High income, little time, and every April a bigger tax bill.
Real assets run by operators you can call directly, with quarterly updates and K-1s.
Veteran-led private real estate · Frisco, Texas
Invest beside two Army veterans who put their money in first.
One commitment to the L5 fund: value-add hotels, workforce housing, self-storage and mixed-use real estate in Texas and Louisiana growth corridors. Our money goes in first. You get paid first.
A private conversation with Byron Kizzie, Managing Partner. No pitch. Bring your spouse or CPA.
$15M fund$25,000 minimumIRA & entity welcomeRule 506(c) offering · accredited investors only
The problem with most private deals
You can't see the sponsor's hand. That's the problem.
Most private real estate is sold by people with nothing of their own in the deal. Fees come off the top before you see a dollar. The numbers are polished, the exit is vague, and once your money is in, the phone stops ringing.
Typical sponsor
- Little or none of their own money in
- Fees paid first, whatever happens
- Exit decided later
- A sales team between you and the operator
L5 Legacy Capital
- Our money goes in first
- You get paid first: preferred return
- Exit planned before we buy
- Every first conversation is with Byron
Who we serve
Built for people who earned their wealth the hard way.
Tired of being pitched by people who've never carried a mission.
Invest beside two Army veterans who plan the exit before they buy.
Wealth tied up in one company and one market you can't diversify.
One commitment spread across several Texas and Louisiana projects.
Retirement money sitting in funds you can't see or influence.
Invest through your self-directed IRA custodian. $25,000 minimum.
See how investing with L5 works →Comparing sponsors? Get a Second Look →
U.S. Army
Veterans
Both founders servedVeterans
Veteran
Owned
Veteran-owned firmOwned
Family
Owned
Husband-and-wife foundersOwned
Rule
506(c)
Accredited investors only506(c)
Invest
Next
Secure investor portalNext
Why investors start here
The firm is new. The builders aren't.
L5 Legacy Capital opened to investors in 2026, after more than 15 years of Byron and Melynda building and investing with their own money.
15+ yrs
Real estate development and private equity, through the 2006 boom and the 2008 downturn
$6M+
Property acquisitions overseen by Byron Kizzie
1.5x
Realized equity multiple on a $2.25M Northeast Louisiana project, in under 15 months
~100 : 2–5
Deals reviewed for every two to five we take
Meet the operators
Who is behind your capital?
Two U.S. Army veterans, partners in business and in life. They started with hard hats and hammers in their hands, long before raising outside capital.
Managing Partner
Byron Kizzie
Byron underwrites every deal, structures the capital, builds the lender relationships and plans the exit before we buy. Every first investor conversation is with Byron.
- 20-year U.S. Army veteran
- Corporate leader in the defense sector
- 15+ years in real estate development and private equity
- Delivered $4M+ residential and $5M+ commercial and hospitality projects
“Whenever you invest with us, we'll treat your money just like our money.”
Co-Founder
Dr. Melynda Kizzie
Melynda leads the front end: finding the deals. She focuses on institutional strategy and community impact in growth corridors.
- U.S. Army veteran
- MBA
- Doctorate in Organizational Leadership
- Real estate developer
“We always make it a point to pay our investors first, because you are the ones who trusted in the vision.”
“She finds the deal. He makes sure it closes.”
In the foxhole with you
Our money goes in first. So every deal has to pass five gates.
We say no 95 times so we can say yes to you: about 100 deals reviewed for every two to five we take.
- 01Market
A growing corridor
Texas and Louisiana corridors anchored by military installations, universities and expanding infrastructure.
- 02Value
A fixable problem
The property underperforms for a reason we can fix: operations, branding, management or capital improvements.
- 03Income first
Income before appreciation
We underwrite the income a property can produce before counting on any appreciation.
- 04Return target
2.0x standard
Every project is underwritten to a target equity multiple of 2.0x or better over a five-year hold.
- 05Downside
Two exit paths
Sale or refinance, both mapped before we sign the purchase agreement.
Then four sign-offs:Our underwritingA second underwriterThe bank's underwritingAn investor call on the numbers and risksInitiate a Conversation →
Where your capital goes
Where others overlook. We build the value.
Commercial property is valued on its income. We buy real estate that underperforms for reasons a disciplined operator can fix.
AcquireRepositionOptimizeRaise NOIExit
RevPAR UpsideBoutique Hospitality
Boutique and branded hotels where branding and professional operations lift room rates and NOI.
Essential Housing DemandWorkforce Multifamily
Well-located apartments improved through upgrades and better management.
Needs-Based DemandSelf-Storage
Better management, pricing and upgrades to lift occupancy and NOI.
Diversified Cash FlowCommercial & Mixed-Use
Community retail and mixed-use along growing corridors.
Ground-Up ExecutionAdaptive Reuse
Ground-up and redevelopment projects in underserved markets.
Illustrative photos of each asset type, not L5 properties. Hotel Texas Fort Worth (1 of 1) by Renelibrary (CC BY-SA 4.0) · One-by-five Apartments Austin, TX by Sk5893 (CC BY-SA 4.0) · Affordable Self Storage (5424889794) by Social Woodlands from USA (CC BY 2.0) · Historic Downtown McKinney by Mistermckinney (CC BY-SA 4.0) · Warehouse Lofts Milwaukee Wisconsin 7978 by Dori (CC BY-SA 3.0 us), via Wikimedia Commons.
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Illustrative image. Location and brand are shared in your private briefing. Featured fund project · open now
Northeast Louisiana boutique hotel
A shovel-ready, brand-committed hotel in a growing corridor with limited upscale rooms. Hospitality, mixed-use and value-add, placed in the L5 fund.
- Status
- Shovel-ready · brand committed
- Project target
- 18–22% IRR · 2.0x
- Asset type
- Boutique hotel · mixed-use
- Market
- Northeast Louisiana
Fund capped at $15M. Closes on full allocation.
Pipeline: self-storage in Huntsville, TX (being placed) and Longview, TX (under evaluation).
Realized Inspect the case study →
The mayor asked for homes. The L5 team built them.
Working families in Northeast Louisiana needed homes they could afford to buy. After a town hall, on land from a local mentor, the team pre-qualified buyers before breaking ground and partnered with local lenders on closing-cost assistance.
$2.25Mhousing development
1.5xequity multiple realized
<15 mopaid out before the last lots sold
How we got here
Built with our own hands first.
- HawaiiAs a military family, built a first home for under $320,000 and a second for under $580,000. Both sold within 60 days for more than $400,000 combined profit.
- Virginia build-to-rent25 acres. Three test homes first, and a waiting list of renters before construction finished.
- Northeast Louisiana$2.25M workforce housing, 1.5x realized. A second phase is still to come.
- 2026: L5 opens to investorsThe $15M L5 fund, so others can invest beside us.
The L5 fund
One commitment. Several vetted projects.
You make one commitment to the fund. We find, underwrite and operate the projects, and we publish every project we place in it.
- Initiate a conversation with Byron
- Review the private investor briefing
- Verify accredited status on InvestNext
- Fund by wire or self-directed IRA
- Quarterly updates, investor meetings and K-1s
About 90 days from first conversation to funding, typically.
Full terms and disclosures: read the fund terms →
Fund size$15M
Minimum$25,000
Target multiple2.0x+
Target hold5 years
AccountsIRA · entity · personal
Investor priorityPreferred return
Who can investRule 506(c) offering · accredited investors only
60-second check
Am I an accredited investor?
Many professionals qualify without realizing it. The SEC's main tests for individuals:
- Income: over $200,000 a year ($300,000 with a spouse or partner) in each of the last two years, expecting the same this year.
- Net worth: over $1 million, alone or with a spouse or partner, not counting your primary home.
- Credentials: an active Series 7, 65 or 82 license.
An educational guide only. Your status is formally verified on InvestNext before you invest.
Did you earn more than $200,000 ($300,000 jointly) in each of the last two years?
And do you expect the same this year?
Is your net worth over $1 million, excluding your primary home?
Alone or together with a spouse or spousal equivalent.
Do you hold an active Series 7, 65 or 82 license?
FINRA professional certifications.
Will you invest through an entity or trust with more than $5 million in assets, or one owned entirely by accredited investors?
For example a family trust, LLC or family office.
You likely qualify.
Based on your answers, you likely meet an SEC accredited-investor test. The next step is a private conversation with Byron.
Initiate a Conversation →Not yet, and that's fine.
We'll always be straight with you about eligibility. Start with Investor Foundations, our free education track, and talk with Byron when you're close.
Start Investor Foundations → The Second Look
Considering another sponsor? Get a second look from Byron.
Get our Sponsor Due Diligence Checklist: the questions to ask before you invest a dollar. Use it on any sponsor, including us. Then, if you'd like, send Byron the deck you're weighing for a straight, private read.
- Is the sponsor's own money in the deal, and does it go in first?
- Who gets paid first, and what are every one of the fees?
- What are the debt terms and the underwriting assumptions?
- What's the exit plan, and what happens if it slips?
Straight answers
What investors ask us first
L5 is a 2026 firm. Why trust a new sponsor?
The firm is new. The builders aren't. Byron and Melynda have more than 15 years of building and investing, you deal directly with them, and their own money goes into the fund first.
What is the minimum investment?
$25,000, a starting point many private funds won't offer. Many investors start at the minimum, read the quarterly updates and decide from there.
Can I invest with my IRA?
Yes. You can invest through a self-directed IRA custodian, an entity or personally.
How long is my money committed?
The fund targets a five-year hold. Some projects may exit earlier.
Who can invest?
Verified accredited investors. The fund is a Rule 506(c) offering, and status is verified on InvestNext. Not sure? Take the 60-second check.