The Bailard real estate investment team’s mission is to consistently outperform by focusing on fundamentals at acquisition and then creating value through intense and active management of every property over its life cycle.

Bailard has over 40 years of experience investing in real estate and—during that broad period—has navigated five full real estate market cycles. The team’s size, structure, and collaborative approach enables it to be agile, adaptable, and opportunistic when executing its investment and portfolio management strategies.

Our Team

Bailard prides itself on transparency, proactive communication, and high-touch client service across a diverse client base encompassing both institutions and individuals.

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“What I also love, and continue to love about Bailard, is how flexible and nimble we are. It’s an all hands on deck, collaborative environment where people can just do the work, do good for our clients, and produce excellent results.”

—Tess Gruenstein, Senior Vice President, Acquisitions & Portfolio Management
Meet the Team

Investment Platform

Bailard Real Estate Fund

Differentiated, open-end core fund focused on maximizing long-term total return

The fundamental thesis is that Bailard’s tax-exempt and taxable real estate investors can achieve substantial benefits from a diversified portfolio of direct real estate combining stabilized properties with assets going through the value-add phase of their life cycle. The Bailard investment team proactively tailors the portfolio in a continuous effort to find an ideal blend between steady/sustainable income and strong potential for capital appreciation.

Cycle-tested

Long-term track record with inception date in April 1990

Diversified Solution

Invested in all major property types across 20+ markets

Value Creation

8.4% net of fee return since inception*

Performance, as of 3/31/2024

Quarter1 Year3 Years5 Years10 YearsSince Inception
(Apr 1990)
Bailard Real Estate Fund, Gross of Fee-2.96%-9.09%7.00%6.85%9.98%9.02%
Bailard Real Estate Fund, Net of Fee-3.16%-9.85%6.13%5.97%9.07%8.44%
NFI-ODCE (EW), Gross of Fee-2.19%-11.68%3.64%3.82%7.04%6.82%
NFI-ODCE (EW), Net of Fee-2.38%-12.33%2.81%2.98%6.15%5.87%

Real estate is not appropriate for all investors. Past performance is no indication of future results. All investments involve a risk of loss. Performance is annualized for periods greater than one year. Gross-of-fee and Net-of-fee returns are calculated using NCREIF PREA’s time-weighted return methodology quarterly. Starting from June 30, 2023, Bailard Real Estate Investment Trust Inc. (the “Fund”) calculates the gross-of-fee returns and net-of-fee returns to reflect the inclusion of fund-level expenses such as the operating management fee the Fund pays to Bailard, Inc., appraisal, fund administration, legal, audit, tax, and other administrative expenses. We applied this change retroactively to all prior returns presented above. Net-of-fee returns are calculated by netting down the gross-of-fee returns by the actual investment management fee paid to Bailard, Inc. The investment management fee schedule for the Fund, which is included in the Real Estate Composite I, is 0.85% on the Fund’s net asset value up to and including $750M and 0.75% on the Fund’s net asset value above $750M. If the Fund’s uncommitted cash exceeds 10% of the Fund’s net asset value, the fee shall be reduced by an amount equal to the product obtained by multiplying 0.425% by the excess cash amount. An investor may lose all or a substantial portion of the investment. Please see additional important disclosures at the bottom of this page.


Latest Acquisitions

Bailard Multifamily Fund

Focused on developing “Class-A Attainable” multifamily projects in select growth markets.

The persistent shortage of apartments for renters-by-necessity has created a compelling opportunity for a development-focused fund with potential for attractive risk-adjusted returns and societal benefits. The Fund, partnering with experienced regional and national developers, seeks to invest in select U.S. markets that are affordable, business-friendly, have highly educated households, and strong demographics.

Multifamily

Develop, and selectively acquire, middle-income focused rental communities to address housing shortage

Class A Attainable

Create assets that are high-quality, well-amenitized, and moderately-priced

Growth Markets

Identify opportunities in high-growth metro areas


Latest News

Recent Insights

See all Real Estate Insights

Get in Touch

Bailard manages assets for a diverse client base that includes corporations, endowments/foundations, and government entities as well as individuals and families. If you have questions or would like more information about Bailard real estate, please get in touch.

Headshot of Ben LathropBen Lathrop
Senior Vice President, Director of Business Development & Client Services – Real Estate
blathrop@bailard.com
(650) 571-5800
CONTACT US


There is no guarantee Bailard or any of its strategies will achieve performance or investment objectives. Past performance is no indication of future results. All investments have the risk of loss. The significant risks customarily associated with the development or ownership of income producing real estate include but are not limited to illiquidity, changes in supply and demand, and inexact valuation. A client or investor may lose all or a substantial portion of the investment.

The Bailard Real Estate Investment Trust, Inc. is the “Bailard Real Estate Fund,” and its inception date is April 20, 1990. The Bailard Multifamily Fund, L.P. is a new private real estate fund being formed by Bailard, Inc., a California corporation (“Bailard”) to facilitate investments in multifamily residential real estate projects located in the United States. The Bailard Multifamily Fund, L.P. will be formed as a Delaware limited partnership. Bailard Real Estate 2022 GP LLC, a newly-formed Delaware limited liability company (the “General Partner”), will serve as the general partner of the Fund; and, Bailard will manage the Fund’s investment process and day-to-day activities as its investment manager. Investors will be admitted to the Fund as limited partners pursuant to terms and conditions contained in the Fund’s Confidential Private Placement Memorandum dated April 2022. This does not constitute an offering. Shares of either fund, if offered, would be available for purchase only by qualified investors. This advertisement is qualified in its entirety by, and an offer or solicitation will be made only through, a final Confidential Offering Memorandum or Private Placement Memorandum as applicable, and will be subject to the terms and conditions contained in each Memorandum, respectively. The securities of the Fund may not be available to be offered in all states.

No guarantee or representation is given that either Fund will achieve its investment objectives. The Fund invests primarily in real estate. As a result, an investment in the Fund entails significant risks that are customarily associated with the development and ownership of income-producing real estate, including illiquidity, changes in supply and demand, and inexact valuation. The Fund’s shares fluctuate in value and may be illiquid due to a lack of redemption, the lack of a secondary market, and restrictions on transfer. Fees and expenses offset the return on the investment. The Fund may be leveraged. For a more thorough discussion of the risks involved in making an investment in either Fund, please refer to its Memorandum, including the respective sections related to Risk Factors.

The Bailard Real Estate Fund’s Gross-of-fee and Net-of-fee returns are calculated using NCREIF PREA’s time-weighted return methodology quarterly. Starting from June 30, 2023, the Fund calculates the gross-of-fee returns and net-of-fee returns to reflect the inclusion of fund-level expenses such as the operating management fee the Fund pays to Bailard, Inc., appraisal, fund administration, legal, audit, tax, and other administrative expenses. We applied this change retroactively to all prior returns presented above. Net-of-fee returns are calculated by netting down the gross-of-fee returns by the actual investment management fee paid to Bailard, Inc. The investment management fee schedule for the Fund, which is included in the Real Estate Composite I, is 0.85% on the Fund’s net asset value up to and including $750M and 0.75% on the Fund’s net asset value above $750M. If the Fund’s uncommitted cash exceeds 10% of the Fund’s net asset value, the fee shall be reduced by an amount equal to the product obtained by multiplying 0.425% by the excess cash amount. The underlying performance results of the Fund reflect the impact of leverage, interest, and dividend income from short-term cash investments and publicly-traded real estate investments, as applicable. Capital expenditures, tenant improvements, and lease commissions are capitalized and included in the cost of the property; are not amortized; and are reconciled through the valuation process and reflected in the appreciation return component. The Fund’s income return is not the distributed income to the investor, and the Income Return is presented gross-of-fee and after Fund expenses.

The NCREIF gross return methodology is as follows: the total gross return is equal to net investment income plus appreciation divided by the beginning net asset value plus time-weighted external contributions less time-weighted external distributions (“Time-Weighted Denominator”). With respect to income and appreciation, the NCREIF methodology for net income return is equal to net investment income divided by the Time-Weighted Denominator, and net appreciation return is equal to appreciation divided by the Time-Weighted Denominator. Returns shown are inclusive of dividends reinvested as they are accounted for as an external contribution upon reinvestment. Returns for periods greater than one year are annualized. Annual returns are time-weighted rates of return calculated by linking quarterly returns. Income and appreciation returns may not equal total returns due to compounding effects of linking quarterly returns. From inception through the second quarter of 2009, all properties were appraised annually; from the third quarter of 2009, all properties have been appraised quarterly. Recent acquisitions are carried at cost until first appraisal. The Fund’s Board of Directors determines the value of properties based on input from independent appraisers and all levels of the Fund management. Securities, mortgages payable, derivatives, and cash and cash-equivalent investments held by the properties and Fund are marked to market on each valuation date. The Fund’s Inception Date is April 20, 1990. The NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE) is a fund-level, time weighted return index reporting the performance results of various open-end commingled funds pursuing a core private real estate investment strategy and qualifying for inclusion in the NFI-ODCE based upon certain pre-defined index policy inclusion characteristics. Like the Fund, the NFI-ODCE performance results reflect leverage and the impact of cash holdings and joint ventures (i.e., returns reflect each contributing fund’s actual asset ownership positions and financing strategy). As the Fund has done in the past, some NFI-ODCE funds may invest in real estate securities. The use of leverage varies among the funds included in the NFI-ODCE. The NFI-ODCE (EW) shows what the results would be if all funds were treated equally, regardless of size. Like the Fund’s presentation, the Income Return is shown gross-of-fee. Per NCREIF, fees represent investment management advisory fees. To the extent fees are paid outside the fund, a deemed contribution and fee expense is recorded to capture the impact of fees in the net of fee returns. NCREIF defines gross and net of fees as follows:
• Total Return, gross of investment advisory fees, based on changes in published market value Net Assets. The data contributing members provide all fund level returns as well as other pertinent data. NCREIF does not calculate individual fund returns but does calculate the overall aggregated Index return based on invested capital.
• Total Return, net of advisory fees. Net of fee returns are only presented at the Index Aggregate level to provide a proxy for the average advisory fees charged. Fee structures not only vary across managers and funds but also within a fund as fees may be negotiable and scaled based on the size of an investors’ investment.

The NFI-ODCE data, once aggregated, may not be comparable to the performance of the Fund due to current and historical differences in portfolio composition by asset size, geographic location, property type, and degree of leverage. The NFI-ODCE is unmanaged and uninvestable.