Regulation A+ Real Estate: What You Own When Anyone Can Buy
Regulation A+ is the SEC exemption behind most of the US fractional real estate a non-accredited investor can buy. Arrived, Fundrise's older eREITs, Cityfunds and Collab all sell under it. The deal it strikes is simple: the issuer may advertise to the public and take money from anyone, and in return it files an offering circular that the SEC reviews and qualifies before a dollar changes hands, then keeps reporting for as long as the offering lives. This page explains what you hold when you buy a Regulation A+ share, what the SEC does and does not check, who may buy, how resale works, and what to read before you do.
Who uses this structure on Threeworld
- Arrived
Shares of a separate series of a Delaware series LLC, one series per home, offered under Regulation A Tier 2 through the broker-dealer Dalmore Group. The funds are Reg A Tier 2 shares of their own LLCs
US SEC, Regulation A Tier 2, with annual and semi-annual reports on EDGAR. Arrived help centre, checked October 24, 2026.
- Fundrise
Shares of Delaware LLCs registered as closed-end interval funds and taxed as REITs for the Flagship, Income and Innovation funds. The older eREITs are Regulation A offerings and the credit funds are Regulation D
US SEC, Investment Company Act of 1940 for the registered funds, Regulation A and D exemptions for the rest. Fundrise help centre, checked October 24, 2026.
- Cityfunds
Membership interests in a city series of Cityfunds I, LLC, a Delaware series LLC, under Regulation A Tier 2. Since May 2025 each series holds partnership interests in a nationwide home equity fund rather than the agreements directly
US SEC, Regulation A Tier 2, secondary trading on the SEC-registered PPEX alternative trading system. offering circular on SEC EDGAR, checked October 24, 2026.
- Collab
Series interests in YSMD, LLC, a Delaware series LLC managed by Collab (USA) Capital LLC, one series per building, sold under Regulation A (Tier 2) through Dalmore Group as broker-dealer. The issuer on EDGAR is YSMD, LLC rather than Collab
SEC, Regulation A offering circular qualified under CIK 1948667. YSMD, LLC offering circular on SEC EDGAR, checked October 24, 2026.
Table of contents
What You Actually Own
A Regulation A+ fractional offering sells you a security in a company, not a deed to a house. On Arrived each home sits in its own series of Arrived Homes, LLC, and you buy shares of that series. Collab works the same way through YSMD, LLC, one series per building, with the issuer on SEC filings named YSMD rather than Collab. Cityfunds sells membership interests in a city series of Cityfunds I, LLC, which since May 2025 holds partnership interests in a nationwide home equity fund rather than the home equity agreements directly. Fundrise's eREITs are Regulation A offerings too, while its newer Flagship, Income and Innovation funds are registered interval funds under the Investment Company Act and sit outside this page. The series owns the property, the manager runs it, and you own a slice of the series. Your rights are whatever the operating agreement gives you, usually a share of distributions and a share of sale proceeds, rarely a vote on anything that matters. The manager typically has the right to sell the property, refinance it, or dissolve the series within a stated hold period. You do not get a key, a lease or a say in the tenant.
How the Exemption Works
Regulation A+ is the 2015 expansion of an old exemption from full registration. Tier 2, which every real estate platform on this page uses, lets an issuer raise up to $75 million in any twelve-month period from the general public. The issuer files a Form 1-A offering circular, the SEC staff reviews it and issues a qualification order, and only then may sales begin. Tier 2 also overrides state blue-sky registration, which is why a Nebraska investor and a Florida investor read the same circular. The ongoing duties are what separate Regulation A+ from the private placements under Regulation D. A Tier 2 issuer files Form 1-K each year with audited financial statements, Form 1-SA at the half year, and Form 1-U when something material happens, such as a change of control or an auditor leaving. Arrived and Collab publish these on EDGAR under their series LLCs, so a reader can see each property's income and expenses a year after the fact. Qualification is not endorsement. The SEC checks that the circular says what the rules require it to say, not whether the houses are well bought or the projected yield is reasonable.
Who Can Buy and How Much
Anyone can buy a Tier 2 Regulation A+ security, which is the exemption's whole point. The one limit falls on non-accredited natural persons: unless the security will list on a national exchange, you may invest no more than 10% of the greater of your annual income or your net worth, excluding your home, in a single offering. Platforms enforce it with a self-certification at checkout rather than by asking for documents. Non-US investors are not excluded by the rule itself, though each platform decides whom it will onboard. Arrived accepts US residents with a social security number or ITIN. Collab and Cityfunds state their own eligibility in their circulars. An accredited investor has no cap and gains nothing else under Regulation A+, which is one reason Regulation D platforms court them instead.
Selling a Regulation A+ Share
Regulation A+ securities are not restricted securities, so there is no statutory holding period and no Rule 144 clock. In practice the operating agreement and the absence of a market decide how you get out. Arrived runs a quarterly redemption window plus a secondary market with a fee of up to 2.5% a side, Cityfunds routes resale through the SEC-registered PPEX alternative trading system, and Collab describes exit through a sale of the building or a buyer the platform helps find. Fundrise's eREITs offer quarterly redemption at the fund's discretion. So the legal freedom to transfer meets the practical absence of a buyer. Threeworld's guide to how you get your money out covers each platform's window and cadence, and the platform page shows the registry's row for the one you are reading about.
What the Circular Tells You
The offering circular is the one document a Regulation A+ platform cannot soften. It names the manager and its fees, lists every conflict of interest, states the use of proceeds for each series, and carries audited or reviewed financials. Arrived's circular is where the 3.5% sourcing fee built into the share price lives, Collab's is where the up to 5% sourcing fee, the up to 3% offering expenses and the 1% broker commission appear, none of which show on a receipt. The fees pillar lines these up across every platform. Read the risk factors before the property photos. They are written by lawyers to protect the issuer, which makes them unusually honest about what can go wrong: vacancy, leverage, the manager's discretion to sell early or hold late, and the lack of a market for the shares.
What to Check Before You Buy
Find the circular on EDGAR, not a summary of it. Search the issuer's name as it appears in the filings, YSMD for Collab, Arrived Homes for Arrived, Cityfunds I for Cityfunds, and open the most recent Form 1-A and 1-K. Confirm the qualification date and that the offering is still open. A series that has sold out may still appear in a platform's catalogue. Match the fee section to the platform's marketing page. Where they differ, the circular governs. Read the hold period and the manager's right to sell or dissolve, then compare it with your own horizon. Check the resale mechanism and its fee. A redemption programme the manager can suspend is not a market. Find the 10% limit on the checkout screen and treat it as the regulator's view of concentration risk, not an obstacle to click through.
Questions people ask
What is Regulation A+ in real estate?
- Regulation A+ is a US SEC exemption that lets a company raise up to $75 million a year from the general public without a full registered offering. Fractional real estate platforms such as Arrived, Cityfunds and Collab use it to sell shares in a property-holding LLC to anyone, after the SEC qualifies an offering circular.
Do I own the property under Regulation A+?
- No. You own shares or membership interests in a Delaware LLC series that holds the property. Your rights come from the operating agreement, usually a share of distributions and sale proceeds, with the manager controlling the property and its sale.
Can a non-accredited investor buy Regulation A+ real estate?
- Yes. Tier 2 Regulation A+ is open to everyone, with non-accredited individuals limited to 10% of the greater of their annual income or net worth per offering. Platforms enforce the limit through a self-certification at checkout.
Can I sell Regulation A+ shares?
- Legally yes, there is no holding period. Practically you depend on the platform's redemption programme or secondary market, which can be suspended, run only at set windows and charge a fee. Arrived, Cityfunds and Fundrise each run a different mechanism.
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