Foxgate Capital

What Foxgate Capital does

Foxgate Capital is a Houston-based real estate private equity firm that invests in Texas markets across multiple property types, including land for single-family and multifamily residential development, industrial warehouse and logistics assets, and purpose-built vehicle storage facilities. Founded by Michael D. Carroll II and operating as a subsidiary of The Fields Companies conglomerate (CEO Jay D. Fields serves as Director), the firm targets undervalued assets in the path of Texas economic growth and applies value-add strategies — exemplified by the 4812 Gulf Freeway repositioning from Travis Roofing Supply to a 10-year Amazon NNN lease that increased NOI 148% year-over-year and delivered 45.29% returns. The firm is led by a small senior team (Founder/Managing Partner, Director of Investments, Chief Development Officer) with prior experience at Riverway Properties, Cushman & Wakefield, Campus Apartments, and operator-owned mortgage and hospitality ventures.

The business operates through private equity funds — including its first fund, SL Riverway, LP — typically co-GP with operating partners such as Stonelake Capital Partners (Berger Ironworks) and Amelia Homes (Capital Creek Ranch). Reported active projects span the 4812 Gulf Freeway industrial site (2020), the 1,426-acre Capital Creek Ranch land development in Willis, TX (2023), a 40-acre Magnolia, TX land tract (2022), and the recently launched Foxgate Boat & RV Storage operating asset in Magnolia (2026). Over a 10-year track record, Foxgate's principals have raised and invested more than $50 million of equity through private partnerships.

Foxgate earns revenue through two primary streams: (1) management fees on committed capital from private equity funds raised from institutional and high-net-worth investors, sourced primarily through The Fields Companies network and direct outreach; and (2) carried interest tied to successful exits and value creation. The firm's go-to-market is sales-led and relationship-driven — leveraging 25+ years of Texas real estate relationships and the broader Fields Companies platform rather than broad marketing. Investor base and deal flow are concentrated regionally in Texas, with no disclosed international or out-of-state activity.

Name

Foxgate Capital

Legal name

Foxgate Capital

Website

https://foxgate.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Foxgate Capital is a Houston-based real estate private equity firm investing across Texas in industrial, land development, and vehicle storage assets, raising capital from institutions and HNW investors via its partnership with The Fields Companies.

Ownership category

akta.pro rank

Product category

Real Estate Private Equity

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (52394)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Opportunistic / Development (FSANAEAI)

akta.pro secondary industry

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

Keywords

• Real estate private equity
• Texas property investment
• Value-add real estate funds
• Land development investment
• Industrial property acquisition

Headquarters

HQ city

Houston

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. Fund Management Fees: Foxgate Capital generates revenue through management fees on committed capital from its private equity funds. The firm has raised and invested over $50 million of equity through private partnerships over the past 10 years.
2. Carried Interest: Private equity returns from successful exits and value creation across portfolio investments including industrial, land development, and storage facilities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Foxgate Capital raises and deploys private equity capital into Texas real estate assets, targeting value-add, development, and under-leased opportunities across industrial, storage, and land development property types. Its offerings include discretionary private equity funds (e.g., SL Riverway, LP as Co-GP with Stonelake Capital Partners), purpose-built storage facilities (Foxgate Boat & RV Storage), industrial/warehouse repositioning projects (4812 Gulf Freeway), and master-planned land communities (Capital Creek Ranch, Magnolia). Investors participate through limited-partnership commitments, and the firm earns management fees plus carried interest on exits.

Product overview

Foxgate Capital is a real estate private equity firm offering a portfolio of Texas-focused investment products across multiple property types. The firm's core offerings include: (1) Boat & RV Storage facilities (purpose-built vehicle storage with secure online portal management), (2) Land Development projects (acquiring land at favorable basis in growth corridors), (3) Industrial Properties (warehouse and logistics facilities with value-add strategies), and (4) Mixed-Use Development projects. All products share a common investment thesis: platform-oriented strategies targeting industry-specific growth drivers, strong housing demand dynamics, and assets in the path of economic growth in Texas markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Foxgate Boat & RV Storage Premier purpose-built vehicle storage facility providing secure, 24/7-accessible storage for boats, RVs, ATVs, trailers, and oversized vehicles, with gated access, individualized entry codes, comprehensive camera surveillance, wide drive lanes, and a secure online portal for payments and account management. Targeted at vehicle owners in the Magnolia, TX area.
• 4812 Gulf Freeway Industrial Property Industrial warehouse/logistics property investment comprising 6 acres of stabilized land, 51,000 sq.ft. of warehouse, and a rail spur in Houston, TX. Acquired by Foxgate's first fund (SPV affiliate) and repositioned from a short-term Travis Roofing Supply lease to a 10-year Amazon triple net lease, increasing NOI by 148% year over year and delivering 45.29% returns. Targeted at last-mile e-commerce and industrial logistics tenants requiring infill Houston distribution.
• Berger Ironworks Value-Add Development Value-add development project in Houston, TX comprising 54,188 SF of infill warehouse, office, and raw land across three tracts acquired at roughly $40/sq.ft. via the SL Riverway, LP fund (Co-GP with Stonelake Capital Partners). Delivered an 11-year NNN office lease to Dialyspa and a remaining 1-acre retail redevelopment parcel, achieving an XIRR of 46.8%. Targeted at credit tenants needing infill office or healthcare space.
• Capital Creek Ranch Land Development Master-planned land development project on a 1,426-acre ranch in Willis, Texas. A joint development with Amelia Homes under which Foxgate is developing approximately 1,000 acres of sellable land for 2-acre and larger home tracts, with the balance preserved as amenity space. Targeted at homebuilders and buyers seeking large-tract residential lots in a scenic North Houston growth corridor.
• Magnolia Land Acquisition Strategic 40.38-acre land acquisition in Magnolia, Texas (far north Houston suburb), acquired in the path of growth. Foxgate's development plans for the tract include the Foxgate Boat & RV Storage facility described separately, with the broader parcel supporting additional growth-corridor investments. Targeted at investors and developers seeking exposure to the north Houston growth corridor.

Quantifiable outcome

• 148% NOI increase year over year at 4812 Gulf Freeway after securing Amazon lease
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Amelia HomescoreStrategic or Co-development Partner · 1 May 2023Foxgate Capital and its development partner Amelia Homes are acquiring and developing Capital Creek Ranch, a 1,426 acre ranch in Willis, TX. Foxgate is developing approximately 1,000 acres of sellable land consisting of 2-acre and larger home tracts.
• Stonelake Capital PartnerscoreStrategic or Co-development Partner · 1 January 2018Foxgate Capital through its first fund SL Riverway, LP acted as Co-GP with Stonelake Capital Partners to source and purchase three separate tracts of land comprising infill warehouse, office and raw land at Berger Ironworks.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Stonelake Capital Partners: Houston-based real estate private equity firm that co-invested with Foxgate as Co-GP on Berger Ironworks through SL Riverway, LP. Directly comparable in Texas focus, mid-market value-add strategy, and LP structure.
• The Bascom Group: Mid-market real estate PE operator focused on value-add multifamily and commercial repositioning across U.S. growth markets. Comparable fund size, deal archetype, and value-add playbook.
• Bear Dean Capital: Sibling company within The Fields Companies portfolio that invests in real estate, hospitality, and film. Directly comparable as a sister PE-style vehicle under the same parent conglomerate.
• Campus Apartments: Real estate investment firm specializing in student housing and development, where Foxgate's Director of Investments previously worked. Comparable investment evaluation and development-focused PE approach.
• Riverway Properties: Houston-based real estate investment and development firm where Foxgate founder Michael Carroll served as President and General Counsel. Strong operational and geographic overlap in Texas value-add and development strategies.
• Hunt Real Estate Capital: Real estate investment and lending platform with Texas exposure and value-add multifamily/industrial strategies. Comparable LP base and target asset types.
• Crow Holdings Capital: Texas-headquartered real estate investment manager with diversified strategies across industrial, land development, and multifamily. Comparable diversified-property-type PE model with regional concentration.

Broad incumbents

• JLL Capital Markets: Global real estate investment advisory and capital markets platform where Foxgate's Director of Investments previously worked. Comparable advisory and capital placement overlap, though operating at global scale.
• Oaktree Capital Real Estate: Major alternative investment manager with a real estate opportunistic strategy including land development and value-add repositioning. Overlapping deal archetypes but at institutional scale.
• Cerberus Real Estate Capital Management: Large diversified alternative investment manager with a real estate strategy focused on value-add and opportunistic deals. Comparable investment philosophy but at significantly larger scale and broader geographic footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/foxgate-capital
• Xx.com/terencetmc_re

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Foxgate Capital