CrowdStreet
$25,000+ accredited CRE fund shop rebuilt after the $63M Nightingale fraud
Rates verified July 23, 2026View platformTracked since2026
0 reviews trackedThe Bottom Line
Minimum
$25,000
Biggest pro
Post-Nightingale structure fixes the exact custody hole that enabled the fraud
Biggest con
The worst investor-protection failure in the industry's history happened here: $63M stolen from 800+ investors
At a glance
Rates verified July 23, 2026- Minimum investment
- $25,000
- Accreditation
- Required
- Fees
- Historically no direct platform fee to investors (sponsor-paid); fund-level fees vary; managed accounts charge advisory fees
- Target return
- Historical marketplace realized IRR figures no longer prominently marketed; treat all figures as platform-reported
- Liquidity
- Multi-year lockups; no redemption on closed-end deals
- Founded
- 2013
What is CrowdStreet?
CrowdStreet's defining fact is the worst investor-protection failure in the industry's history: the 2023 Nightingale fraud, in which sponsor Elie Schwartz stole $63M from more than 800 CrowdStreet investors (an 87-month federal sentence followed in 2025, and a $1B class action is pending). The direct-deal marketplace was suspended; as of mid-2026 the platform sells institutional fund products only, operating as a FINRA broker-dealer with rebuilt custody controls.
Minimums run $25,000-$100,000 per fund, with $250,000 for Private Managed Accounts, accredited investors only. Historically there was no direct platform fee to investors (sponsor-paid); fund-level fees vary by product and managed accounts charge advisory fees. Historical marketplace realized IRR figures are no longer prominently marketed; treat all figures as platform-reported. Closed-end funds mean multi-year lockups with no redemption.
Founded in 2013, with about $4.4B invested across 800+ deals. Beyond Nightingale, many 2021-22 vintage marketplace deals lost money. The post-scandal structure (broker-dealer custody and escrow controls, a rebuilt dashboard in Nov 2025, SDIRA integration in Apr 2026) fixes the exact hole that enabled the fraud, but the current product is essentially advisor-style fund distribution without advice.
Pros and cons
Pros
- Post-Nightingale structure fixes the exact custody hole that enabled the fraud
- Institutional fund shelf is more diversified than single deals
- About $4.4B invested across 800+ deals since 2013
Cons
- The worst investor-protection failure in the industry's history happened here: $63M stolen from 800+ investors
- Many 2021-22 vintage marketplace deals lost money
- High minimums ($25,000-$100,000 per fund)
- Current product is essentially fund distribution without advice
Key details
Institutional CRE fund accessFINRA broker-dealer structure with custody and escrow controlsSDIRA support (added Apr 2026)Rebuilt investor dashboard (Nov 2025)Private Managed Accounts at $250,000
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CrowdStreet FAQ
What is the minimum investment on CrowdStreet?
Typically $25,000-$100,000 per fund, and $250,000 for Private Managed Accounts.
Is accreditation required on CrowdStreet?
Yes. All CrowdStreet offerings are limited to accredited investors.
What are the risks of investing on CrowdStreet?
The platform's history is the headline risk disclosure: in 2023, sponsor Elie Schwartz stole $63M from 800+ CrowdStreet investors in the Nightingale fraud (87-month federal sentence in 2025; $1B class action pending), and many 2021-22 vintage marketplace deals lost money. The rebuilt broker-dealer structure addresses the custody hole, but closed-end funds still mean multi-year lockups with no redemption, and historical return figures are no longer prominently marketed.
Source: crowdstreet.com