# FPA Real Estate Advisers Group, LLC

> FPA Real Estate Advisers Group, LLC is an SEC-registered investment advisory firm in Irvine, CA, registered since 2017, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 288195
- Filed as: FPA REAL ESTATE ADVISERS GROUP, LLC
- Also doing business as: FPA MULTIFAMILY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Irvine, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/288195
- AdvisorCensus page: https://advisorcensus.com/firm/fpa-real-estate-advisers-group-llc-irvine-ca-288195

## Quick answers

**How is FPA Real Estate Advisers Group, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), FPA Real Estate Advisers Group, LLC reports these compensation arrangements: performance-based fees; other.

**Where is FPA Real Estate Advisers Group, LLC located?**
FPA Real Estate Advisers Group, LLC's principal office is in Irvine, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is FPA Real Estate Advisers Group, LLC registered with the SEC or a state?**
FPA Real Estate Advisers Group, LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 288195.

**How much does FPA Real Estate Advisers Group, LLC manage?**
FPA Real Estate Advisers Group, LLC reports $7,970,799,113 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have FPA Real Estate Advisers Group, LLC's assets and staff changed since 2021?**
In the Form ADV data for FPA Real Estate Advisers Group, LLC: Regulatory assets under management: $6,466,097,588 in the October 2021 data and $7,970,799,113 in the October 2026 data, up 23%. Total employees: 15 in October 2021 and 110 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does FPA Real Estate Advisers Group, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (33).

**Does FPA Real Estate Advisers Group, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/288195

**Does FPA Real Estate Advisers Group, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "The minimum capital commitment for investments in our Funds is $1,000,000, subject to lesser amounts being accepted by FPA REAG or the Fund GPs, at their discretion, or as otherwise specified in the Fund’s governing documents."

**What changed in FPA Real Estate Advisers Group, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 15 to 13.

## From the Form ADV filing

### Compensation (Item 5.E)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The minimum capital commitment for investments in our Funds is $1,000,000, subject to lesser amounts being accepted by FPA REAG or the Fund GPs, at their discretion, or as otherwise specified in the Fund’s governing documents.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $7,970,799,113
- Discretionary: $7,970,799,113
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 33 | $7,970,799,113 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 110 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/288195

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- San Francisco, CA

### Websites listed on Form ADV (Item 1.I)
- fpamf.com
- LinkedIn @fpamultifamily

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,466,097,588 | 15 | March 31, 2021 |
| October 2022 | $6,282,997,635 | 15 | March 31, 2022 |
| October 2023 | $7,940,971,326 | 58 | May 30, 2023 |
| October 2024 | $5,656,052,408 | 89 | September 12, 2024 |
| October 2025 | $7,688,525,310 | 96 | May 19, 2025 |
| October 2026 | $7,970,799,113 | 110 | March 31, 2026 |

Regulatory assets under management: $6,466,097,588 in the October 2021 data and $7,970,799,113 in the October 2026 data, up 23%.
Total employees: 15 in October 2021 and 110 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 15 to 13.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. FPA Real Estate Advisers Group, LLC (CRD 288195): Form ADV filing data as of October 2026.