Coastal lots. Custom builds.
Capital discipline.
A focused sponsor platform for coastal custom spec residential. The model: acquire teardown lots in Boca, Lantana, and the Palm Beach corridor, build and sell high-end custom homes. Two to four deals a year. Two to four capital partners. GP co-invest. Deal one currently in diligence.
The platform, at a glance.
Coastal lots, finished beautifully.
Lot 29 Capital is built to sponsor ground-up custom spec residential at the $5–$12M finished tier. The mandate: distressed coastal teardown lots acquired at the right basis, custom homes built with a credentialed operator, listed at the finished-tier market premium. The first project is in diligence now.
Where the math works.
The platform is anchored in South Florida submarkets where pricing power is structural, comparable-sale density is high, and the build operator has direct execution credibility. Additional submarkets are evaluated opportunistically when sourcing produces the right basis.
Boca Raton
Northeast canal-lot tier. Lake Rogers, Caribbean Keys, Boca Keys.
The active project in diligence is a 10,019 sf canal lot in Caribbean Keys with deepwater access toward the Intracoastal. The economics are anchored to the closed sale at 772 Gloucester Street (Villa Mariner) in adjacent Boca Keys: $6.55M closed June 2025 at $1,273/sf on 5,145 sf of new construction. Original land basis $1.725M in March 2022, near-identical to the subject acquisition target. The closed comp validates the playbook in this exact submarket.
Read the full deal briefLantana / Hypoluxo Island
Premium tier. Gated waterfront. The credibility submarket.
The build operator's recent execution at 5 Barefoot Lane on Hypoluxo Island demonstrates capability at the top of South Florida custom spec: 6,511 sf, 85 LF deepwater, $13.5M list, $2,073/sf. Lot 29 sources actively in this corridor at the lower end of the same tier, where the operator's vendor network and permitting fluency translate directly to execution speed.
The gap between family office and platform.
Custom spec residential at the $5–$12M finished tier in coastal South Florida is structurally underserved by capital. Platform-level institutional capital prefers $50M+ deal sizes; the operating overhead does not scale down. Single-asset family offices typically execute one trophy build at a time, on personal terms, without programmatic structure. The middle, where this asset class lives, is funded almost entirely by individual high-net-worth principals working through private partnerships.
That funding gap creates pricing power. Sellers of teardown candidates expect dirt value; buyers of finished product pay for new construction at a premium that has held through multiple rate cycles. The arbitrage is real and persistent. What it requires is a sponsor with the capital structuring discipline to translate the opportunity into something institutional capital can underwrite, paired with build execution credentialed at the finished tier.
Lot 29 Capital is built as the productized expression of that gap. Small by design. Two to four deals per year, two to four programmatic capital partners, honest underwriting, conservative carry, downside-first. The platform is launching now with the first project in diligence; the structure, the operator, and the partner model are in place to compound from here.
Most spec deals get sold on the upside. We underwrite the downside first.
A sponsor and a builder, each with depth.
Capital structurer turned operator. Has structured over $1B in capital across multiple sponsors and asset classes spanning residential, multifamily, land, and alternative real estate. Holds LP positions across the same asset class spectrum. Series 65 and Series 63 licensed. Lot 29 Capital is the focused vehicle for sponsoring directly. The thesis comes from years of structuring, underwriting, and reviewing other people's deals, then identifying a tier where the right basis, the right build operator, and the right capital structure produce repeatable economics. Boca Raton-based. Sources, structures, and manages every Lot 29 deal, supported by internal teams across sourcing, underwriting, and capital operations.
Boca Raton-based custom builder. Florida Certified Building Contractor with recent execution at the highest tier of South Florida custom spec. Operates a full construction team including project managers, site supervisors, and an established roster of trade partners across the South Florida coastal corridor.
Recent execution at the highest tier.
5 Barefoot Lane,
Hypoluxo Island
Custom estate at the top of the South Florida coastal custom market. 5BR / 7.5BA, 6,511 sf, 85 LF of deepwater frontage on a gated four-home street between Manalapan and Palm Beach. Three levels, elevator, infinity spa, full smart-home integration, 75-foot vessel dock. Listed at $13.5M, $2,073/sf. Referenced here to demonstrate the build operator’s execution capability at the highest finish tier in this geography. Lot 29 Capital’s product is positioned across the $5–$12M finished band, built to the same construction standards and finish quality.
860 Gloucester Street,
Boca Raton
Custom new construction in the Boca Keys submarket. A demonstration of finish-tier craftsmanship in the same canal-lot category Lot 29 Capital sources in. Same construction standards, same vendor network, same finish-quality as Lot 29 deals will be delivered to.
Three steps, repeatable.
Off-market & underpriced lots.
Acquire teardown candidates on canal frontage at prices reflecting raw dirt value. Edge comes from local sourcing channels, broker relationships, and willingness to walk the lot before competing buyers see the listing.
Spec to the comp set.
Demolish existing structure. Build to the finish tier the recent comp set commands. Sixteen-month construction target. Disciplined hard-cost contingency, defined budget variance thresholds, joint approval on scope changes above limit.
Spec sale at completion.
List at completion. Operating reserve funds extended carry without capital call. Eighteen to twenty-two month total hold from acquisition to wire. Distribution waterfall pays LP capital and pref before any GP promote.
Skin in, pref first, promote last.
Every Lot 29 deal will close as a standalone LLC with its own PPM and subscription documents. Capital partners participate deal-by-deal. The terms below outline the baseline deal structure the platform is built around; specific terms are confirmed at the deal level. Alignment is structural, built into the waterfall and the GP co-investment.
Distribution waterfall.
How proceeds flow at exit, in order. GP capital is treated pari passu with LP capital through the pref. Promote applies only to profit above the 8% pref.
Institutional structure, institutional reporting.
Always in the know. Consistent updates, transparent reporting, open lines between deals.
Lot 29 capital partners will get access to a dedicated investor portal from day one. Real-time visibility into every position, every document, every distribution. The same operational transparency that platform-level institutional capital expects, on a check size most family offices accept on a handshake.
Live position tracking.
Every deal you're invested in, with construction progress, projected timeline, and projected IRR updated as the project advances. Status badges flag where each position is in the lifecycle: acquisition, construction, listed, closed.
Document vault.
PPMs, subscription agreements, K-1s, monthly construction reports, capital call notices, and distribution notices. All organized by deal, dated, downloadable. Audit trail of every document you've ever signed or received.
Distribution history.
Every distribution you've received, when it was wired, against which deal, and what it represents (preferred return, return of capital, profit distribution). Cumulative across positions, exportable for tax preparation.
Pipeline visibility.
Upcoming Lot 29 deals you'll get first look at, their stage of diligence, and the expected commitment window. The platform relationship is built to stay live between deals, not just during active raises.
The partner proposition.
Capital Partner Slots
Lot 29 Capital is aligning with two to four capital partners for a programmatic relationship across the platform's deal pipeline. Each project remains its own LLC with deal-by-deal participation. The partner relationship is committed at the platform level. The number is intentionally small. Fewer partners means deeper trust, faster decisions, and tighter alignment on every deal underwritten.
First look at every deal.
Deal flow is shown to platform partners before it's shopped to broader capital. You see basis assumptions, comp work, and underwriting alongside us, with time to ask questions before commitment is structured.
Sponsor capital alongside yours.
5–10% GP co-investment per deal, pari passu with LP capital through the pref. Sponsor takes losses before any LP capital is at risk if a deal underperforms. Alignment is structural, not just promised.
Institutional structure on boutique deals.
Each deal closes with a counsel-reviewed PPM, subscription documents, K-1 reporting, and proper fund administration. You get $50M+ platform-quality structure on a $500K–$1.5M check size where most family offices accept handshake terms.
Honest underwriting, downside-first.
Every deal package includes a stress-tested realistic case alongside the base. We tell you what could go wrong before you ask. The deals we walk away from outnumber the ones we bring you, and we'll show you the work behind both.
A 30-minute conversation, then the active project.
An active project is in diligence now: a canal lot in the Lake Rogers / Caribbean Keys submarket, with the underwriting framework above. Detailed deal-specific summary available to interested partners after an initial call. Subscription documents will follow once the project is under contract and the offering is structured by counsel.