This Thursday: Capitalizing OpCo-PropCo Platforms

Real estate is quietly becoming an operating business. And most operators are still capitalizing it like an asset business — which is the most expensive mistake in the market right now.

• The old model: buy a building, finance it, lease it, hold it, sell it; repeat.

• The new model: build an operating company on top of the real estate that enhances unlevered yield, creates separate enterprise value, and turns the asset into a platform.

The problem is that most operators get the capital structure backwards. They raise VC to build the OpCo first, chase growth, sign long-term leases on real estate they don't own; then try and bolt on a Propco later. WeWork is the cautionary tale every operator references — and few internalize.

This Thursday at 12pm ET, we’re hosting a live 2-hour workshop covering exactly how to structure an OpCo-PropCo business the right way:

• how to think about OpCo strategy (partner, franchise, build),

• how to align the two companies so the OpCo is in service of the PropCo,

• how to access the catalytic capital ecosystem now backing the next generation of real estate operating companies, and

• the legal & financing structures that hold it all together.

We'll walk through live case studies of three different OpCo-PropCo entrepreneurs:

• Sam & FlexHouse Offices — incubating a flex office OpCo within an existing real estate portfolio before spinning out

• Amelia & NewPath Homes — building a rent-to-own SFR platform from scratch with PropCo seed capital from a family office

• Rebeka & Restored Hotels — launching a boutique postpartum hotel brand via franchise + co-GP structure

$299. All participants get the recording, slides, structuring templates, and access to our Circle community.

Here's what you'll learn

Why OpCo-PropCo is the most important shift in real estate: How operating companies enhance unlevered yield, build separate enterprise value, and turn a real estate portfolio into a platform — and why institutional capital is increasingly underwriting this combined model.

How to think about OpCo strategy: The three OpCo paths (partner, franchise, build), when to use each, and how to evaluate the trade-offs between control, upside, and execution risk.

Why most OpCos fail (and how to avoid it): A breakdown of the WeWork model — VC capital, hypergrowth, lease liabilities, no real estate ownership — and the corrected playbook for bootstrapping the OpCo in service of the PropCo.

How to access catalytic and REV capital: The emerging ecosystem of family offices, GP studios, and platform seed investors quietly funding the next generation of real estate operating companies. We track 20+ of them — and most operators don't know they exist.

How to structure the legal & financing agreements: Hybrid management agreements, joint ventures, PropCo seed investments, regional development agreements, and co-GP investments — the documents that turn a great idea into a fundable platform.

How to grow the platform over time: From pilot phase to scale phase to GP-led platform — including how economics, governance, and capital responsibilities shift between operator and allocator as the platform matures.

The workshop is taught by Paul Stanton, partner at PTB, an expert in structuring and raising capital for OpCo/PropCo transactions across niche real estate.

Reserve your spot now. Space is limited.

See you there!

–Paul & Brad