Real Estate Family Office: Role, Strategy, and the Role of U.S. Real Estate
A family office is an organization that provides long-term management of the entire wealth of one or more families, including investments, tax planning, estate planning, and governance.
Real estate accounts for 16% of allocations in 2025, behind private equity (34%) and publicly traded stocks (23%), according to the 2026 Barometer published by the French Family Office Association (AFFO) and EY.
Here’s an overview of his services, how he builds his real estate portfolio, what sets him apart from a wealth management advisor (CGP), and the role that U.S. real estate can play in it.
In a nutshell
- A family office is an organization of individuals dedicated to serving the wealth management interests of one or more families over the long term (AFFO and EY, June 2026).
- A single-family office (SFO) serves a single family group, while a multi-family office (MFO) serves several: the former is justified for assets of €100 million or more, while the latter is justified for “several tens of millions of euros” (hearing at the National Assembly, May 2026).
- In 2025, real estate accounted for 16% of family office allocations, up 3.2 percentage points from a year earlier (AFFO-EY Barometer, June 2026).
- There is no legislation governing this activity under French law: most practitioners work as financial investment advisors (Congress of Notaries, 2022).
- U.S. real estate is included in a large fortune as a minority stake, through project-by-project co-investments.
What is a real estate family office?
A family office is a private team that manages the wealth of one or more families with a long-term perspective.
It offers a range of services (investments, taxation, wealth management, estate planning) and coordinates the work of attorneys, notaries, bankers, and financial advisors.
The term “real estate family office” refers to the real estate aspect of this business: property selection, purchase, management, appreciation, and succession planning.
The model originated in the United States in the 19th century, alongside the rise of industrial fortunes, and has been developing in France for the past twenty years or so, according to the report from the 118th Congress of French Notaries.
There is no French law governing this: most family officers choose to be registered as financial investment advisors (CIF).
The AFFO, founded in 2001, brings together nearly 150 members (SFO, MFO, and family professionals) who provide support to approximately 600 families.
Its president testified at a hearing before the National Assembly on May 12, 2026.
He described the profession as “a comprehensive support system for families, working over the long term to organize, structure, and preserve their wealth.”
Its clientele consists mainly of entrepreneurial families whose wealth is derived from a family business.
In the United States, the SEC's rule on family offices dates back to 2011.
She defines this organization as a company that has no clients other than the family group—which owns it—and that does not present itself to the public as an investment advisor.
A family office that meets these conditions is not subject to the investment adviser registration requirements.
Single-family office or multi-family office: What are the differences?
| Single Family Office (SFO) | Multi-Family Office (MFO) | |
|---|---|---|
| Client Base | A single family group | Several families, each of whom is supported on an individual basis |
| Organization | Salaried staff, often from the family holding company | An independent company or one affiliated with a private bank |
| Compensation | Salaries paid by the family-owned holding company | Fees or retrocessions paid by banks and insurers |
| Status | No specific status | Often a CIF, listed in the Orias registry |
| Affected Heritage Sites | €100 million or more, with a family-owned business | Several tens of millions of euros |
The amount is not the only criterion: the complexity of the family (multiple generations, multiple shareholders) is just as important.
The association’s members limit rebates to 50% of an MFO’s compensation: the fees that the client sees on their invoice account for at least half of that amount.
What real estate services does a family office offer?
In the stone industry, he offers customized solutions tailored to each family:
- Allocation: Real estate’s share of the wealth management strategy, by property type and by country.
- Search and Acquisition: properties often not listed on the open market, analysis, negotiation, audits.
- Structuring: tailored ownership solutions (civil law partnership, holding company, separation of ownership and control), taking into account the real estate wealth tax (IFI).
- Financing: securing and negotiating loans.
- Management: Overseeing managers, projects, and decision-making.
- Consolidated reporting: financial monitoring and consolidated financial statements for properties spread across multiple banks and countries. This comprehensive view reveals false diversification: five buildings, all in Paris and leased to the same type of tenants, form a concentrated portfolio.
- Estate Planning and Governance: Preparing the Next Generations, Family Charter, Conflict Prevention.
These services are tailored to meet customer priorities.
Intergenerational wealth transfer remains their top concern (72%), ahead of changes in tax policy (58%), according to EY’s press release on the 2026 Barometer.
It ensures and safeguards the confidentiality of its clients; legal and tax decisions remain the responsibility of authorized professionals: attorneys, notaries, and certified public accountants.
How is a family office’s real estate portfolio structured?
Asset allocation is based on the client’s total net worth and investment objectives. Here is the average allocation for 2025, according to the 2026 Family Office Barometer conducted by EY.
| Asset Class | Share in 2025 | Year-over-year change |
|---|---|---|
| Private equity (unlisted companies) | 34% | -3.5 points |
| Listed Stocks | 23% | +5.7 points |
| Real Estate, Directly and Through Funds | 16% | +3.2 points |
| Obligations | 12% | +1.2 points |
| Cash and Cash Equivalents | 8% | -1 point |
| Alternative Assets | 7% | -2.7 points |
Source: EY, 11th survey (107 responses representing 928 families; interviews conducted from March to May 2026).
Two trends stand out: the real estate sector is rebounding after a decline in 2024 linked to rising interest rates, and 34% of respondents cite it as one of their preferred sectors for 2026.
In this category, each type of property has its own role:
- Residential use serves as the foundation and is intended for family use;
- Office spaces and retail spaces generate steady rental income;
- Development creates added value;
- Unlisted funds delegate management;
- Land increases in value thanks to permits, with no income generated until it is resold.
Geography is just as important.
In 2025, respondents shifted their investments toward Europe (+8 points), at the expense of markets outside Europe (-28 points), according to the same survey: decisions on overseas investments are therefore made on a project-by-project basis.
The allocation principles are detailed in our guide to asset diversification; for this year’s investment decisions, see “Where to Invest in 2026.”
Family office or wealth management: What are the differences?
| Criteria | Family office | CGP |
|---|---|---|
| Scope | All assets, across all generations, including the family business | A mandate or defined investments |
| Role | Coordinates all the family group councils | An expert in his field |
| Duration | Ongoing support | On-site visit or periodic follow-up |
| Compensation | Salaries (SFO); fees or retrocessions (MFO) | Fees or rebates |
| Affected Heritage Sites | Several tens of millions of euros and more | More modest fortunes |
Its advantages lie in its integrated nature and continuity: it oversees the entire estate at all times, acts solely in the family’s best interests, and protects the confidentiality of its affairs.
To simplify matters, an independent financial advisor or a specialized firm can often provide tailored solutions.
What role should U.S. real estate play in a family office’s asset allocation?
Investing in U.S. land involves purchasing undeveloped land in the United States to resell it to builders.
In the meantime, the developer obtains the permits required to make the land buildable (zoning, subdivision, utilities).
Our guide toreal estate investing in the United States outlines the steps.
This investment has three advantages: exposure to the dollar, a tangible asset, and a value that depends on local regulations and demographic trends rather than the stock market, with no need for rental management.
Its limitations: no income until the property is resold, capital tied up for several years, currency risk, the risk of authorization being denied or delayed, and tax obligations in two countries.
It is, therefore, a small portion that should be factored into the allocation of real estate and tangible assets.
The standard format is the real estate club deal: a project company owns a single plot of land, several investors join the project, and a developer manages it.
You can choose between holding the property in your own name or through a U.S. company (see “Forming an LLC in the U.S.”), and the U.S .-France tax treaty prevents double taxation on the same gain.
How do you choose a family office or a co-investment partner?
Whether you delegate the management of your assets or co-invest on a deal-by-deal basis, the criteria for comparing services are similar:
- Status: ORIAS registration and the firm’s CIF status; for a U.S. offering, legal framework and documents provided (prospectus, subscription agreement).
- Transparency in compensation: fees, rebates, and project costs—all disclosed to the client.
- A verifiable track record: actual sales transactions that are well-documented.
- The financial strength of the operator and each project company.
- Alignment of Interests: Is the Operator Paid Before or After the Investors?
- Local expertise: knowing how to interpret market trends in a county, one property at a time.
- Reporting: How often does the operator submit reports, what financial information is included, and what are the penalties for late submission?
- The confidentiality of investors' personal information.
- The Quality of Support: Personalized Recommendations or Off-the-Shelf Products?
For a real estate project, it is also important to compare the purchase price with comparable sales in the local market, as well as to review the title and zoning.
Next come environmental constraints, the cost of recovery, resale assumptions, project company expenses, the timeline, taxation, and currency risk.
Is LandQuire a family office?
No. LandQuire is an American company, founded in 2021, that buys land in the United States, obtains the necessary permits, and then resells it to developers.
It does not provide asset management, wealth management, legal, or tax advisory services: a family office may co-invest with it on a specific project, using its own advisors.
LandQuire has completed 50 real estate projects in the United States, 37 of which have been sold.
The team analyzes all 3,143 U.S. counties using an algorithm based on more than 120 criteria and manages each project company from start to finish, both legally and financially.
Tax matters are handled by an independent U.S. certified public accountant (CPA).
For an investor:
- A minimum investment of $100,000 per project, either in one's own name or through an LLC;
- recent offerings to non-U.S. residents under Regulation S;
- costs included in each project's budget, with no annual management fees, as detailed in the project memorandum (PPM);
- credit extended by the land seller for certain projects;
- a project company established for a five-year term, extendable by one year, that reports quarterly;
- If a project is not sold within 60 months, 100% of the net profits go to the investors.
Upon resale, the principal is returned first, followed by a target preferred return of 10% per year, which is not guaranteed.
Beyond that, profits are shared: investors receive a share ranging from 55% to 70%, depending on the amount invested in the project.
Example: Portfolio 12, in Elmendorf near San Antonio, Texas, raised $3.8 million from its investors; the land, acquired in October 2024, is currently undergoing the permitting process.
Learn about the available land listings andthe LandQuire team.
Each offering is intended for experienced investors; the capital is tied up for several years and may be partially lost.
Frequently Asked Questions
Why entrust your real estate assets to a family office?
To benefit from a customized service that covers asset allocation, acquisition, structuring, financing, asset monitoring, and preparation for succession.
Its benefits: consolidated accounts for the entire estate, a single point of contact to coordinate advice, confidentiality regarding the family group’s affairs, and solutions tailored to each generation.
What is the difference between a single-family office and a multi-family office?
The SFO works for a single family-owned group and has a staff of employees.
MFO pools its services across several families, offers each family individualized support and tailored solutions, and is compensated through fees or retrocessions.
At what asset level should you consider using a family office?
According to the AFFO, an MFO is justified for assets totaling several tens of millions of euros, and an SFO for assets totaling 100 M€, for a clientele of entrepreneurial families (National Assembly, May 2026).
The complexity of the family business is just as important as the amount involved; for smaller businesses, an independent consulting firm can often meet their needs.
How is a family office compensated?
An SFO is paid by the family holding company.
An MFO charges fees or receives retrocessions on invested products, limited to 50% of its compensation from association members; there is no published fee schedule.
Is family office a regulated profession?
No, there is no legislation governing this activity under French law (Congress of Notaries, 2022).
Most family officers operate under the regulated status of CIF and are registered with Orias.
What percentage of family offices' investments is in real estate?
Real estate, both direct investments and fund investments, accounts for 16% of allocations in 2025, up 3.2 percentage points (according to the 2026 Barometer by EY and the association).
It ranks behind private equity (34%) and publicly traded stocks (23%).
Can a family office invest in real estate in the United States?
Yes, generally through co-investment, leveraging the expertise of a specialized operator and a dedicated company for each site.
The capital remains tied up until the property is resold, since land does not generate rental income.
Is LandQuire a family office?
No. LandQuire does not provide wealth management, financial planning, or tax advice.
It is an American company that buys, develops, and resells land, with which an investor can co-invest on a project-by-project basis, starting at $100,000.
Are you interested in incorporating a portfolio of U.S. real estate into your family's wealth?
Browse our available land listings or contact the LandQuire team to discuss a project with your advisors.
This article is for informational purposes only and is not a substitute for personalized advice regarding investments, taxes, or legal matters. LandQuire is neither a family office nor a financial advisor.
The figures are those published as of the date of the update. Past performance is not indicative of future results.
All investments involve the risk of a loss of principal.