CrowdStreet, now called Crowd Street, is worth a look if you are an accredited investor who wants private real estate, credit and equity funds without a wealth manager, and you can leave the money alone for years. Skip it if you are not accredited, might need to sell, or want someone else to pick your investments.
This is not the CrowdStreet most reviews describe. The name became two words in May 2025. The public offerings page now lists funds from managers such as Nuveen, PGIM and StepStone where single buildings used to be, and the typical minimum is $5,000. We use both names here: Crowd Street for the platform as it works today, and CrowdStreet for its history and the name most people still search for.
We checked the figures here against Crowd Street’s own site and Form CRS, FINRA’s BrokerCheck and the Justice Department for this update. Still comparing platforms? Start with our list of the best real estate investing apps.
Crowd Street at a glance
Accredited investors onlyCrowd Street is a self-directed marketplace for private market funds: real estate, private credit, private equity and venture capital. It does not give advice, manage the funds or hold your money. There is no account fee.
The catchYou have to be accredited, and these are long-term holdings. Crowd Street’s own disclosures call them speculative, with a risk of losing everything you invest.
Open a free accountIs CrowdStreet legit?
Yes. CrowdStreet is a real, regulated company, not a scam. Investments are sold through CrowdStreet Capital LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC. Its FINRA BrokerCheck record showed no disclosures when we checked for this update, and the firm’s Form CRS, dated May 18, 2026, answers no to the question about legal or disciplinary history.
Legit is not the same as safe. Crowd Street’s own disclosures call these investments speculative, with a risk of losing everything you put in. And the platform’s history includes a fraud every investor should know about before signing up.
The Nightingale fraud
In 2022, a sponsor called Nightingale Properties raised more than $62.8 million from hundreds of CrowdStreet investors for two deals: about $54 million for a commercial real estate complex in Atlanta and about $8.8 million for a mixed-use building in Miami Beach.
According to the Justice Department, Nightingale’s CEO, Elie Schwartz, told investors their money would sit in segregated accounts. He moved nearly all of it into his personal bank and brokerage accounts and unrelated businesses, then spent it on luxury watches, stocks and options, and payroll.
The two entities set up to receive the money filed for Chapter 11 bankruptcy in July 2023. Schwartz pleaded guilty to wire fraud in February 2025. That May, a federal court in Georgia sentenced him to 87 months in prison and ordered him to pay more than $45 million in restitution. We could not confirm how much investors have actually gotten back.
The Justice Department’s case was against Schwartz, not CrowdStreet. The platform’s weak spot was the plumbing. Bisnow reported that money raised on CrowdStreet went straight to accounts the sponsors controlled, even before a deal closed. Source for the case details: the Justice Department’s sentencing announcement.
What CrowdStreet changed afterward
The company that came out of this looks very different. Here is the sequence, from Bisnow’s reporting and Crowd Street’s own announcements.
- August 2023. Founder Tore Steen stepped down as CEO, and Jack Chandler took over on an interim basis.
- September 2023. CrowdStreet launched its first offering through its own broker-dealer, CrowdStreet Capital, after saying investor money would be held in escrow from then on. It has said every Marketplace offering since went through the broker-dealer.
- July 2024. John Imbriglia, a former managing director at the alternative investment marketplace iCapital, became CEO.
- May 2025. The company rebranded as Crowd Street and said it would add private equity and private credit funds from large asset managers.
- November 2025. It relaunched on a rebuilt technology platform.
- Today. Crowd Street says purchases of registered funds typically go through the fund’s transfer agent, and that it does not take custody of member money at any point.
If that history is a dealbreaker, skip to the alternatives. If the new fund lineup is what you are after, you can open a free Crowd Street account and read each fund’s documents before you commit a dollar.
The open lawsuit and investor reviews
A proposed class action filed in federal court in Texas in March 2025 accuses CrowdStreet and two former executives of selling securities without a broker-dealer license before 2023, and it seeks to undo those investments. CEO John Imbriglia called the claims misguided. The case was paused in August 2025 while arbitration is considered, and we found no ruling on the merits as of this update.
Investor reviews are rough. Crowd Street’s Trustpilot profile showed a TrustScore of 1.7 out of 5 from 163 reviews when we checked for this update, and recent reviewers describe capital calls and total losses on older deals. A fund spreads your money across many holdings instead of one building, which lowers that single-deal risk. It does not remove the risk of loss.
MoreReal estate due diligence checklist
How Crowd Street works now
Crowd Street is a marketplace, not a money manager. It screens funds, lists them and handles the paperwork. You choose what to buy. Its Form CRS is plain about the limits: the firm does not give personalized advice, does not monitor your investments and does not hold your money.
When we checked, the public offerings page showed nine open funds across five asset classes, plus one marked as launching in fall 2026.
| Asset class | Funds listed | Goal |
|---|---|---|
| Real estate | Clarion Partners Real Estate Income Fund, PGIM Real Estate Fund, Nuveen Global Cities REIT | Income |
| Private credit | T. Rowe Price OHA Flexible Credit Income Fund, StepStone Private Credit Income Fund, Private Capital Income Fund from Churchill | Income |
| Private equity | Neuberger Private Markets Access Fund | Growth |
| Venture capital | StepStone Private Venture and Growth Fund | Growth |
| Multi-asset | StepStone Private Markets Fund | Growth |
The goal column is Crowd Street’s own label for each fund, where growth means capital appreciation. The lineup changes, so check the live list. Crowd Street says some opportunities only show up after you finish account setup, and its site still names direct commercial real estate deals as a category, but funds from large managers are what it leads with now.
Every offering goes through a screening process run by Crowd Street’s investments team, sometimes with a report from an outside due diligence firm. Do not read that as a seal of approval. Crowd Street states that it does not endorse any of the opportunities on its site.
Two older products are mostly history. CrowdStreet REIT I still posts annual and semiannual reports on the legal disclosures page, but it is not among the open offerings. And CrowdStreet Advisors, the advisory arm, now says it advises private funds only, not platform users, so there is no managed account option for individual members.
Who can invest in Crowd Street
Only accredited investors. You also have to live in one of the 50 states or Washington, D.C., and be a U.S. citizen, a resident alien or the holder of certain visas. Crowd Street counts you as accredited if any one of these is true:
- You earn $200,000 or more a year, or $300,000 with a spouse or spousal equivalent.
- Your net worth is $1 million or more, not counting your home.
- You hold an active Series 7, Series 65 or Series 82 license in good standing.
Some funds ask for more and are limited to qualified clients or qualified purchasers. Crowd Street checks your status before you can invest. Its own review is good for a full year, or you can upload a letter from your CPA, attorney or advisor, which is good for 90 days.
You can invest as an individual, jointly with a spouse, or through a trust, LLC, partnership, corporation or self-directed IRA. For IRAs, Crowd Street has an integration with Equity Trust. If you qualify and want more ideas, see our list of high-yield investments for accredited investors.
If you do not qualify, Crowd Street is closed to you. Fundrise takes investors at any income level, starting at $10.
MoreBest real estate crowdfunding for non-accredited investors
CrowdStreet fees and minimum investment
The typical minimum is $5,000, and some offerings set it higher. There is no minimum to open an account and no account fee. The costs show up in two other places: a sales load taken off the top when you buy, and each fund’s own ongoing fees.
| Cost | Amount | How it works |
|---|---|---|
| Account fee | $0 | No charge to open or keep an account |
| Minimum investment | $5,000 typical | Set by each offering and higher on some |
| Sales load | 1.5% to 3.5% typical | An upfront commission taken out of the amount you invest |
| Servicing fees | Varies by fund | Paid to Crowd Street by the fund for as long as you hold it |
| Placement fees | Varies by offering | Due diligence and placement fees charged to the issuer on some deals, which can be passed on to you |
| Fund fees | Varies by fund | Management and performance fees plus operating costs, listed in the fund’s documents |
Run the math before you buy. On a $5,000 purchase with a 3.5% load, $175 goes to the commission and $4,825 goes to work. Fund fees then come out every year you hold it.
One more thing to know: Crowd Street is paid when you invest. Its Form CRS says that gives it a reason to list funds that pay it more. Each offering page has a Fees and Expenses section. Read it first. The fee figures above come from the Form CRS in Crowd Street’s disclosures library.
Hold periods, liquidity and taxes
Plan on not touching this money for years. Crowd Street does not give one typical hold period. It says to treat every investment as a long-term position, and that some cannot be cashed out until the sponsor winds the investment down.
Others are what Crowd Street calls semi-liquid. The fund sets how much you can withdraw, for example 25%, and how often, for example quarterly or annually. Redemptions can also be at the sponsor’s discretion. If you may need the money back on your own schedule, read our guide to real estate vs. stock investing first.
Payouts depend on the fund. Crowd Street labels each one as aiming for income or for capital appreciation, and the fund’s own documents set the distribution schedule. None of it is guaranteed.
Tax forms arrive through your Crowd Street account and depend on what you own. Crowd Street’s tax guide says direct deals and its older thematic funds issue a Schedule K-1, which often shows up late and can mean filing in several states, while REITs report on a simpler Form 1099. Check each fund’s documents for which form it sends.
As for returns, Crowd Street’s public site no longer has the marketplace performance page that older reviews quote, and it notes that performance information on the site has not been audited or verified by a third party. The numbers it does publish are about scale: more than 300,000 members, and more than $4 billion invested through the platform as of June 30, 2026. Neither tells you what a fund will earn, and past results do not predict future returns.
CrowdStreet pros and cons
- Typical minimum of $5,000
- Funds from large managers such as Nuveen, PGIM and StepStone
- No account fee, and IRA investing through Equity Trust
- Broker-dealer with no disclosures on FINRA BrokerCheck
- Accredited investors only
- Sales loads of 1.5% to 3.5% come out up front
- Limited or no way to cash out early
- A sponsor ran a $62.8 million fraud on the platform in 2022
Who CrowdStreet is best for
Crowd Street fits when three things are true: you are accredited, you want private market funds without going through a wealth manager, and you are comfortable reading a prospectus and holding for years. If that is you, open a free Crowd Street account and look through the offerings before you fund anything.
It is the wrong fit if you are not accredited, if $5,000 is most of what you have to invest, or if you may need the money back soon. New to this? Start with real estate investing for beginners, then look at the alternatives below.
CrowdStreet alternatives: how it compares
Two platforms cover most readers who decide Crowd Street is not for them. Fundrise takes investors who are not accredited. EquityMultiple is the closest match if you are accredited and want a platform built around private real estate.
| Platform | Who can invest | Minimum | Fees | |
|---|---|---|---|---|
| Crowd Street | Accredited investors | $5,000 typical | 1.5% to 3.5% sales load, plus fund fees | Visit Crowd Street |
 Fundrise | No accreditation needed | $10 | 1% a year on real estate funds | Visit Fundrise |
 EquityMultiple | Accredited investors | $25,000 ($5,000 notes) | Listed on each offering | Visit EquityMultiple |
Fundrise
Best if you are not accreditedFundrise does not require accreditation. You buy into its real estate, private credit and venture funds from an app, and Fundrise says more than 2 million people use it.
The catchIt is still a long-term investment. Withdrawal requests for most funds are reviewed quarterly, and eREIT shares held under five years can carry a 1% penalty. Its venture fund charges a higher 1.85% fee.
Start with $10 at FundriseEquityMultiple
Best if you are accreditedEquityMultiple is the closer match to the old CrowdStreet: a platform built around private commercial real estate, run by Larson Capital Management since August 2026. It says it accepts only around 5% of the investments it considers.
The catchAccredited investors only, and it is just as hard to get out early. Its own disclosures say not to invest if you cannot hold for the long term.
Visit EquityMultipleFor the full picture, read our Fundrise review and our EquityMultiple review.
How to get started with Crowd Street
Opening an account is free, and you can look around before you invest.
- Create an account. Register with your name and email to see the available offerings.
- Set up an investing account. You will need your address, Social Security number, date of birth, citizenship status, a government ID and proof that you are accredited.
- Sign the account agreement. This is the Crowd Street Capital agreement that covers its brokerage services.
- Pick an offering. Read the fund fact sheet, the prospectus and the Fees and Expenses section before you choose an amount.
- Invest. Enter your amount, e-sign the subscription documents and fund the purchase. Everything you own then shows up in one dashboard.
CrowdStreet FAQs
Yes. Crowd Street only accepts accredited investors who live in the United States. That generally means income of $200,000 or more a year, $300,000 with a spouse, or a net worth of $1 million or more not counting your home. If you do not qualify, Fundrise has no accreditation requirement and starts at $10.
Yes. CrowdStreet, now called Crowd Street, sells investments through CrowdStreet Capital LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, and its BrokerCheck record showed no disclosures when we checked. Legit does not mean risk free. A sponsor ran a $62.8 million fraud on CrowdStreet investors in 2022, and Crowd Street's own disclosures say you could lose everything you invest.
Crowd Street says its minimum is typically $5,000 and can be higher on some offerings. There is no minimum to open an account. If $5,000 is more than you want to commit, Fundrise starts at $10.
There is no account fee. On registered funds you typically pay a sales load of 1.5% to 3.5%, taken out of your investment up front. Each fund also charges its own management and other fees, and the fund pays Crowd Street ongoing servicing fees. The exact costs are in the Fees and Expenses section of each offering.
In 2022, Nightingale Properties CEO Elie Schwartz raised more than $62.8 million from CrowdStreet investors for two real estate deals and diverted nearly all of it to personal accounts and other businesses. He pleaded guilty to wire fraud in February 2025. That May he was sentenced to 87 months in prison and ordered to pay more than $45 million in restitution. CrowdStreet later moved its offerings to its own broker-dealer and changed how investor money is handled.
Often not. Crowd Street says some investments are completely illiquid until the sponsor concludes them. Others are semi-liquid, with limits on how much you can redeem and how often, and redemptions can be at the sponsor's discretion. Only invest money you can leave alone for years.
It depends on whether you are accredited. If you are not, Fundrise has no accreditation requirement and starts at $10. If you are accredited and want a platform built around private real estate, EquityMultiple starts at $5,000 for its short-term Alpine Notes and $25,000 for most other offerings.
Advertiser disclosure: We may receive compensation from some of the companies listed on this page. This does not influence how we rank them.
Offerings, fees and minimums change. Confirm the current terms on each platform’s site before you invest. Private market investments can lose value, and past performance does not predict future returns.
