Jeremy Biberdorf
By: Jeremy Biberdorf
April 16, 2024

First National Realty Partners Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
April 16, 2024


Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
First National Realty Partners logo


4.9 rating based on 5 ratings


In A Nutshell: First National Realty Partners offers accredited investors a way to receive quarterly, positive cash flow through fractional investment in nationally-branded, high-performing, grocery-anchored commercial real estate properties throughout the country.

Keep reading my First National Realty Partners review to help decide if it’s the best real estate investment option for you.

FeesAccount Minimum
$50,000 minimum investment per deal.
.5% to 1.5% Asset Management Fee, determined on a per-deal basis. Other fees may apply.



Pros & Cons
  • Premiere anchor tenants in every property offered
  • Annual cash flow
  • K-1 allows for depreciation on taxes
  • Also offers real estate fund
  • Limited number of investment opportunities at any given time
  • Some hold periods over 5 years
  • Participation for accredited investors only
  • High minimum investment requirement

Compare to Other Investment Platforms

First National Realty Partners Logo
4.9 rating based on 5 ratings
Learn More

Fees$50,000 minimum investment per deal.
.5% to 1.5% Asset Management Fee, determined on a per-deal basis. Other fees may apply.

Account Minimum$50,000

Promo None

Fundrise Logo
4.6 rating based on 5 ratings
Learn More


Account Minimum$500

Promo None

4.5 rating based on 5 ratings
Learn More

FeesBetween .5% and 1.5%, depending on investment type

Account Minimum$5,000 for notes $10,000 for direct investment $20,000 for pools

PromoNone at this time

Full First National Realty Partners Review

First National Realty Partners is an alternative investment platform that offers a unique spin on investment in retail commercial property. With its tenant-centric approach, each institutional-quality offering features a retail space (i.e. a mini-mall) anchored by a nationally-recognized brand, like ShopRite, Walmart, Dollar Tree, and Aldi.

In addition, each property is valued below replacement cost. This allows First National Realty Partners to create exit strategies that involve a sale or refinance in a 3 to 5-year period. As a result, investors receive both quarterly distributions and capital appreciation.

As an alternative, investors may participate in a real estate fund instead. The Opportunity Fund has a $50K investment minimum and provides for guaranteed placement in First National Realty Partners’ offerings.

External First National Realty Partners Reviews & Ratings

Google My Business4.7 from 102 reviews
My Millenial Guide4.5
Apple App Store4

Firsthand User Experience with First National Realty Partners

After reading through countless reviews, here are some telling reviews I found, from traders who have experienced the platform firsthand:

“FNRP team has been excellent to work with thus far. They have been professional and responsive and taken the necessary time to help a first-time investor understand their program.”
“I signed the multiple deals with FNRP and really am impressed with overall org structure, detailed offering memorandum, access to direct account manager to talk about any general or specific question, who respond back very professionally. I also have many other investments outside FNRP just to compare the overall performance, return and level of service and so far very impressed with this vertically integrated organization.”
“The staff is great at communication and they pay distributions right on time. Excellent at choosing where to invest as well.”
“As a real estate investor, that has invested with multiple platforms, FNRP by far is the most transparent and most communicative. What makes them stand out from all other companies and their platforms is their communication from day 1. They’re quick to respond to any questions, they’re upfront with their due diligence and they provide updates on my investment whenever there is activity at the property. When I’m constantly in the loop, it makes me feel at ease with my investment. FNRP has shown me that they’re a top CRE firm with a world-class staff. I look forward to investing in more of their opportunities.”

Are You Accredited?

Like many other real estate investment opportunities, FNRP holds all prospective investors to a high standard. While some companies—such as Fundrise—have opportunities for both accredited and non-accredited investors, this is not the case with FNRP. In fact, the everyday investor likely won’t meet the company’s high investment criteria.

By default, everyone is considered to be a non-accredited investor. In order to be considered an accredited investor, you must meet a certain investment criteria. Fortunately, there are a few different ways to reach this investor status.

  • Be a high-net-worth investor with a net value exceeding $1m. It’s important to note that the value of your primary residence can not be considered when calculating your net worth.
  • Have an annual income exceeding $200k (for individual accounts).
  • Have an annual income exceeding $300k (for joint accounts).

You don’t need to meet each requirement to be considered an accredited investor. Simply achieving one minimum investment requirement is enough to reach this investor status.

While reaching accredited investor status without being considered a high-net-worth investor is possible, it’s a bit more challenging to achieve. To meet one of the annual income requirements, your income must have met or exceeded these requirements for the past two years. You must also be able to reasonably anticipate a similar income for the current year.

Unfortunately, you can’t invest in FNRP if you aren’t an accredited investor (even if you can afford the minimum investment required!). If that’s the case, your best bet is to consider alternative investments instead.

First National Realty Partners At A Glance

Fees: $50,000 minimum investment per deal. .5% to 1.5% Asset Management Fee, determined on a per-deal basis. Other fees may apply.

Minimum Balance: $50,000 for the Opportunity Fund

Minimum Investment: $50,000

Account Fees: Determined on a per-deal basis

Redemption Options: Non-liquid. Investors

Customer Support: Direct phone support with a team of investment specialists, M-F 9am to 5pm EST

Transparency: Comprehensive due diligence packet on each offering is available directly through their website.

What Is First National Realty Partners? website

First National Realty Partners is one of the fastest-growing commercial real estate private equity firms in the country. Its mission is to provide accredited investors with the top .1% of value-add commercial properties with nationally-recognized anchor tenants in both primary and secondary markets across the country.

Each institutional-quality investment opportunity is thoroughly vetted by their in-house team for its potential to provide both cash flow and capital appreciation. Appreciation is created either through renovations to the property, providing new upper-tier tenants, or negotiating long-term lease deals with anchor tenants.

Investors participate as limited partners in individual property offerings that are featured on First National Realty Partners’ comprehensive and easy-to-navigate website. Because of this format, partners receive a K-1 for their taxes, which means they also receive the tax advantage of getting a tax deduction for the depreciation of the property.

Click for First National Realty Partners pricing and details.

How First National Realty Partners Started

Anthony Grosso

Based in Red Bank, New Jersey, First National Realty Partners was co-founded by Anthony Grosso and Christopher Palermo in 2015. Jared Feldman, the firm’s Chief Investment Officer, deployed more than $100M in equity capital during his years of consultancy before joining the firm.

Since 2015, First National Realty Partners has grown to 1,445 investors, holding over $914M in commercial assets, and averaging a historical 12% to 18% return.

First National Realty Partners is not a REIT. You do not purchase shares in a portfolio of investments. Rather, their tenant-centric approach is to offer fractional investment in individual retail commercial properties, anchored by a nationally-recognized tenant.

Better still, First National Realty Partners has carved out a niche by finding only under-valued assets, or assets with large upside potential. This allows them to offer investors both passive quarterly income and capital appreciation.

The Property Selection Process

Although First National Realty Partners invests in a few different types of properties, they primarily focus on real estate space that’s being occupied by national brands. Nationwide brands are some of FNRP’s largest tenants. By renting to these tenants, the company severely reduces the risk of rent going unpaid.

FNRP national brands

Every property is thoroughly vetted by FNRP’s in-house investment committee to ensure viable growth opportunities. The company has said that it invests in one out of every thousand properties it considers.

If these claims are true, then I think it’s fair to say that each property selected should be highly-profitable.

Click Here to see a complete list of all Nationwide brands that are tenants at First National Realty Partners properties.

Your First National Realty Partners Investment Options

First National Realty Partners provides co-investment as a limited partner in one of their retail commercial property offerings. These properties are often anchored by a large, nationally-known grocery store, such as Win-Dixie or Wal-Mart, and also has upside potential through appreciation or renovation.

FNRP also offers an Opportunity Fund. For $50,000, the fund provides investors guaranteed placement in one of the First National Realty Partners’ offerings.

First National Realty Partners Pricing

Participation in a limited partnership is priced on a per-deal basis and is offered to accredited investors only. To see offerings and obtain information on pricing, visit First National Realty Partners’ website.

The Investment Process

FNRP makes it easy to take advantage of the best investment deals, offering a streamlined process for real estate investing. The company takes a standardized approach to investments, ensuring that every investment offering has been thoroughly vetted. Once an offering has passed the in-house due diligence process, it’s available for viewing.

You can easily find a term investment—both longer and shorter—by browsing through the offerings on the First National Realty Partners website.

The company offers a variety of investment opportunities, including grocery-based chains, necessity-based retail space, and other commercial offerings from national brands. Every property offered has been selected because of its anticipated superior risk-adjusted returns.

Their “Property Search” page allows potential investors to view FNRP’s current properties. These property listings contain a wide selection of property data, including:

  • Site plans
  • Tenants
  • Property contacts
  • Demographics (Average household income, etc)
  • And more

Once you’ve found a property you’re interested in, you can watch a LIVE deal webinar on the property. This will explain all the details of the investment throughout the entire investment lifecycle, including the anticipated rate of return, anticipated annual income, and annual cash distributions. You’ll need to wait for one quarter to pass before you can start enjoying a consistent cash flow.

The entire process is completed online, where you’ll be provided with the necessary investment documents and details concerning your investment. You can also reach out to customer service by phone, although no specific customer service hours are provided on their website.

How to Fund Your FNRP Account

There are a few different ways to fund your account. Current options include:

  • Check
  • Wire transfer
  • IRA (with your self-directed IRA custodian), or
  • 1031 exchange

Potential Fees

You can expect to pay an annual asset management fee of 0.5% to 1.5% on each property. However, there isn’t a consistent fee structure across all offerings; you’ll want to check the specifics of your investment documents before making the commitment. There are three other fees you may end up paying:

  • Acquisition fee
  • Disposition fee, or
  • Property management fee

How Long Until I Start Seeing Returns?

FNRP has historically been very successful, so you can reasonably expect a consistent cash flow throughout the duration of your investment. You’ll start receiving quarterly cash distributions one quarter after your deal is closed.

However, it’s important to remember that any investment made through FNRP is an illiquid investment. The company manages the property from acquisition to disposition, but you—as the investor—can’t exit the deal until FNRP sells the property. Generally speaking, the company holds properties for five to seven years.

Returns vary from property to property, but First National Realty Partners generally targets average annual returns of 12%-18% per property. Results vary though: while some properties have underperformed, others have reached internal rates exceeding 45%! Annual cash distributions average between 5% and 9%.

Every real estate deal is different, but FNRP targets average annual cash distributions of 5% to 9%.

First National Realty Partners Portfolios

Currently, First National Realty Partners maintains over $900M in commercial property assets. To see previous deals and access current offerings, sign up on First National Realty Partners’ website.

Individual Offerings

The most common way to take advantage of FNRP’s various real estate opportunities is by investing in individual properties. Their current opportunities include both necessity-based retail space and grocery-anchored retail properties and other types of commercial real estate.

These real estate deals use contract renewals, rental income, and other methods to provide investors with quarterly cash distributions. You may also benefit from property appreciation (in addition to quarterly distributions).

Opportunity Fund

Investors can also choose to invest in the Opportunity Fund. This fund allows them to instantly invest in multiple retail shopping centers (and other types of commercial real estate) with a single investment rather than having to invest individually. The investment minimum required for the Opportunity Fund is $50,000.

Like the individual offerings, the Opportunity Fund allows investors to enjoy quarterly cash distributions from rental income, property appreciation, and other methods. This real estate investing strategy targets an annual return of 12%-18%, with targeted annual cash distributions averaging right around 8%.

First National Realty Partners Performance

FNRP provides both quarterly cash flow and capital appreciation. Each investment targets a 12% to 18+% IRR, with an 8% targeted average annual cash distribution. Individual results vary.

Strengths, Weaknesses, and Exciting Possibilities

By focusing on under-valued properties with high-quality anchor tenants, First National Realty Partners can create some exciting advantages for their limited partners.

For example, in a recent investment, First National Realty Partners acquired a property, then re-negotiated a 5-year lease with CVS. This allowed First National Realty Partners to refinance the property within two years of acquisition and pay back the initial investment of the partners.

fnrp investor benefits


The net result? Partners could reinvest in a second opportunity with their initial capital, while still enjoying cash flow from their first investment.

On the potential downside, the investments offer no liquidity and no diversity. You invest in a single property offering along with numerous other limited partners, then ride the investment out to its eventual conclusion.

Though the returns are extremely attractive, this is not an investment for someone seeking the portfolio diversification or liquidity of a REIT.

Positive Aspects of First National Realty Partners

first national realty partners investing

Access to Premier Anchor Tenants

First National Realty Partners provides unique access to properties anchored by nationally recognized tenants, offering a level of security and stability to investments. This strategic focus on high-quality anchor tenants can lead to more predictable cash flows and lower vacancy rates, making it an attractive option for investors seeking reliable returns.

Real Estate Fund Offering

The Opportunity Fund offered by First National Realty Partners is an excellent alternative for investors looking to diversify their real estate portfolio without selecting individual properties.

This fund allows for automatic investment in a curated selection of properties, providing both convenience and exposure to a variety of commercial real estate opportunities.

Tax Benefits and Capital Appreciation

Investors in First National Realty Partners benefit from the tax advantages of direct real estate ownership, including depreciation, which can enhance after-tax returns. Additionally, the platform’s focus on value-add properties offers the potential for significant capital appreciation, contributing to the overall attractiveness of the investment.

Strong Track Record and Expertise

First National Realty Partners boasts a strong track record of delivering solid returns to investors, underpinned by a team with deep expertise in commercial real estate. The firm’s rigorous property selection process and active management strategy ensure that each investment is positioned for success.

Addressing Limited Investment Opportunities

First National Realty Partners carefully selects each investment opportunity to ensure it meets stringent criteria for value and potential returns. However, this meticulous selection process means there might be fewer available opportunities at any given time compared to platforms with a broader, less selective range of investments.

This exclusivity ensures quality but may require investors to be patient and ready when new opportunities arise. Expanding the range of opportunities without compromising quality could further enhance investor satisfaction and engagement.

Navigating Long Hold Periods

Investments with First National Realty Partners typically come with longer hold periods, often exceeding five years. This approach aligns with the firm’s strategy to maximize value through property improvements and market timing.

While these hold periods can result in significant capital appreciation, they also mean that investments are less liquid and might not be suitable for investors seeking shorter-term engagements.

Providing clearer upfront communication about expected hold times and potential strategies for those needing more flexible investment timelines could help align investor expectations with the platform’s offerings.

High Threshold for Entry

First National Realty Partners sets a high minimum investment requirement, currently at $50,000, which places its offerings out of reach for many potential investors. This high entry barrier ensures that participants are serious and capable investors but also limits the diversity and number of participants in each deal.

Exploring options to lower the minimum investment through pooled investment vehicles or co-investment structures could democratize access to these high-quality real estate opportunities.

Exclusivity to Accredited Investors

The participation limitation to accredited investors only is a regulatory necessity but also narrows the field of potential participants. This exclusivity helps maintain a level of investment sophistication within the platform but also excludes a significant portion of the investing public who might be capable of understanding and assuming the risks involved.

Enhancing educational resources and exploring regulatory pathways for broader investor participation could widen the investor base while maintaining compliance and investment quality.

First National Realty Partners Competitors

First National Realty Partners competitors

Arrived Homes

Arrived Homes

Arrived Homes offers investors the opportunity to invest in single-family rental properties with a lower entry barrier. Unlike First National Realty Partners, which focuses on commercial real estate, Arrived Homes allows investors to diversify their portfolio with residential properties. The platform is known for its user-friendly interface and lower minimum investment requirement, making real estate investment accessible to a broader audience.

Learn More


Baselane Logo

Baselane is tailored for real estate investors looking for property management solutions along with investment opportunities. The platform offers a suite of tools designed to streamline rental property management, including finance tracking, tenant management, and banking services. Baselane’s integration of investment and management services provides a comprehensive solution for investors who actively manage their real estate assets.

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CrowdStreet logo

CrowdStreet stands out for its wide range of commercial real estate investment opportunities, including office buildings, industrial parks, and retail spaces. The platform offers both individual property investments and diversified funds, catering to investors with different risk appetites and investment strategies.

CrowdStreet’s educational resources and transparent investment process make it a strong competitor in the commercial real estate investment space.

Learn More

My Final Thoughts on This First National Realty Partners Review

First National Realty Partners has found an excellent niche in the commercial real estate investment space, allowing accredited investors to participate in the kinds of deals normally reserved for institutional investors.

The website makes it easy to understand each offering and perform due diligence with a few mouse clicks. The partners at FNRP really know how to take complicated transactions and distill them into simple terms.

I also like the hands-on approach this alternative investment platform takes. All potential investments must make it through a rigorous investment criteria. Once the property is acquired, that’s when the real work begins.

The FNRP team focuses on renovations, negotiating leases with current tenants, and bringing new, established tenants into the properties. This creates greater appreciation.

Though it does not provide the immediate portfolio diversification and liquidity of a REIT, an investor can find diversification with First National Realty Partners by investing in multiple properties. The offerings are not only scattered across the U.S. but by investing in properties with different anchor tenants, there’s little or no correlation between performance with each investment.

Click for First National Realty Partners pricing and details.

First National Realty Partners offers the top .1% of all retail-based, commercial institutional-quality investment opportunities you can find without being an institutional investor yourself.

I would have liked to see more disclosure about the accompanying fee structure upfront to make it a little more convenient for research, but the offerings, the platform, the customer service, and especially the returns are all top-of-the-line.

Frequently Asked Questions

Check the First National Realty Partners website for a comprehensive list of FAQs

Yes, self-directed IRAs are welcome.

Distributions of positive cash flow are paid quarterly.

Full financial reports are created and distributed every quarter. Updates on leasing go out every month. By March 15th of each year, you’ll also receive a form K-1 for your taxes.

First National Realty Partners primarily caters to accredited investors due to the nature and scale of its investment opportunities.

Properties are meticulously selected based on a stringent set of criteria, focusing on location, tenant quality, and potential for value addition.

Investments usually have a holding period of 5 to 7 years, aiming for both quarterly cash flow and long-term capital appreciation.

The firm employs an active management approach, focusing on property improvements, tenant relations, and strategic lease negotiations to enhance asset value.

Investments with First National Realty Partners are generally illiquid, with exit strategies typically executed through property sales or refinancing at the end of the holding period.

Yes, investors can choose to reinvest their earnings into new opportunities presented by First National Realty Partners, subject to the same accreditation and minimum investment requirements.

Investors have access to a secure online portal where they can monitor the performance of their investments, including quarterly financial reports and updates on property developments.