Platform comparison
Real Estate Syndication Platforms and Sponsor Marketplaces Compared
Syndication platforms today
- Real estate sponsor marketplace
- Relli: 5 open offerings from 3 sponsors
- Outside sponsors, one open deal
- RealtyMogul: 1 open offering (Oct 27)
- Operator sponsors most new deals
- EquityMultiple (Larson since Aug 1, 2026)
- Sold only by the sponsor
- Origin, Cardone Capital
- Stopped single deals
- Crowd Street: 10 funds, 0 single deals
- Can't be advertised
- 69.9% of real estate Form D offerings
relli.co, crowdstreet.com and EquityMultiple FAQ checked Nov 2, 2026; RealtyMogul Oct 27, 2026; SEC Form D data Oct 2025 to Sep 2026.
The short answer
The main platforms listing individual real estate syndications are Relli, a real estate sponsor marketplace, and RealtyMogul, which had one open sponsor offering in October 2026. EquityMultiple now lists mostly its operator Larson's own deals, while Crowd Street and Willow Wealth sell mostly funds. Most syndications are for accredited investors, and 69.9% of real estate Form D offerings cannot be advertised at all.
Syndication platforms today
- Real estate sponsor marketplace
- Relli: 5 open offerings from 3 sponsors
- Outside sponsors, one open deal
- RealtyMogul: 1 open offering (Oct 27)
- Operator sponsors most new deals
- EquityMultiple (Larson since Aug 1, 2026)
- Sold only by the sponsor
- Origin, Cardone Capital
- Stopped single deals
- Crowd Street: 10 funds, 0 single deals
- Can't be advertised
- 69.9% of real estate Form D offerings
relli.co, crowdstreet.com and EquityMultiple FAQ checked Nov 2, 2026; RealtyMogul Oct 27, 2026; SEC Form D data Oct 2025 to Sep 2026.
- Few platforms still list many sponsors' deals. On November 2, 2026, Relli had 5 open offerings from 3 independent sponsors; RealtyMogul had 1 open sponsor offering on October 27.
- The big names changed models. Crowd Street listed 10 funds and no single-sponsor deal on November 2, 2026, and Larson has run EquityMultiple since August 1, 2026.
- Most deals are never advertised. 69.9% of 4,172 real estate Form D offerings from October 2025 to September 2026 used Rule 506(b), which bars general solicitation.
- The platform layer can cost $0 or thousands. On $50,000 over five years it runs from $0 on Relli to $2,500 to $5,000 at 1% to 2% a year, before sponsor fees.
In this guide · 10 sections
- What are the main real estate syndication platforms and sponsor marketplaces?
- How does each type of syndication platform work?
- Why do most syndications never appear on a platform?
- What happened to the big syndication marketplaces?
- Which sponsor marketplaces list multifamily or industrial syndications?
- Which syndication platforms have the lowest fees?
- How do distributions work on real estate marketplaces?
- Does a sponsor marketplace's due diligence replace your own?
- What else do investors ask about syndication platforms?
- How did Relli compare syndication platforms?
Short answer
What are the main real estate syndication platforms and sponsor marketplaces?
The main U.S. platforms that list individual real estate syndications are Relli, a real estate sponsor marketplace, and RealtyMogul, which had one open sponsor offering in October 2026. EquityMultiple now lists mostly its operator's own deals. Crowd Street and Willow Wealth, once known for single deals, now sell mostly funds.
A syndication is one sponsor's private deal, usually for one property or a small portfolio. The table shows only platforms that list or have listed those deals. It is grouped by model: first sponsor marketplaces, where independent sponsors list their own offerings; then platforms that sponsor their own single deals; then platforms that sell only funds.
| Platform | Model | Who lists the deals | Who can invest | Minimum | Who pays the platform |
|---|---|---|---|---|---|
| Relli | Real estate sponsor marketplace | Independent sponsors: 3 with 5 open offerings; 14 in its directory | Mostly accredited; the sponsor confirms | From $50,000, set by each sponsor | Sponsors, a listing subscription; $0 to investors |
| RealtyMogul | Marketplace for outside sponsors, plus its own REITs | Outside sponsors: 1 open offering | Accredited, for placements | $35,000 on the open offering | Sponsors pay a platform fee |
| EquityMultiple | Platform whose operator sponsors most new deals | Mostly Larson, its operator | Accredited only | $25,000 standard; $5,000 notes | Investors, through vehicle fees; sponsors and borrowers pay fees too |
| Origin Investments | Single sponsor selling its own deals and funds | Origin itself | Accredited | Typically $100,000 for individual deals | Investors, through Origin's fees |
| Crowd Street | Broker-dealer fund menu; stopped single deals | 8 outside managers, 10 funds, no single deals | Accredited only | Typically from $5,000 | Fund issuers, from a 1.5% to 3.5% sales load |
| Willow Wealth | Own deal funds plus outside managers' funds | Willow, through its own deal funds, plus some outside managers' funds | Accredited, for primary offerings | About $10,000 | Investors, placement fee up to about 4% plus fund fees |
Five models
How does each type of syndication platform work?
Syndication platforms work in five different ways, and the model decides who picks the deal and who you invest with. One of the five, going direct or through a club, is not a platform at all.
- Real estate sponsor marketplace. Independent sponsors list their own offerings, and you choose among them. You invest with the sponsor under its documents. Relli works this way, and RealtyMogul's placements did too.
- Platform as sponsor. The company that runs the site also sponsors the deals. Origin and Cardone Capital sell only their own, and EquityMultiple's FAQ says most new offerings will come from Larson, its operator.
- Fund menu. The platform sells pooled funds instead of single deals. Crowd Street made this switch after its 2025 rename, and Willow Wealth sells mostly its own deal funds plus outside managers' funds.
- Crowdfunding portal. Issuers raise under Regulation Crowdfunding through a FINRA member portal, open to anyone within yearly limits. FINRA listed 73 funding portals on October 13, 2026.
- Going direct or through a club. You invest with a sponsor you know or found, often through an investor club. Most deals reach investors this way.
The guide to what a real estate sponsor marketplace is explains the first model in depth. For networking, conferences and other channels, see where to find real estate syndication deals.
Why do most syndications never appear on a platform?
Most syndications never appear on a platform because they cannot be advertised. Of 4,172 real estate offerings that filed a Form D from October 2025 to September 2026, 69.9% used Rule 506(b), which bars general solicitation. Only 29.3% used Rule 506(c), which allows ads but requires verified accredited buyers. That split is from Relli's Form D data study.
What changed
What happened to the big syndication marketplaces?
Most of the large platforms that once listed many sponsors' deals have changed models since 2024. The dated record:
- January 23, 2024: Yieldstreet completed its purchase of Cadre. Yieldstreet renamed itself Willow Wealth in late 2025, and cadre.com now sends new investors there.
- May 29, 2025: CrowdStreet renamed itself Crowd Street. On November 2, 2026, its offerings page listed 10 funds and REITs and no single-sponsor deal.
- July 11, 2025: RealtyMogul's broker-dealer filed to withdraw. A Wideman Company entity took over its parent on November 6, 2025.
- August 1, 2026: Larson Capital Management began operating EquityMultiple under a license. Equity Multiple, Inc. says it was not sold.
Existing investments on each platform keep their own documents. What narrowed is the choice of independent sponsors for new money. The CrowdStreet alternatives and EquityMultiple alternatives guides cover each change.
Property types
Which sponsor marketplaces list multifamily or industrial syndications?
Relli listed multifamily offerings from independent sponsors on November 2, 2026. Its open offerings included a multifamily portfolio and a residential fund, plus a shopping center, a diversified fund and an income fund. Origin and Cardone Capital also sell apartment deals, but only their own.
For industrial and logistics, RealtyMogul's one open offering on October 27, 2026, was a flex industrial property. Relli had no open industrial property on November 2, 2026, though one open diversified fund targets industrial among other types. The guides to multifamily and industrial real estate cover what to check in each.
Investors in Texas, California or elsewhere can usually invest in any state's deals. Most syndications are passive, so the deal's market matters more than the sponsor's office.
Fees and payouts
Which syndication platforms have the lowest fees?
The platform layer is lowest where sponsors pay the platform, as on Relli, where investors pay $0 to Relli today. Every syndication still carries the sponsor's own fees, such as acquisition and asset management fees and a promote. Those often cost more than the platform layer.
Worked example
You invest $50,000 and hold for five years. Only the platform layer is counted, at published rates.
| Platform model | Platform cost | Five-year total |
|---|---|---|
| Sponsor subscription (Relli) | $0 to Relli | $0 |
| Sales load (Crowd Street, 1.5% to 3.5%) | $750 to $1,750 once | $750 to $1,750 |
| Vehicle fee (older EquityMultiple deals, 1% to 2% a year) | $500 to $1,000 a year | $2,500 to $5,000 |
The platform layer alone runs from $0 to $5,000 on $50,000 over five years. Add each sponsor's or fund's own fees before you compare.
The guide to sponsor fees and the promote explains the deal-level layer.
How do distributions work on real estate marketplaces?
On a real estate sponsor marketplace, the sponsor pays distributions, sends updates and issues K-1 tax forms. Payments follow the deal's operating agreement, often quarterly. They come from cash flow, so they can shrink or pause, and a preferred return is not a guarantee. The K-1 guide covers the tax side.
Due diligence
Does a sponsor marketplace's due diligence replace your own?
No platform review replaces your own due diligence. The Nightingale case shows why. On February 21, 2025, the SEC charged Nightingale Properties and its CEO with defrauding at least 700 investors of more than $52 million. Its offerings had been sold on CrowdStreet, and the SEC did not charge CrowdStreet.
Ask each platform what it checks, in writing, and whether it turns sponsors down. Relli reviews and underwrites every sponsor before it lists, and some do not pass. Then run the free public-record checks in how to vet a real estate sponsor and read the deal with how to evaluate a syndication.
Common questions
What else do investors ask about syndication platforms?
Which syndication platforms have the lowest minimums?
Among the platforms here, EquityMultiple's standard minimum is $25,000 and RealtyMogul's open offering $35,000. Relli's open offerings start at $50,000, set by each sponsor. See platform minimums compared.
Do any syndication platforms have a secondary market?
None of the platforms here runs a resale market for syndications. You usually hold until the sponsor sells. See selling private real estate early.
Can you use IRA money on these syndication platforms?
EquityMultiple accepts several self-directed IRA custodians, and many sponsors on Relli accept self-directed IRAs. See IRAs and private real estate.
Can you compare syndication platforms by returns?
Not fairly. Platform-wide figures mix deals, years and fees, and unsold deals use estimates. Ask each sponsor for realized, net results by deal, including losses.
Are syndication platforms good for beginners?
They ask more of you than a fund: reading documents, judging a sponsor and locking money up for years. Start with how syndications work.
How do the broader platforms compare?
For fund platforms and other accredited options, see private real estate investing platforms compared.
Six checks
How did Relli compare syndication platforms?
Relli checked each platform on November 2, 2026, against six questions: the model, independent sponsors with open deals, who can invest, the minimum, who pays the platform and how you get out. RealtyMogul's listings are from a browser check on October 27, 2026, because its page did not load for automated checks.
We used each platform's own pages first, then its SEC and FINRA records (Form CRS, Form ADV, BrokerCheck and EDGAR) and the SEC's Form D data.
- No platform paid to be included or reviewed this page.
- Platforms are grouped by model (sponsor marketplaces, then platforms that sponsor their own deals, then fund menus), not scored or ranked.
- Relli is included with the same facts and its limits, because it is a real option for some readers. You should also know who wrote the page.
Sources
- Sponsors directory, Relli (accessed Nov 2, 2026)
- Investments (open and funded offerings), Relli (accessed Nov 2, 2026)
- Pricing, Relli (accessed Nov 2, 2026)
- Investment opportunities, RealtyMogul (accessed Oct 27, 2026 (browser check))
- Frequently asked questions (sponsor platform fee), RealtyMogul (accessed Oct 27, 2026)
- BrokerCheck: RM Securities, LLC (CRD 323671), FINRA (accessed Oct 27, 2026)
- The Wideman Company acquires RealtyMogul, RealtyMogul (Nov 10, 2025)
- EquityMultiple FAQ (Larson license, minimums, IRAs), EquityMultiple (accessed Nov 2, 2026)
- EM Advisor, LLC Form ADV Part 2A brochure, EM Advisor, LLC (filed with the SEC) (Mar 31, 2026)
- EquityMultiple and Larson Financial Holdings announce platform license, Newswire (Sep 17, 2026)
- Crowd Street offerings, Crowd Street (accessed Nov 2, 2026)
- Crowd Street Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- Crowd Street launches new brand for private market investors, Crowd Street (May 29, 2025)
- Willow Asset Management and Willow Wealth Markets, Form CRS (client relationship summary), SEC Investment Adviser Public Disclosure (effective May 8, 2026)
- Yieldstreet completes acquisition of Cadre, Cooley (Jan 23, 2024)
- Individual deals, Origin Investments (accessed Oct 27, 2026)
- Cardone Capital home page, Cardone Capital (accessed Oct 27, 2026)
- Funding Portals We Regulate, FINRA (page updated Oct 13, 2026)
- 17 CFR 230.506, Rule 506(b) and 506(c), eCFR (accessed Nov 2, 2026)
- Form D data sets, SEC Division of Economic and Risk Analysis (period Oct 1, 2025 to Sep 30, 2026 | pulled Oct 20, 2026)
- SEC charges Nightingale Properties and its CEO (Litigation Release 26254), U.S. Securities and Exchange Commission (Feb 21, 2025)
