Creating generational wealth through
passive investments
Reap Capital is an IRR-driven, vertically integrated, value-add operator. We purchase underperforming assets and increase their revenue by renovating, upgrading, repositioning, or improving the functionality of the asset.
Vertically integrated. Relentlessly disciplined.
Most sponsors hand their business plan to someone else the day after closing. We never do. Acquisitions, asset management, investor relations, accounting, construction, and property management run through one team — the same team that underwrote the deal.
Founded in Dallas–Fort Worth in 2017, Reap Capital has sponsored the purchase of 2,845 multifamily units valued at over $346m — plus 262 self-storage units — and returned an average 34.25% IRR to investors since inception.
A repeatable process, from market to unit turn.
Locate
A top-down, macro market evaluation locates cities with high growth in population, employment and wages — starting with our home field, Dallas–Fort Worth.
Identify
We leverage our vast network of expertise to identify underperforming, mismanaged and distressed assets with additional value-add potential.
Create Value
A pre-determined, standardized approach to renovations creates more efficiency and reduces cost — the same scope, executed at scale.
Observe
We observe and operate with exquisite attention to detail. This ensures optimal performance across every asset, every month of the hold.
The compass for every decision.
Our core values are the fundamental beliefs we hold — the compass that guides the behavior of our people and our firm in every action and decision.
Integrity
We stand by our morals and values even in the most difficult situations. We are held accountable by the precise and transparent reporting we provide to our investors.
Tenacity
We approach every challenge with unwavering determination and believe that every problem has a solution. Even in the most competitive markets, we push until our goals are not just met but exceeded.
Excellence
We strive to achieve the highest standards of professionalism and performance. We are thorough and meticulous in our work, and we hold ourselves accountable for continuously raising the standard.
Loyalty
We are committed and dedicated to our investors, our colleagues, and our firm. We place our investors’ interests above all else.
Discipline
We adhere to our processes and strategy when making investment decisions — the same underwriting on all 23 transactions since 2018.
Every fee we absorb is value our investors keep.
Our property management company is owned by the same people who own the deals. A third-party manager collects its fee whether or not the business plan works; ours only wins when the asset does. Since inception, every dollar of profit from that entity has gone back into the people, systems, and training that run our properties.
Intimate market knowledge and lender relationships give us the inside track on off-market and distressed opportunities — discounted up to 35% from nearby comps.
In-house construction management executes a standardized renovation scope across hundreds of units at a time, on schedule and below third-party cost.
Our own teams lease, operate and report on every asset. When something needs to change at a property, it changes that week.
Every deal we've done — held and realized.
Featured — Newest Acquisition La Fortuna
A 230-unit infill community on Brookgreen Drive in North Dallas — a high-barrier, supply-constrained submarket — acquired at a basis that compares favorably to replacement cost, with in-place rents trailing renovated comps. A phased unit-turn program closes that gap.
Sierra Heights
136 units taken full cycle in 25 months — a 37.24% actual IRR and 1.86x equity multiple.
Read the Case Study
Liberty Park
67 units bought direct from the seller as a stabilized high-yield play — 49% actual IRR, 2.05x in 23 months.
Read the Case Study
Hwy 380 Self Storage
A mismanaged facility at 16% occupancy, rebuilt into a 61.49% actual IRR and 2.90x in 27 months.
Read the Case StudyPortfolio Map
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View on Google Maps- La Fortuna — Dallas, TX · 230 Units — Active · Newest Acquisition
- The Creekside at Vantage — Dallas, TX · 249 Units — Active · Acquired 2026
- The Landry — Arlington, TX · 288 Units — Active · Target IRR 21.64%
- The Haven — San Antonio, TX — Active · Target IRR 18–21%
- The Bryant — Dallas, TX · 322 Units — Active · Target IRR 19–21%
- The Charlie — Dallas, TX · 314 Units — Active · Target IRR 19–21%
- The Warren — Dallas, TX · 220 Units — Active · Target IRR 19–21%
- Sutton on Park Lane — Dallas, TX · 196 Units — Active · Target IRR 15.6%
- The Calvin — Plano, TX · 167 Units — Active · Target IRR 19–21%
- Paxton at Lake Highlands — Dallas, TX · 1031 Exchange — Active · Target IRR 15.8%
- The Chandler — Dallas–Fort Worth, TX — Active · Target IRR 15.31%
- Sierra Heights — Irving, TX · 136 Units — Full Cycle · 1.86x Multiple
- Liberty Park — Dallas, TX · 67 Units — Full Cycle · 2.05x Multiple
- Hwy 380 Self Storage — Texas · Self Storage — Full Cycle · 2.90x Multiple
- The Mirabel — Grand Prairie, TX · 86 Units — Full Cycle · 1.06x Multiple
- Beach at Bayshore — Tampa, FL · 6 Units — Full Cycle · 1.50x Multiple
Operators first. Investors always.
We invest our own capital in every deal we sponsor. We underwrite, build, and operate as principals — because we are.
Founder & CEO David Lilley
David began real estate investing in 2013 with the purchase of his first Single Family Rental. Drawn to the economies of scale inherent to Multifamily, he purchased a 6-unit MF property in 2018. David has since sponsored the purchase of 2,845 MF units valued over $346m.
Starting from scratch, David has direct experience with every facet of real estate acquisitions, construction, and property management. Prior to his career in real estate, David served as an Infantryman in the United States Marine Corps with one combat deployment to Afghanistan. He worked as a Firefighter/Paramedic and was specially trained in multiple technical rescue disciplines. Later, he worked under the Department of State providing Close Protection to DoS officials to include the Secretary of Defense. He deployed multiple times to Baghdad, Iraq. Finally, David deployed multiple times to the southern Philippines in direct support of SOCOM as a Search and Rescue Paramedic.
David’s diverse background has been pivotal in honing his critical thinking abilities and problem-solving skills, enabling him to navigate complex challenges with poise and resilience. These attributes are indispensable in the real estate sector, contributing significantly to his professional achievements and the strategic growth of his ventures.
“Most sponsors rent the machine. We built ours.”
Kimberly Barnes
Chief Financial Officer
Miles Minnis
Senior Vice President
Mike Prince
VP of Construction
Marshundria Deamon
VP of Accounting
Preston Meyer
Director, Investor Relations
Cameron Kinlaw
Director, Acquisitions
Ezra Carpenter
Director, Asset Management
Megan Cue
Regional Director
Michael Froseth
Brand Director
Jose Sepulveda
Regional Maintenance Director
Steven Credit
Regional Manager
Lia Obermeyer
Operations ManagerThe voice of value-add.
Plain-spoken analysis from the operators actually doing the deals — no gurus, no secrets for sale.
Is there a secret to buying large multifamily assets? Maybe, but probably not.
Aug 2026 ⟶ Rescue CapitalRescue capital in practice: four months inside Creekside.
Aug 2026 ⟶ MarketWhere the distress wave actually landed — and what we bought when it did.
Jun 2026 ⟶ OperationsValue-add is a construction discipline, not a marketing phrase.
May 2026 ⟶
Invest alongside a 34.25% average realized LP IRR track record.
Our offerings are available to accredited investors only. Tell us about your goals and we'll walk you through what's open now.
Past performance is not indicative of future results.
Current Offering A private offering is open now.
Reap Capital is currently raising for a private multifamily investment. Tell us who you are to view the deal room — the business plan, target returns, and terms, laid out deal by deal.
By continuing you confirm you are a sophisticated investor capable of evaluating the merits and risks of a private real estate investment. This is not an offer to sell securities; offers are made only through official offering documents provided to qualified investors.