Contributed By Allen Matkins Leck Gamble Mallory & Natsis LLP
Most real estate is held in a single-purpose entity, which may, in turn, be a fund, a joint venture, a limited partnership operating partner (LPOP) or a publicly traded real estate investment trust (REIT).
The ownership structure above the entity level will be dictated by the needs of the particular investment structure for ultimate ownership. That can be tax-driven, or driven by the operational and investment needs and nature of the parties (whether there are foreign investors, for example) and other factors.
The property-level, single-purpose entity will likely be a Delaware limited liability company that is qualified to do business in California.