Playground Properties

What Playground Properties does

Playground Properties, operating as Playground, LLC, is a Denver, Colorado-based private real estate investment firm that develops and syndicates premium garage condominium projects to accredited investors under SEC Regulation D, Rule 506(c) offerings. Founded by Ben Lapidus (CEO & Co-founder) and Gerrit Van Maanen (Principal & Co-founder), the firm positions itself as a first-mover in a structurally undersupplied garage condo niche, citing $500M+ of cumulative team transaction experience, 76 prior commercial deals, and 4.3M SF of commercial real estate owned and operated. The flagship project, Golden Garages, is a 53-unit flex garage condominium community at 499 McIntyre Street in Golden, CO, with a $6M target raise, $100K minimum investment, 24.5% target IRR, 1.61X target equity multiplier, 36-month target hold, and a 10% preferred return. A second offering, Grand Garages, is also listed on the firm's investment opportunities page, indicating intent to scale into a multi-project syndication platform.

The business model is project-based real estate syndication: capital is raised from accredited investors, deployed into development, and returns are generated through the sale of individual garage condominium units to end-user buyers — recreationists and small businesses in supply-constrained markets such as Golden, CO (wealth index 141, 300k+ 15-minute population). Sponsor revenue derives from acquisition, asset management, and construction management fees plus promote on profits above the 10% preferred return, with exits priced on supply-demand dynamics rather than cap rates. Go-to-market is direct-to-consumer via a quiz-based lead capture funnel, email marketing (Mailchimp), CRM (HubSpot), investor management (InvestNext), and direct outreach by the investment team. There is no proprietary technology platform; the underlying differentiators are cost structure ($260/sf versus competitor benchmarks of $460/sf), pre-sales risk mitigation (deposits on 50%+ of units before capital deployment), and the supply-constrained regulatory and geographic environment of the target market.

Name

Playground Properties

Legal name

Playground, LLC

Website

https://playground.properties

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Playground Properties is a Denver-based private real estate firm that develops and syndicates premium garage condominium projects to accredited investors under Reg D 506(c) offerings. Co-founded by Ben Lapidus and Gerrit Van Maanen, its flagship Golden Garages project targets a 24.5% IRR.

Ownership category

akta.pro rank

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Real Estate Investment Syndication: Playground raises capital from accredited investors to fund development of garage condominium projects. Returns are distributed based on preferred returns (10%) and target IRR (24.5%) with 1.61X equity multiplier over approximately 36 months. Revenue is generated through development and sale of garage condo units to end users.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Playground Properties is a Colorado-based real estate investment firm that identifies, develops, and syndicates premium garage condominium projects to accredited investors. The company raises capital (minimum $100K per investor) to fund flex garage condo developments such as Golden Garages, a 53-unit community in Golden, CO targeting a 24.5% IRR. Investors receive preferred returns of 10% and a target equity multiplier of 1.61X over a 36-month hold.

Product overview

Playground Properties operates as a unified real estate investment platform offering accredited investors access to premium garage condominium investment opportunities. The company's portfolio consists of two named investment offerings: Golden Garages (a 53-unit flex garage community in Golden, CO with 24.5% target IRR) and Grand Garages (another garage condo investment opportunity). The platform enables investors to subscribe for investment opportunities and receive market insights through a single gateway, with investor relations managed through the InvestNext platform and communications delivered via Mailchimp.

Differentiator

Problem solved

Functional benefit

Brands

• Golden Garages: Premium garage condo investment opportunity in Golden, CO - a 53-unit flex space community with 24.5% target IRR.
• Grand Garages

Products and services

• Golden Garages A 53-unit flex garage condominium development at 499 McIntyre Street, Golden, CO, offering premium storage solutions for recreationists and small businesses near major highways. Sold as an investment opportunity to accredited investors with a $100K minimum, targeting 24.5% IRR.
• Grand Garages A garage condo investment opportunity listed on Playground Properties' investment opportunities page alongside Golden Garages as part of the company's portfolio of premium garage condominium projects.

Quantifiable outcome

• 24.5% target IRR with 1.61X equity multiplier over 36 months
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Partnerships

Two partnerships are on record, tiered core and minor.

• DCB ConstructioncoreImplementation/ SI/ Consulting PartnerDCB Construction serves as the general contractor for Golden Garages project, bringing 60+ years of construction expertise to minimize construction risk. Their experience helps mitigate construction delays and cost overruns.
• Best Ever ConferenceminorGTM or Marketing PartnerBen Lapidus, CEO and Co-founder, is associated with Best Ever Conference, the premier trade group for alternative asset syndication. This connection provides networking and industry visibility.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Concreit: Real estate investment app offering fractional ownership of commercial properties with low minimums. Comparable on direct-to-consumer digital GTM and accredited-investor focus, though more diversified across property types.
• Roofstock: Online marketplace for single-family rental investment with accredited-investor offerings. Comparable on the tech-enabled GTM motion for accredited real estate investors and the focus on alternative real estate as an asset class.
• StorQuest Self Storage: Self-storage operator owned by William Warren Group with a growing portfolio across recreation-heavy markets. Comparable on the storage-asset-class focus and target markets near recreational destinations, though operated as a rental rather than condo-ownership model.

Direct peers

• Spartan Investment Group: Self-storage and alternative real estate syndicator where Playground's CEO Ben Lapidus previously served as CFO and Head of Investments. Operates an almost identical business model — pooling accredited-investor capital into commercial real estate projects with target IRRs — making it the most directly comparable peer.
• CrowdStreet: Online real estate investment marketplace connecting accredited investors with individual commercial real estate sponsors. Closely comparable on GTM motion (online investor qualification, deal-by-deal syndication) and target investor segment.
• RealtyMogul: Real estate crowdfunding platform offering accredited investors access to commercial property investments. Similar Reg D syndication structure, accredited-investor qualification flow, and commercial real estate focus.
• Arrived Homes: Tech-enabled real estate investment platform offering fractional ownership of single-family rental properties to retail and accredited investors. Comparable on direct-to-consumer investor funnel and online deal-by-deal syndication model, though focused on residential rentals.
• Fundrise: Real estate investment platform offering accredited and non-accredited investors access to private commercial real estate deals. Operates a similar direct-to-investor syndication model with a quiz/funnel-based lead capture and online subscription flow targeting high-yield alternative real estate.

Broad incumbents

• Extra Space Storage: Major self-storage REIT with broad national footprint. Comparable as a larger incumbent in an adjacent niche asset class (storage real estate) that Playground's founders know intimately through their Spartan background.
• Public Storage: Largest self-storage REIT in the U.S. While garage condos are a distinct asset class, the customer demographic and use case overlap (vehicle and recreational equipment storage for high-net-worth individuals) makes Public Storage a relevant broad comparable for category dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/playgroundproperties

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Playground Properties