage than Belay.

Emerging players

• Capstone Holdings: Boutique real estate investment firm pursuing value-add and opportunistic strategies with institutional capital. Comparable in emerging-manager positioning and programmatic JV approach, though at an earlier stage than Belay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/belay-investment-group-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Belay Investment Group