HoneyBricks no longer advertises new investments under its original brand following its acquisition by EquityMultiple in April 2024. The former multifamily real estate platform promoted a no-investor-fee model, although the underlying real estate investments had their own operating expenses and sponsor-level economics.
For investors researching HoneyBricks fees in 2026, the distinction between historical platform charges and investment-level costs is essential. This guide explains HoneyBricks' original pricing approach, what changed after the acquisition, and how today's fractional real estate investing opportunities use different ownership and fee structures.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Key Takeaways
Current platform status: EquityMultiple announced its acquisition of HoneyBricks on April 2, 2024, and assumed responsibility for servicing existing HoneyBricks investments
Historical investor fees: HoneyBricks advertised no direct fees for investing through its platform, while underlying sponsor and property expenses depended on individual offerings
Secondary-market costs: HoneyBricks historically advertised no platform fees for peer-to-peer share transfers, although blockchain network charges could apply
Historical investment performance: Its December 2023 portfolio snapshot showed a 17.1% average projected IRR and a 5.5% average current cash yield, representing different financial measures
Current alternatives: mogul charges a one-time 5% platform fee, without an ongoing rental-income fee or traditional recurring annual AUM fee on invested equity
What Happened to HoneyBricks?
The April 2024 acquisition
HoneyBricks was founded in 2022 as a technology-enabled platform providing access to multifamily real estate investments.
Its marketplace connected investors with professionally managed projects offered by real estate sponsors, including apartment communities in U.S. growth markets.
On April 2, 2024, EquityMultiple announced its acquisition of HoneyBricks.
The April 2024 acquisition announcement confirmed that EquityMultiple would continue servicing HoneyBricks' existing investments and investors through its asset management team.
The transaction brought HoneyBricks' investment servicing and investor relationships into EquityMultiple's broader commercial real estate platform.
As of October 2026, the HoneyBricks homepage directs prospective investors toward EquityMultiple rather than advertising new HoneyBricks-branded offerings.
What the acquisition means for existing investments
The acquisition changed which organization manages HoneyBricks' investment relationships.
However, the original investments were structured through separate legal entities associated with specific real estate projects.
Important distinctions include:
Investment ownership: Membership interests and associated economic rights are determined by the applicable legal agreements
Ongoing management: EquityMultiple assumed responsibility for servicing the existing HoneyBricks portfolio
Property performance: Rental operations, financing, and eventual sales continue to influence the economics of underlying investments
Investment terms: Original offering agreements and applicable amendments determine fees, distributions, and ownership rights
The acquisition announcement did not establish that EquityMultiple's standard fees automatically replaced every existing HoneyBricks investment's contractual terms.
This matters when interpreting historical HoneyBricks pricing in 2026.
HoneyBricks Fees: What Did Investors Pay?
Historical platform fee disclosures
HoneyBricks' published platform materials stated that investors were not charged fees simply for investing through its marketplace.
This was a central part of its original positioning.
The platform provided technology for accessing sponsor-managed real estate offerings, while investors participated through entities associated with the underlying projects.
Its historical disclosures therefore distinguished:
Direct platform fees: HoneyBricks advertised no separate charge for accessing investments through its marketplace
Investment-level expenses: Underlying real estate projects incurred costs associated with acquisition, operations, and management
Sponsor compensation: Investment managers could receive compensation under the relevant offering arrangements
Transfer expenses: The original secondary-market model advertised no HoneyBricks transfer fee, although blockchain network charges could apply
Individual offerings could have different sponsor and property expenses, so a single annual percentage cannot represent every investment's costs.
Sponsor and property-level expenses
HoneyBricks worked with third-party real estate sponsors responsible for acquiring, operating, and managing multifamily properties.
These arrangements introduced costs associated with the underlying investments.
Common expense categories for sponsor-managed real estate include:
Acquisition costs: Expenses associated with purchasing and financing properties
Asset management: Compensation for overseeing investment performance and portfolio strategy
Property management: Leasing, tenant services, repairs, and ongoing operations
Capital improvements: Major renovations and replacements associated with the property
Disposition expenses: Brokerage, closing, and other transaction costs when an asset is sold
Sponsor participation: Potential performance-based compensation where provided for in the investment agreement
These categories describe potential investment-level expenses, not a universal HoneyBricks fee schedule.
The actual financial treatment depends on each property's legal and operating structure.
Understanding real estate capital expenditures helps distinguish ongoing operating expenses from improvements that may affect an asset's long-term financial performance.
How investment fees affect returns
Fees can influence real estate investments in different ways depending on when they are assessed and what amount is used to calculate them.
For example:
An upfront acquisition fee may be calculated using the property's purchase price
An annual management fee may use invested capital or fund equity value
A property management fee may be calculated using rental revenue
A disposition fee may depend on the eventual sale price
The SEC's investment fees and expenses bulletin, updated in July 2025, explains how investment costs can affect portfolio outcomes over time.
The calculation base is particularly important when comparing privately held real estate investments with platforms that charge fees directly to investor accounts.
Illustrating the Difference Between Platform and Property Fees
A hypothetical $10,000 investment
Consider an investor contributing $10,000 to a hypothetical multifamily investment.
If a platform charges no direct investor fee, the contribution does not generate a separate platform access charge.
However, expenses paid by the underlying property or investment entity can still influence the investment's financial results.
For illustration, suppose a hypothetical investment agreement includes a 1% annual management charge calculated using a constant $10,000 investment balance.
That would equal:
Annual management charge: $100
Five years of unchanged charges: $500
This is a general fee calculation, not a confirmed fee that HoneyBricks charged across its offerings.
In an actual property investment, expenses may instead be assessed against the entire entity or the value of the underlying property.
The amount economically attributable to a particular investor depends on the agreement and ownership allocation.
Why a universal five-year fee total is difficult to establish
HoneyBricks offered investments involving different sponsors, properties, and financing arrangements.
Total costs could vary with:
Property acquisition expenses
Investment management arrangements
Rental operations
Capital improvement requirements
Financing obligations
Holding periods
Eventual sale proceeds
A single five-year fee estimate cannot represent every HoneyBricks investment because costs depend on each offering's sponsor arrangements, property expenses, and ownership period.
Comparing fees becomes more meaningful when each cost is matched to its contractual calculation base.
How HoneyBricks Structured Fractional Real Estate Ownership
Multifamily investments through separate entities
HoneyBricks focused on multifamily real estate projects operated by third-party sponsors.
Rather than purchasing an entire apartment building, investors participated through fractional interests associated with an underlying project.
The platform described using legally separate LLC structures to hold investment interests.
These entities could provide access to larger multifamily transactions through a fund-of-funds or similar investment arrangement.
Investors' economic rights depended on the relevant legal structure rather than direct personal ownership of the entire property.
Private offerings of this type may rely on registration exemptions that involve filing Form D notices with the SEC.
Investor.gov's Form D filing overview explains that these notices provide basic information about the issuer and offering. A Form D does not establish investment performance or constitute SEC approval.
Blockchain-based investment records
HoneyBricks incorporated blockchain technology into its historical ownership and transfer model.
Its documentation described digital securities representing LLC membership interests, with transactions recorded through blockchain infrastructure.
The platform used Polygon-based technology and described peer-to-peer transfers through a private secondary-market system.
Investor.gov's tokenized securities overview explains that tokenized investments can use different recording and ownership arrangements, with associated legal rights depending on the securities' structure.
For HoneyBricks, the underlying LLC membership interests remained central to the investment structure.
Blockchain records supported the platform's historical digital investment experience.
Investor eligibility and minimum investments
HoneyBricks' U.S. private offerings generally required accredited investor eligibility.
Its historical materials also described international investment arrangements under Regulation S, subject to applicable requirements.
Typical investment minimums were approximately $5,000, although individual projects could establish different amounts.
The SEC's private placement investor guidance explains Regulation D offerings and the distinction between registered and exempt securities investments.
Eligibility requirements and offering structures determine who can participate in private real estate investments.
Understanding HoneyBricks' Historical Returns
The December 2023 investment snapshot
HoneyBricks published an investment track record containing projected returns and operating information for its listed multifamily projects.
Its December 2023 snapshot reported:
17.1% average projected IRR
5.5% average current cash yield
16% average increase in reported net operating income
These averages reflected the projects included in that historical reporting period.
The figures measure different aspects of property investment performance and should be interpreted separately.
Projected IRR versus cash yield
Internal rate of return, or IRR, is an annualized performance measure that incorporates the timing of investment cash flows.
A projected IRR uses assumptions about future income, operating expenses, financing, and potential property sale proceeds.
Cash yield focuses on cash distributions relative to the applicable investment amount.
Understanding internal rate of return helps distinguish projected investment performance from distributions received during ownership.
Similarly, cash flow versus appreciation separates income generated by a property from changes in its underlying value.
HoneyBricks' 17.1% average projected IRR was an underwriting forecast, not a verified realized annual return across completed investments.
The historical 5.5% cash yield described a separate income measure for that reporting period.
How fees fit into property performance
Property operating expenses and sponsor compensation affect investment cash flows.
However, a fee percentage alone does not explain the full financial outcome.
Rental income, occupancy, financing, capital expenditures, and property valuations contribute to investment performance.
A comprehensive comparison therefore considers the underlying asset and the associated financial assumptions rather than simply contrasting headline return figures.
HoneyBricks Liquidity and Secondary-Market Arrangements
How the original secondary market worked
HoneyBricks historically advertised a private bulletin-board system where eligible investors could post offers to sell investment interests.
Its materials described blockchain-enabled peer-to-peer transfers, subject to investor eligibility and applicable holding requirements.
The original marketplace also advertised:
No HoneyBricks fees for eligible secondary-market transactions
Blockchain network charges where applicable
Pricing informed by available property valuations
Investor eligibility and transfer restrictions
Transactions completed between participating buyers and sellers
A listed investment interest was not equivalent to a guaranteed sale.
The ability to complete a transaction depended on applicable ownership restrictions and the availability of a qualifying buyer.
Secondary-market status after the acquisition
The April 2024 acquisition announcement confirmed EquityMultiple's assumption of HoneyBricks investment servicing.
It did not establish a new universal secondary-market arrangement for all legacy holdings.
Although HoneyBricks' historical marketplace documentation remains accessible, its current trading functionality and legacy token-transfer procedures are not established by the acquisition announcement.
Consequently, the original HoneyBricks marketplace should be understood as a historical platform feature rather than evidence of an active secondary market in October 2026.
Ownership duration and property exits
Multifamily real estate investments commonly involve multiyear ownership periods.
During that time, the sponsor manages rental operations, financing, improvements, and eventual disposition planning.
Property-level investment returns depend on both income generated during ownership and proceeds from an eventual exit.
Understanding property financing and leverage helps explain why borrowing arrangements can influence cash flow and the equity remaining after a property sale.
Tax Reporting and Ownership Structures
Partnership-taxed real estate entities
Private real estate investments may be structured through LLCs or partnerships that allocate qualifying income and deductions to their members.
Partnership-taxed investments generally use Schedule K-1 reporting.
The IRS's partner Schedule K-1 instructions, covering tax year 2025 and the 2026 filing season, explain how allocated income, deductions, credits, and other partnership items are reported.
Some investments may allocate depreciation-related deductions associated with real estate ownership.
The availability and treatment of those deductions depend on the investment structure and individual circumstances.
These considerations are discussed further in investment property tax benefits.
REITs versus property-specific LLCs
Real Estate Investment Trusts generally pool investment capital into portfolios of real estate-related assets.
Their shareholders participate through REIT shares rather than acquiring membership interests in a single property-specific LLC.
The IRS's REIT dividend reporting instructions explain how REIT distributions are reported through Form 1099-DIV.
Property-specific LLCs can instead provide ownership interests tied to an identified real estate asset, with tax reporting determined by the entity's classification.
Understanding REIT and ownership structures helps distinguish these approaches.
Both can provide professionally managed real estate exposure, but their fees, reporting requirements, and ownership rights follow different arrangements.
What HoneyBricks' Model Shows About Investment Selection
HoneyBricks focused on providing access to sponsor-managed multifamily investments.
Its investment selection process included sponsor reviews, property underwriting, financial analysis, and legal diligence.
The company stated that it considered more than 100 factors during investment review.
These included:
Sponsor operating history
Market population and employment trends
Property income and occupancy
Financing arrangements
Capital improvement requirements
Projected holding periods
Expected investment cash flows
The larger principle remains relevant across different real estate investments: investment costs and underwriting assumptions should be considered together.
Building exposure across multiple assets can also involve different approaches to creating real estate portfolios, depending on whether investments are pooled or property-specific.
How mogul Advances Individual Property Investing
HoneyBricks helped introduce investors to digitally accessible real estate through sponsor-managed multifamily offerings. mogul builds on the accessibility of online investing with a curated, individual-property ownership model focused on residential real estate.
Founded by former Goldman Sachs real estate professionals with more than $10 billion in collective institutional transaction experience, mogul provides access to professionally managed properties held through dedicated LLCs.
Its approach emphasizes three parts of the investment experience:
Individual asset selection: Investors can evaluate identified residential properties, their rental strategies, financing arrangements, and property-specific financial assumptions
Institutional property underwriting: Fewer than 1% of reviewed properties pass mogul's stated diligence process, incorporating market fundamentals, acquisition criteria, and rental economics
Aligned ownership and operations: mogul co-invests alongside members in every offered property, while experienced teams coordinate property management and ongoing operations
The institutional property selection process supports the platform's curated approach, while its property ownership and management framework explains how investors participate through individual LLC interests.
How mogul approaches investment fees
mogul's pricing is connected to the acquisition of individual rental properties.
Its platform fee structure includes:
One-time 5% platform fee: Charged once as part of the initial property transaction
No ongoing rental-income fee: mogul does not charge a recurring platform fee on collected rental income
No traditional annual AUM fee: mogul does not assess a recurring annual management fee on invested equity
This structure allows investors to examine platform compensation in the context of acquisition costs and the property's rental operations.
A property-centered investing experience
Beyond its pricing model, mogul combines individual property selection with accessible financial information and professional management.
Investors can examine the underlying residential asset, projected rental economics, ownership arrangement, and relevant financing assumptions.
The platform's free investment property analysis calculator supports property-level financial modeling, while the rental property analysis calculator provides additional rental income and cash flow scenarios.
mogul reported $110 million in assets as of June 1, 2026, and more than 50,000 platform users as of September 28, 2026.
For investors exploring alternatives to HoneyBricks' former multifamily marketplace, mogul offers a compelling combination of curated residential properties, transparent fee calculations, professional operations, and fractional LLC ownership.
Its model brings institutional real estate expertise into an accessible digital investing experience, with financial information centered on the individual properties investors select.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Frequently Asked Questions
Did HoneyBricks charge investors annual platform fees?
HoneyBricks historically advertised no direct investor fees for participating through its marketplace. However, underlying investments incurred property operating expenses and sponsor-specific charges determined by the terms of each offering.
Is HoneyBricks still accepting new investments in 2026?
HoneyBricks no longer advertises new investment offerings under its original brand. EquityMultiple announced the acquisition on April 2, 2024, and assumed responsibility for servicing existing HoneyBricks investments. As of October 2026, the HoneyBricks homepage directs prospective investors toward EquityMultiple's investment platform.
What happened to HoneyBricks investors after the acquisition?
EquityMultiple assumed responsibility for servicing existing HoneyBricks investments. Those investments were originally structured through separate legal entities associated with underlying real estate projects. Applicable ownership rights, fees, and distributions follow the relevant agreements and any subsequent amendments. The acquisition announcement did not establish a universal change to every legacy investment's contractual economics.
Did HoneyBricks offer secondary-market trading without fees?
HoneyBricks historically advertised a private secondary market that allowed eligible investors to post offers for peer-to-peer transfers of their investment interests. The platform stated that it did not charge buyers or sellers a HoneyBricks transaction fee, although blockchain network charges could apply. The current availability of those historical trading arrangements is not established by the acquisition announcement.
How does mogul's fee structure compare with HoneyBricks?
HoneyBricks historically advertised no direct investor platform fees, while its underlying sponsor-managed investments carried property and offering-specific expenses. mogul charges a one-time 5% platform fee without an ongoing rental-income fee or traditional recurring annual AUM fee on invested equity. mogul also focuses on individually selected residential properties through dedicated LLC ownership structures.