San Antonio multifamily syndicator founded by Jacob and Arleen Garza in 2012, managing every property it owns through its own company. 24 properties and roughly 4,175 units across the Texas Triangle, with twelve exits published deal by deal.
Rule 506(b) · $50K–$75K · non-accredited acceptedForm D
Caveat20 of 27 SEC-filed offerings report accepting non-accredited investors, legal under Rule 506(b), and unusual at this scalejump ↓
CREsponsor scorecard
A standardized public-record assessment. Select any scored lens or profile factor to inspect the cited evidence.
Geographic concentration
01
Texas Triangle · 3 metros
Profile factor
Twenty-four properties in exactly three cities: Houston (11), San Antonio (10) and Austin (2). The tightest footprint in this directory, and deliberately so: the in-house manager only reaches where the assets cluster.
Awards
02
68/100
Documented
NAA named REEP Residential a 2026 Top Employer (verified on the association's own winners list), atop seven straight San Antonio Business Journal Fast Track awards. All employer and growth, none deal-performance.
Online reputation
03
62/100
Mixed
Residents rate 3.67/5 across 1,461 Google reviews at six of 24 held communities: the mid-3s base rate for Class B and C value-add, no better and no worse. No LP-side review corpus exists at all.
Team expertise
04
76/100
Established
Fourteen years of continuous Form D signatures from the same two founders, an in-house manager built in 2017, 136 employees. Against it: family in several senior seats and no institutional counterparty.
Risk screen
05
58/100
Monitor findings
No enforcement or distress, and the one federal suit had REEP as plaintiff against its insurer. The finding is structural: 20 of 27 filed offerings accept non-accredited investors, and Form Ds go unamended.
Differentiator
06
Owns the manager, says so first
Profile factor
REEP Residential, built in 2017, runs every property with 136 staff, and it is the firm's lead marketing claim, not a footnote. It is also the reason a 3%-IRR deal appears on its own track-record page.
Sources of capital
07
Retail, incl. non-accredited
Profile factor
Deal-by-deal Rule 506(b) raises at $50K–$75K minimums, 9 to 83 investors each, and no fund-of-funds layer by design. No pension, insurer, endowment or sovereign appears anywhere in the record.
Scores are CREsponsor editorial assessments of the cited public record, not ratings by any regulator. Methodology · Report a correction.
Profile factor
Track record and realized returns
Track recordPublished, including a loser
REEP publishes per-deal realized returns with dates, and includes an unflattering result. That is unusual enough to be the headline of this section, but the figures remain self-reported and unaudited.
Most syndicators publish their winners. REEP’s historical-performance page lists twelve full-cycle deals with acquisition dates, sale dates, units, asset class and, for most, a named IRR, and one of those numbers is 3%.
That matters more than the average it drags down. Aspen Chase, a 143-unit Class C community bought in December 2014 and sold in September 2016, returned a 3% IRR and a 95% total return: a deal that roughly returned capital and little else. A sponsor willing to leave that on its own marketing page is making a verifiable claim about its disclosure practice, and it is the single strongest signal on this profile.
12Full-cycle exitsNov 2014 – Dec 2025
2.04xAvg equity multipleper sponsor, unaudited
23% / 30%Avg IRR / AARper sponsor, unaudited
2Exits after 2022Aug 2024 and Dec 2025
Named realized outcomes: LP IRR as published
Alegre Apartments San Antonio · 24 units · Class C · Apr 2012 → Nov 201458% ·
Coral Gables Apartments San Antonio · 28 units · Class C · Nov 2013 → Nov 201639% ·
Darby Square San Antonio · 77 units · Class C · Feb 2015 → Sep 201737% ·
Ridge at Southcross San Antonio · 212 units · Class B · Oct 2016 → Aug 202237% ·
Candleridge Park Houston · 128 units · Class B · Aug 2019 → Aug 202430% ·
Aragon Place San Antonio · 216 units · Class B · Jan 2016 → Oct 201920% ·
Astoria Apartment Homes San Antonio · 88 units · Class C · Jul 2014 → May 201915% ·
Aspen Chase Apartments San Antonio · 143 units · Class C · Dec 2014 → Sep 20163% ·
Eight of the twelve published exits with a stated IRR, exactly as the sponsor reports them: self-reported and unaudited, with no third-party performance audit available. Bars show IRR. Four further exits (Knoll Crest, Stratton Park, Parc 410, Atrium Commons) are published with dates and, in two cases, total returns but no IRR. reepequity.com historical performance
Two things an allocator should press on. First, Knoll Crest: 264 units in San Antonio, bought June 2018 and sold December 2025, is a 7.5-year hold against the firm’s stated 32-month average, and it is the only one of the twelve with no return figure of any kind published beside it. A hold nearly three times the plan with no disclosed outcome is the deal to ask about. Second, the four exits without a published IRR (Knoll Crest, Stratton Park, Parc 410, Atrium Commons) between them cover 991 units (more than a third of the realized unit count), so the advertised 23% average rests on the eight deals where a number is shown.
What the SEC record adds, and where it stops. REEP files a Form D at launch and rarely amends it: of 27 vehicles, 19 report $0 sold against a stated offering ceiling, so the filings capture what REEP set out to raise rather than what it raised. Where amendments or later filings do exist, they are informative: 1800 St Joseph raised $10.09 million from 83 investors against an $11 million offering, and REEP Income Debt Fund II had raised $12.28 million from 25 investors by April 2026 against a $20 million ceiling.
Profile factor
Geographic footprint
Geographic concentrationTexas Triangle · 3 metros
Metro counts from the sponsor's portfolio page, cross-checked against the street addresses that name each SEC-filed vehicle.
REEP operates in three cities and no others. Its portfolio page splits 24 properties as Houston 11 (2,049 units), San Antonio 10 (1,801 units) and Austin 2 (210 units), and the SEC filings corroborate it: every vehicle is named for a street address in one of those three metros, from 7220 Marbach in San Antonio to 16339 Stuebner Airline in Spring and 2727 Elmside in Houston.
This is the tightest footprint of any sponsor profiled here, and the reason is structural rather than timid: an in-house management company with 136 employees only pays for itself where a regional manager can cover several assets in a morning’s drive. San Antonio was the whole business until roughly 2019; Houston has since overtaken it on property count.
The honest cost of that density is that REEP has no diversification at all against a Texas-specific shock, and its two Austin assets sit in the metro that saw the sharpest rent declines in the country over 2023–2025.
Current portfolio as reported on the sponsor's portfolio page (2026-07-26); the same page's headline says 24 properties and ~4,175 units while the metro breakdown totals 23 and 4,060: a small unreconciled difference. Every SEC-filed vehicle is named for a street address in one of these three metros. reepequity.com/portfolio
Scored on public track record: the depth of verifiable history for each seat. Continuous Form D signatures count; family concentration in senior seats and the absence of any institutional counterparty are the deductions.
Behind the 68/100: the founders’ tenure is genuinely documented, Jacob and Arleen Garza have signed every one of 27 Form D filings since 2016, with no principal turnover across fourteen years and two full market cycles, and they built a 136-person operating company rather than outsourcing. What holds the score in the 60s is twofold. Several senior seats are family: Jack Garza runs REEP Development, Victoria Garza-Fraser directs acquisitions and capital events, Vanessa Garza handles brand engagement, which is common in a founder-led firm but concentrates succession and governance risk in one household. And no institution has ever underwritten this team: there is no pension, insurer or REIT counterparty whose diligence an allocator can lean on.
The team page lists fifteen further staff on the equity side, including Blake Davis (Director of Acquisitions), Jack Folden (Strategic Partnerships and Investor Relations), Heather Contreras (Transaction Manager) and two analysts, plus twelve REEP Residential leaders under Senior Vice President Debbie Wiatrek. Two earlier Form D filings also named outside co-sponsors on individual deals: Michael and Samantha Guthrie on 9205 FM78, 1800 St Joseph and REEP2Prop, and Kris Martinez on the 2017–2018 SA2PROP and Alamo2Prop vehicles.
Public-record assessment
Risk screen
Editorial score58/100
Screens run 2026-07-26 against SEC EFTS and enforcement, IAPD, CourtListener federal dockets, per-executive lookups and a distress sweep. Same-name matches without linking identifiers are treated as different people and kept off this page.
Behind the 58/100: nothing here is misconduct. REEP screens clean on enforcement and adverse litigation: the one federal case it appears in, it filed itself against an insurer. Distress is untested rather than clean, because the county foreclosure screen has not run. The score sits below the peers because of three disclosure and structure findings that each raise the amount an allocator has to take on trust.
Clear SEC enforcement EDGAR full-text search returns nothing for the REEP Equity or REEP Residential brand strings, because the vehicles file under the founders' names: Jacob Garza returns 29 filings and Arleen Garza 22, all Form D or D/A. No enforcement matter. Control: the same unfiltered query returns 10,000+ on a common term. EDGAR full-text search
Finding Non-accredited investor acceptance 20 of 27 filed offerings report accepting non-accredited investors. This is permitted under Rule 506(b) but triggers heightened Rule 502(b) disclosure duties, and no other sponsor in this directory does it across a whole programme. Form D filings
Finding Form D amendment practice 19 of 27 vehicles report $0 sold against a stated ceiling and were never amended, so the public filings show fundraising intent rather than outcome. Raise sizes and investor counts for most deals are therefore not verifiable. Form D filings
Finding Adviser registration / Form ADV No IAPD record. REEP is neither a registered nor a reporting adviser, so there is no Item 11 disclosure duty and no published fee schedule: material given that an affiliate manages every property. Control (2026-07-29): the same IAPD endpoint returns Cortland Investment Management (299369), so this zero is proven, not an empty index. IAPD search
Clear Federal civil + bankruptcy dockets One case names the firm and REEP is the plaintiff: Reep Equity, LLC v. Ategrity Specialty Insurance Co. (W.D. Tex. 5:23-cv-01375), an insurance-coverage action filed 2023-10-30 and terminated 2025-06-20. No case names REEP as a defendant; no bankruptcy or receivership. CourtListener
Clear Per-executive enforcement + docket Arleen Garza returns zero federal matches. Consumer bankruptcy filings by individuals named Jacob Garza appear in Colorado, Arkansas, California and North Texas; none carries a linking identifier to REEP's founder, and they are treated as different people. CourtListener
Clear Foreclosure (county records) Bexar, Travis and Harris are all clean against controls, Harris via the SPE route, covering the counties this book touches. Texas is non-judicial, meaning a trustee's sale is recorded at the county and creates no docket, so neither a docket search nor the sponsor's own performance page (previously cited here) could ever clear it. What is on the record: two dispositions completed after the rate cycle turned (Aug 2024, Dec 2025, per sponsor). Bexar County Clerk foreclosure map
Finding Undisclosed outcome on a long hold Knoll Crest was held 7.5 years against a stated 32-month average and is the only published exit with no return figure shown. Not adverse on its face, but it is the one gap in an otherwise complete self-reported record. historical performance
Screens as of 2026-07-26.
Why the non-accredited flag is the item worth reading twice. Rule 506(b) lets an issuer sell to up to 35 non-accredited purchasers per offering, but only if it delivers the substantial disclosure package Rule 502(b) requires: including, for offerings above certain sizes, audited financial statements. REEP checked that box on twenty separate offerings, which is not evidence of any problem; it is a statement that a portion of its investor base did not have to meet an income or net-worth test. For an allocator, the practical questions are what disclosure package accompanied those PPMs and whether the suitability process was documented. Neither is publicly answerable, and the absence of a Form ADV means no regulator reviews it either.
Public-record assessment
Awards and designations
Editorial score68/100
Each recognition traced to its granting body. Employer and growth awards are credited as what they are: evidence about the workplace and the revenue line, not about investor outcomes.
Behind the 68/100: REEP’s recognition record is regional but unusually persistent (seven consecutive years on one growth list and multiple years on a workplace list), and the most recent item is verified on the granting association’s own site. What caps it is category: every award is employer-side or growth-side, and none evaluates a deal or a return.
Independently verifiedNAA Top EmployerNational Apartment Association · 2026 · REEP Residential
REEP Residential appears on the National Apartment Association's own published 2026 Top Employers winners list: verified at the granting body rather than taken from the sponsor's press release. NAA's programme is survey-based and evaluates the workplace, so it speaks to whether the in-house management company can retain the site staff the strategy depends on, not to investor returns.
Per sponsorSan Antonio Business Journal Fast Track AwardSan Antonio Business Journal · seven consecutive years
A regional fastest-growing-company list, won seven years running per REEP's own announcement. Consistency across seven cycles is the meaningful part: a single Fast Track placement is easy, seven is a growth record. It measures revenue growth at the sponsor, not deal performance.
Per sponsorSan Antonio Express-News Top WorkplacesSan Antonio Express-News · 2023 · small-business category · third consecutive year by 2024
Employee-survey-based regional workplace recognition covering REEP Residential and its parent, awarded in the small-business category. Repeated across three years, which for a firm whose differentiator is in-house staffing is directly on point.
Resident sentiment weighted most, sampled by mapping SEC-filed street addresses to each property's current Google listing so every community checked is provably REEP's.
Behind the 62/100: at 3.67/5 across 1,461 reviews, REEP’s residents rate it right at the base rate for Class B and C value-add portfolios, no better, no worse. For a firm whose entire pitch is that owning the manager produces better operations, a base-rate resident score is the honest counterweight, and it is what keeps this lens below the differentiator’s promise.
LP reviews No profile found No verified limited-partner review corpus exists for REEP (checked 2026-07-26)
Each community below was located by taking the street address that names its SEC-filed vehicle and finding the property’s current Google listing, so the sample is provably REEP’s rather than name-matched.
All 6 sampled held communities, Google rating (review count) →
Two realized assets were also checked for context: Knoll Crest in San Antonio, sold December 2025, reads 3.3 across 366 reviews, and Stratton Park, sold February 2024, reads 3.8 across 170. There is no employee-review or LP-review corpus for REEP beyond the NAA employer recognition: the absence of any public limited-partner review is itself notable for a sponsor with 27 offerings and, at minimum, several hundred investors.
Profile factor
The REEP Residential model
DifferentiatorOwns the manager, says so first
Vertical integration only earns a card where the public record shows it operating at scale. Here the operating company has its own verified employer recognition, which is about as close as a private manager gets to third-party confirmation.
REEP leads its homepage with a sentence most sponsors bury: “Most sponsors outsource property management. We own it.” The claim is unusually testable.
REEP Residential was built in 2017, five years into the firm’s life, and now carries the bulk of a 136-person headcount (per the founder’s bio) across a portfolio of roughly 4,175 units, about one employee for every 31 units, which is a real operating company rather than an asset-management shell. And it has the one form of external validation available to a private manager: the National Apartment Association listed REEP Residential as a 2026 Top Employer on its own winners page, a survey-based award that measures whether site staff stay.
Why it matters to an allocator. In Class B and C value-add, the return does not come from the purchase price; it comes from turning units on schedule, holding occupancy through construction and collecting the post-renovation rent. All three are execution, and all three are the manager’s job. When the manager is a third party paid a percentage of collections, its incentive is to keep units full at whatever rent clears, not to hold a unit vacant for the renovation that raises its rent. Owning the manager removes that conflict, and it is the mechanism behind results like Astoria’s occupancy going from 36% to 92%.
The resident score is the base rate, not the outperformance promised. The resident score is 3.67/5: the ordinary base rate, not the outperformance the model promises. And integration means the management fee, any construction markup and the occupancy reports all originate inside one house with one economic interest; none of those affiliate fees is disclosed publicly, and because REEP files no Form ADV, no regulator reviews them either. That is the real cost of the model here, and it is why the fee questions in Sources of capital are the ones to take to the GP.
Recent activity
2026-04Positive
Named a 2026 NAA Top Employer
Neutral
REEP Residential appears on the National Apartment Association's published winners list: the only externally verified recognition in the firm's profile.
A Form D amendment shows $12,275,000 sold from 25 investors against a $20 million offering, at a $50,000 minimum: one of only a handful of REEP vehicles whose actual raise is on the public record.
The 264-unit San Antonio community, bought in June 2018, is the firm's most recent exit and the only one of twelve published without a return figure beside it.
A $16 million pooled equity fund and an $8 million single-asset vehicle, both at $75,000 minimums and both reporting non-accredited investor acceptance.
Sold Candleridge Park in Houston at a reported 30% IRR
Divestment
A 128-unit Class B asset bought in August 2019, exited five years later: the firm's first disposition after the rate cycle turned, and the stronger of its two post-2022 exits.
Investor counts, minimums and accreditation flags read directly from each vehicle's Form D. Institutional screens run against US public pensions, the Canadian Maple 8, Australian supers, UK schemes and sovereign wealth funds.
REEP raises from individuals directly, one deal at a time, and sells the absence of an aggregator as a feature (“no outside fund-of-funds layer between you and your investment”), which the filings corroborate. No institutional limited partner appears anywhere, unlike Knightvest Capital and CAF Capital Partners: screens against US public pensions, the Canadian Maple 8, Australian supers, UK schemes and sovereign wealth funds all returned nothing as of 2026-07-26, minimums are $50,000 to $75,000, and fees, promote and waterfall are not public, which matters more than usual given REEP Residential manages every asset.
How REEP Equity compares
Disrupt Equity: the closest peer: a Texas husband-and-wife-scale syndicator with an in-house manager and a published track record. The difference is disclosure discipline: REEP publishes a 3% IRR and two post-2022 exits; Disrupt’s published exits all predate 2022.
Knightvest Capital: the same strategy and the same in-house-management logic at eight times the scale, with institutional joint-venture partners REEP does not have.
Nitya Capital: the San Antonio and Houston counter-case for what floating-rate leverage did to the same asset class.
REEP says on its own site that it has transacted on $770-plus million and 6,079-plus units across San Antonio, Houston and Austin since 2012, and that its current portfolio is 24 properties and roughly 4,175 units valued near $593 million. It also publishes twelve full-cycle exits averaging a 2.04x equity multiple, 23% IRR and 30% average annual return over an average 32-month hold. All of those figures are self-reported and unaudited by any third party CREsponsor could verify, though the per-deal detail behind them is unusually complete for a sponsor this size.
Who founded REEP Equity and who runs it?
Jacob Garza and Arleen Garza, who founded the firm in 2012 and have signed every SEC Form D it has filed since 2016. Jacob leads growth and operations across both divisions; Arleen is described as the primary decision-maker on acquisitions and growth strategy. Jason Martinez is VP of Acquisitions and Asset Management and Kimberly Dziuk is VP of Accounting and Finance.
Where is REEP Equity headquartered?
San Antonio, Texas. Every Form D since 2016 has been filed from a San Antonio address: earlier ones from 14439 Northwest Military Highway and 8207 Callaghan Road, more recent ones care of the filing agent Wurzbach Advisors, LLC.
What is REEP Equity's investment strategy?
Buying Class B and C apartment communities in the Texas Triangle (San Antonio, Houston and Austin), renovating them and managing them through REEP Residential, its own management company, rather than a third party. Deals are syndicated one property at a time through single-purpose LLCs named after the property's street address, alongside a small number of pooled vehicles including two income debt funds and a strategic equity fund.
Who are REEP Equity's investors?
Individual investors, raised directly. Form D filings show 9 to 83 investors per deal at filed minimums of $50,000 to $75,000, and 20 of the 27 vehicles report accepting non-accredited investors: permitted under Rule 506(b) but rare among sponsors of this size and a materially different disclosure posture. No pension fund, insurer, endowment or sovereign wealth fund appears anywhere in the public record, and REEP states plainly that it uses no outside fund-of-funds layer.
What is the minimum investment with REEP Equity?
Filed minimums are $50,000 on the earliest deal (7220 Marbach, 2016) and on the two REEP Income Debt Funds and the 36 BTR vehicle, and $75,000 on essentially everything else, per each vehicle's SEC Form D.
What are REEP Equity's fees and carried interest?
Not public. REEP is not an SEC-registered or reporting investment adviser (no IAPD record exists), so it files no Form ADV and publishes no fee brochure. Because REEP Residential manages the properties, the fee questions worth asking are specifically about affiliate compensation: the property-management fee, construction-management markup and any acquisition fee, all of which sit inside deal-level expenses rather than in the promote.
Has REEP Equity been sued or investigated?
No SEC enforcement action, regulatory disclosure, bankruptcy or foreclosure involving REEP Equity surfaced as of 2026-07-26. One federal case names the firm and REEP is the plaintiff in it: Reep Equity, LLC v. Ategrity Specialty Insurance Company (W.D. Tex. 5:23-cv-01375), an insurance-coverage suit REEP filed in October 2023 and which closed in June 2025. Same-name federal bankruptcy filings for individuals called Jacob Garza appear in Colorado, Arkansas, California and North Texas; none carries any identifier linking it to REEP's founder, and they are treated here as different people.
Revision history4entries
The SEC-enforcement screen was re-run and its citation corrected. The previous screen cited an EDGAR full-text query filtered to `forms=AAER`, which cannot return a result for any term: AAER releases are SEC administrative publications, not EDGAR filings, so the filter selects a form type that does not exist. Verified by control: `the`, `fraud` and `securities` each return 0 under `forms=AAER` while the same terms unfiltered return 10,000+. REEP is the case where the brand string itself is the trap: EDGAR returns zero for both 'REEP Equity' and 'REEP Residential' because the vehicles file under the founders' names, where Jacob Garza returns 29 filings and Arleen Garza 22. No enforcement matter. Also corrected the risk lede, which claimed REEP 'screens clean on enforcement, distress and adverse litigation' while the foreclosure row states the distress screen has not run, and repointed the foreclosure citation from a Bexar County Clerk URL that 404s to the County Clerk's GIS foreclosure map at maps.bexar.org/foreclosures, which is the surface Bexar's own FAQ names.
Sources of capital condensed to a two-sentence statement with inline sources. The section had grown to 11-131 lines per page of LP cards, fund cards and audit trail; the facts that decide an allocation (who the capital comes from, and who absorbs a loss) were being carried by a slab most readers skip. Every claim and link in the short version is carried over from the long one, and the per-vehicle detail remains in git history, in the FAQ entries for minimums and fees, and in `sources[].gave:`. No score changed: the lens is value-mode and carries no weight in the hero grade.
Citation audit: replaced a PR Newswire URL whose release ID did not resolve with the correct San Antonio Express-News Top Workplaces 2023 announcement.
Initial publish. Government spine: 27 Reg D vehicles filed 2016–2026 under Jacob and Arleen Garza, with the material finding that 20 of them report accepting non-accredited investors (a disclosure posture no other sponsor in this directory uses at scale), and that 19 report $0 sold against a stated ceiling, so the filed record shows intent rather than outcome. Track record analysed from the sponsor's own historical-performance page: 12 full-cycle exits with named IRRs, including a published 3% IRR result on Aspen Chase, which is a real transparency signal, and two post-2022 exits (Candleridge Park, Aug 2024; Knoll Crest, Dec 2025) that most 2021-vintage peers cannot show. Risk screen 58/100: no enforcement, distress or adverse litigation, with the one federal case filed by REEP against its own insurer and closed in 2025; deductions are structural rather than conduct-based. Awards 68/100 on a National Apartment Association 2026 Top Employer listing verified at the association's own winners page.
