The L5 Fund Is Open. Every Project Published. Our Money In First.
Most investors only see what's left over: public REITs, faceless funds and deals marketed to everyone. L5 Legacy Capital, a veteran-led real estate firm in Frisco, Texas, goes and finds the overlooked deals. Its $15 million fund for Texas and Louisiana commercial real estate is open now to verified accredited investors, from $25,000. First project: a boutique hotel in Northeast Louisiana.
By Byron Kizzie, Managing Partner · Updated October 2026
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.
What is open to investors right now?
The L5 fund. You make one commitment, and we select, underwrite and operate the projects. We publish every project we place in the fund, so you see exactly where your capital goes.
- ✓Our money goes in first. The founders invest their own capital in the fund before any investor does.
- ✓You get paid first. Limited partners receive a preferred return, paid before the general partners share in any profits.
- ✓You see everything. Every fund project is published, and a quarterly investor update reports project status, distributions and performance.
Northeast Louisiana Boutique Hotel
A shovel-ready, brand-committed boutique hotel in a growing Northeast Louisiana corridor with few upscale rooms. Travelers who want an upscale stay there have few choices today. We intend to give them one, and to lead the market on rate.
Why this project?
Hospitality is Byron's specialty. Commercial and hospitality projects delivered exceed $5 million. The exit was planned before committing.
Location, brand and full business plan are shared in the private investor briefing, after your conversation with Byron.
What's next in the pipeline?
Self-storage in Texas growth corridors.
Self-Storage, Huntsville, Texas
Being placed in the fund. Needs-based demand and lean operations provide a disciplined counterweight to hotel nightly pricing.
Self-Storage, Longview, Texas
Under active evaluation. Every deal must pass all three L5 filter tests before reaching the fund.
Three tests before a deal reaches the fund
- • Would we put our own money in it? If not, it doesn't reach the fund.
- • Do we know how we'll exit before we buy? We know when we purchase it how we're going to leave it.
- • Does it leave the community better? People working, local ecosystem thriving.
Northeast Louisiana Workforce Housing
Delivered a $2.25 million workforce housing development. Pre-qualified buyers before breaking ground. Local lender partnerships for closing-cost assistance. Investors realized a 1.5x equity multiple ($1.50 back for every $1.00) in under 15 months.
Read Case Study →Talk with the man who underwrites every deal.
Bring your hardest questions about the fund, the hotel and the pipeline. If it fits, the private briefing follows.
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.