Pranay Parikh
Pranay Parikh has been a guest on Collecting Keys, the real estate investing podcast hosted by Mike DeHaan, Dan Austin and Dylan Koch.
Buying 200M Worth of Real Estate in 16 Months with Pranay Parikh
Dr. Pranay Parikh explains how his group, Ascent Equity Group, placed roughly $200 million into commercial real estate in 16 months by acting as the JV equity partner on multifamily deals sourced by experienced operators. He walks through how JV equity differs from syndication, why California securities rules pushed him away from fund-of-funds structures, and the difference between 506(b) and 506(c) offerings. He also covers vetting operators, building an in-house asset management team, and raising money from an audience of physicians.
Key takeaways
- Pranay's group brings nearly all the equity in a deal (checks of $8–15 million) through joint ventures with major decision rights, rather than selling securities to investors — a structure chosen partly because California's securities regulators are stricter than the federal SEC.
- Fund-of-funds raises are generally off-limits in California unless you're a broker dealer, so beginners should start small — joint ventures on $2–5 million properties — and get the legal framework right before problems arise.
- 506(c) allows open advertising but limits you to accredited investors verified by a third party; 506(b) allows up to 35 sophisticated investors with a preexisting relationship but no advertising. 506(c) paperwork costs roughly $10–20K more.
- Before underwriting deals, they vet the operator: visiting current properties, walking them, and reviewing actual books — not just historical track records. Because of their check size, operators open the books.