The Best Ever CRE Show JF 4029: Build-to-Rent Momentum, Fund-of-Funds Partnerships and The Waco Playbook ft. Ryan Watts
Sep 15, 2025
Ryan Watts, co-founder of Red River Development, discusses scaling a Build-to-Rent platform to 1,900 units and $600M AUM. He shares insights on maximizing investor credibility using prerecorded webinars and expert insights. Ryan previews a promising 206-home project in Waco, Texas, highlighting its conservative capital strategy and strong market demand. He also emphasizes the importance of networking with fund managers and effective marketing to attract investors in today's evolving real estate landscape.
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Founding Story And Early Pivot
- Ryan co-founded Red River in 2020 and pivoted from oil & gas royalty investing to build-to-rent development.
- The firm now manages ~1,900 units and ~$600M AUM with a property management brand called Trullo Homes.
Three‑Legged Equity Strategy
- Red River's equity base is a three-legged stool: RIAs, family offices, and high-net-worth investors.
- They deliberately diversify away from relying solely on institutional private equity to build long-term, repeatable relationships.
Deliver Turnkey Fund‑Manager Materials
- Build prepackaged marketing content and a structured fund-manager program to make fundraising easy for partners.
- Let fund managers focus on investors by supplying turnkey materials and data they can reuse.