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Syndication updates
February 11, 2026 - Q4 2025 BPI-Prescott Ranch LLC Project Update
Dear Investor,
We're pleased to share our Q4 2025 project update, which includes important information on construction progress, current inventory levels, and recent market improvements. The attached report provides details on our construction pipeline, sales activity across all three home series, marketing strategies, and our current financial position. Please review the full update for complete project metrics and timeline projections.
We appreciate your continued partnership as we navigate these challenging market conditions. Below is the full Prescott Ranch Q4 2025 update and escrow reports for your review.
Q4 2025 BPI-Prescott Ranch Update Report
Q4 2025 BPI-Prescott Ranch Escrow Report
November 20, 2025 - Q3 2025 BPI-Prescott Ranch LLC Project Update
This quarter's update provides details on project progress and market conditions. We distributed a preferred return of $7,500 per share in July, with the next potential distribution scheduled for January 2026. The project has 248 homes sold and closed to date, with 10 homes currently in escrow.
While the national housing market slowdown continues to impact traffic and sales pace, we're maintaining steady operations with consistent construction releases of 2 homes per month as we work toward ramping back up to 6 per month.
We appreciate your continued partnership as we navigate these challenging market conditions. Below is the full Prescott Ranch Q3 2025 update and escrow reports for your review.
Q3 2025 BPI-Prescott Ranch Update Report
Q3 2025 BPI-Prescott Ranch Escrow Report
August 9, 2025 - 2025 Q2 BPI-Prescott Ranch, LLC Project Update
As sales numbers continue on an upward trajectory, we’re pleased to report sustained momentum at BPI–Prescott Ranch LLC.
Coupled with the recent first Preferred Return distribution to investors, these developments mark a meaningful milestone for the project and underscore the strength and resilience of the investment.
For a complete overview, we invite you to review the Update and Escrow Reports provided below.
2025 Q2 Financials are available upon request.
Current Projects to Invest - RWD MULTIFAMILY FUND, LLC Find out more - https://realwealth.com/syndication-status/open-offerings/
Past Projects/Updates - https://realwealth.com/ (Login/choose My Syndications)
Questions - Syndications@realwealth.com
Thank you for your continued partnership and investment!
April 30, 2025 - BPI-Prescott Ranch LLC - 2025 Q1 Update
We are pleased to report on the recent progress of BPI-Prescott Ranch LLC.
Sales remained steady in the first quarter of 2025, and we continue to offer Interest Rate Locks along with additional incentives on available standing inventory. These measures are intended to provide added value and confidence for investors in the current market environment.
For a comprehensive overview of the project's progress and activities during the 2025 1st quarter, please review the Update and Escrow Reports found below.
The 2025 Q1 Financials available upon request.
CURRENT PROJECTS - 7 spots are available in our SAN ANTONIO WILD PINE project https://realwealth.investnext.com/portal/offerings/
PAST PROJECTS - https://realwealth.com/account/ (Login then select My Syndications)
Questions - Syndications@realwealth.com
Thank you for your continued partnership and investment!
January 24, 2025 - BPI Prescott Ranch, LLC Project Update
We are pleased to share the 2024 Q4 update for BPI-Prescott Ranch, LLC, along with the 2024 Q4 escrow report for your review. As Fred mentions in this report, the final capital distribution was sent to investors recently. The next dollars being paid will be Preferred Returns to investors.
The 2024 Q4 Financial Statements are available upon request.
ATTENTION - IRA INVESTORS
If you have invested through an IRA, the company name and distribution address may have changed. If this has taken place, we need you to notify us by email immediately at Syndications@realwealth.com with the updated information, specifying the name of the active projects your IRA is invested in.
October 18, 2024 - BPI-Prescott Ranch, LLC Project Update
We are pleased to share your Q3 update for BPI-Prescott Ranch, LLC, along with the 2024 Q3 escrow report for your review.
The 2024 Q3 Financial Statements are available upon request.
Manager Fred Bates anticipates that the final capital distribution will be completed by the end of this year. If you’ve recently updated your mailing address, please let us know by contacting us at Syndications@realwealth.com. (No need to reply if your address is unchanged.)
Thank you for your continued partnership and investment!
PAST PROJECTS - https://developments.realwealth.com
CURRENT PROJECTS - https://realwealthdevelopments.com/
Questions - Syndications@realwealth.com
July 25, 2024 - BPI-Prescott Ranch, LLC Project Update
Below is your 2024 Q2 BPI-Prescott Ranch, LLC project update with the 2024 Q2 escrow report for your review.
Manager Fred Bates advises there should be another distribution by the end of the year.
The 2024 Q2 Financial Statements are available upon request.
May 7, 2024 - BPI-Prescott Ranch, LLC Project Update
Below is your 2024 Q1 BPI-Prescott Ranch, LLC project update with the 2024 Q1 escrow report for your review.
Please Note - Manager Fred Bates advises there should be another distribution at the end of this summer.
Fred also anticipates homes sales will be on the rise with Amazon moving into the area. Please watch the video.
The 2024 Q1 Financial Statements are available upon request.
PAST PROJECTS - https://developments.realwealth.com
Questions - Syndications@realwealth.com
CURRENT PROJECTS - https://growdevelopments.com/
Questions - Syndications@growdevelopments.com
February 13., 2024 - BPI-Prescott Ranch, LLC Project Update
Below is your 2023 Q4 BPI-Prescott Ranch, LLC project update with the 2023 Q4 escrow report for your review.
* Please Note - the manager advises there should be another distribution coming soon.
BPI-Prescott Ranch 2023 Q4 Update
The Q4 2023 Financial Statements are available upon request.
PROJECT PORTALS:
PAST PROJECTS: Please login to https://developments.realwealth.com to review past updates on this project as well as others you are invested in. Provide past project questions to Syndications@realwealth.com
CURRENT PROJECTS: Please login to https://growdevelopments.com/ to review our current projects. Provide questions on these current projects to: Syndications@growdevelopments.com
October 19, 2023 - BPI-Prescott Ranch LLC Project Update
Below is your 2023 Q3 project update, the escrow report and a current drone video to view of the project for BPI-Prescott Ranch, LLC.
Please note - the manager advises there should be another distribution coming soon.
October 2023 Prescott Ranch Update
The Q3 2023 Financial Statements are available upon request.
You can login to the https://developments.realwealth.com portal to view this and any past updates on this project you are invested in.
If you have any questions or address changes, please email us at Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send your questions to syndications@growdevelopments.com
August 9, 2023 - BPI-Prescott Ranch, LLC Distribution
Good news! We were just advised that the manager of BPI-Prescott Ranch will be making a distribution of $6200 per unit with checks dated 8/15/23. Please keep an eye out for your check. This check amount will be considered a return of capital under the terms of the Operating Agreement.
If you are an IRA investor, please realize due to your IRA processing time, there can be a delay in viewing your check in your account.
If you did not file a Montana PT-AGR form, or your form has not yet been accepted by the state of Montana, or your previously filed form has been revoked by the state of Montana, state taxes will be withheld from this distribution. Additionally, for foreign investors, applicable taxes will be withheld.
As always, you can login to https://developments.com to view this and any past updates on projects you are invested in.
If you have any questions or address changes, please email them to Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send questions about them to syndications@growdevelopments.com
August 3, 2023 - BPI-Prescott Ranch, LLC Project Update
Below is your 2023 Q2 project update and the escrow report for BPI-Prescott Ranch, LLC.
July 2023 Prescott Ranch Update
The Q2 2023 Financial Statements are available upon request.
You can login to https://developments.com to view this and any past updates you are invested in.
If you have any questions or address changes, please email us at Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send your questions to syndications@growdevelopments.com
July 25, 2023 - BPI-Prescott Ranch, LLC - Address Change Reminder
Every so often we review our system records to determine that we have the most current investor addresses on record.
Therefore, this is just a reminder for those of you who have NOT provided us your current mailing address since the April 2023 status update to do so by emailing us at Syndications@RealWealth.com.
* For these investors only, please also tell us if you are an IRA investor.
We have heard from many of you who have already provided us with your current address so we believe our system is up to date and you do NOT need to duplicate providing us your address again.
We are now working on our Q2 status update with Fred and will provide it to investors as soon as it has been finalized.
You can login to the developments.com portal to view any past updates on this project or others you are invested in.
You can view our current projects on growdevelopments.com and send your questions to syndications@growdevelopments.com
April 20, 2023 - BPI-Prescott Ranch LLC Project Update
Below is your project update and the escrow report for BPI-Prescott Ranch, LLC.
April 2023 Prescott Ranch Update
The Q1 2023 Financial Statements are available upon request.
You can login to the developments.com portal to view this and any past updates on this project you are invested in.
If you have any questions or address changes, please email us at Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send your questions to syndications@growdevelopments. com
March 9, 2023 - BPI-Prescott Ranch, LLC - March Distribution
Below is a letter explaining your upcoming March distribution for BPI-Prescott Ranch, LLC.
March 2023 Distribution Letter
You can login to the developments.com portal to view this and any past updates on this project you are invested in.
If you have any questions or address changes, please email us at Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send your questions to syndications@growdevelopments.com
February 16, 2023 BPI-Prescott Ranch, LLC Project Update
Below is your project update and the escrow report for BPI-Prescott Ranch, LLC.
2022 Q4 January 2023 Prescott Ranch Update
The Q4 2022 Financial Statements are available upon request.
You can login to the developments.com portal to view this and any past updates on this project you are invested in.
If you have any questions or address changes, please email us at Syndications@RealWealth.com
You can view our current projects on growdevelopments.com and send your questions to Syndications@growdevelopments.com
November 7, 2022 - BPI-Prescott Ranch, LLC Project Update
Below is your project update and the escrow report for BPI-Prescott Ranch, LLC.
October 2022 Prescott Ranch Update
The Q3 2022 Financial Statements are available upon request.
You can login to the RealWealth investor portal to see this and any past updates on this project.
If you have any questions or address changes please email us at Syndications@RealWealth.com
August 2, 2022 - BPI-Prescott Ranch, LLC Project Notification
We want to let you know that the first distribution on this project has been processed and checks are on their way to you. If you invested through your IRA, the check has been mailed to that location and it may take additional time for it to be processed. Please talk to your IRA representative if you have questions. Only Non U.S investors will likely receive a wire with their distribution.
The manager has advised us that the distribution was Twelve thousand five hundred dollars per unit.
If you received less than this amount, it was due to a deduction for tax withholdings. Federal withholdings were made for foreign investors. Montana state withholdings were made for anyone who did not sign the Montana tax forms previously delivered to investors.
The tax withholdings included amounts for 2021 which will be reflected in 2021 tax forms which will be provided as soon as the CPA completes them. Also, projected amounts were withheld for estimated profits through June 2022. Additional amounts may be withheld for the remainder of the year. These amounts will be reflected in 2022 tax forms.
Please email us at Syndications@RealWealth.com if you have any questions.
July 24, 2022 - BPI-Prescott Ranch, LLC Project Update
Below is your project update and the escrow report for BPI-Prescott Ranch, LLC.
July 2022 Prescott Ranch Update
Escrow Report
The first distribution on this project will be made this month. Please let us know immediately if you have a recent change of address so we can notify the administrator of this project before checks are issued.
The Q2 2022 Financial Statements are available upon request.
Please email us at Syndications@RealWealth.com of any address changes or if you have any questions.
May 17, 2022 - BPI-Prescott Ranch, LLC Project Update
Below is your project update and the escrow report for BPI-Prescott Ranch, LLC.
May 2022 Prescott Ranch Update
Escrow Report
The 4Q 2021 and 1Q 2022 Financial Statements are available upon request.
If you have any questions, please email them to Syndications@RealWealth.com.
March 14, 2022 - BPI-Prescott Ranch LLC - 2021 Schedule K1 Timing Delay
We want to let you know that we just received notice from Fred's office that the timing for the 2021 Schedule K1 for BPI-Prescott Ranch will be slightly delayed and they have filed an extension.
We have been told that they expect the return to be completed by the end of the month. Once completed you will receive your K-1 via an email directly from Darlys Yoder (dyoder@bpi4.com).
We apologize for any inconvenience this may cause.
February 17, 2022 - BPI-Prescott Ranch, LLC Project Update
Below is your project update, the Lusitano model homes photos and the escrow report for BPI-Prescott Ranch, LLC.
January 2022 Prescott Ranch Update
If you have any questions, please email them to Syndications@RealWealth.com.
December 10, 2021 - Changing Title in a Syndication
Taking title in a syndication is similar to taking title on a property. It's a legal agreement, and making changes is not that simple.
When deciding to invest in a syndication, it's important to speak with a CPA and/or attorney first to make sure that you are investing in the right entity with the right titling.
With that said, we understand that changes can happen between the time that title is taken and when the syndication wraps up. There are marriages, divorces, and deaths.
We want you to be aware that most changes in title are known as "Transfers to your investment." Each operating agreement may have different guidance on how transfers are done, and if they are even allowed. This would be listed under the "Restrictions of Transfers of Membership Interests" section of the operating agreement.
In most cases, the manager of the project gives final approval of a transfer, per the guidance of the operating agreement. Before making any changes with your IRA custodian or partner, make sure you get authorization from the project manager first. These transfers can be complicated and can incur substantial service fees for making the change.
Fred Bates is the manager of any Bates Homes projects as well as manager with Tom deRegt for PEI-Cannon Ranch 1B, LLC (Commercial) and therefore, he will need to approve any transfers or changes. It is out of RealWealth's jurisdiction.
If you have any questions about this, feel free to reach out to me at Syndications@realwealth.com.
November 24, 2021 - BPI-Prescott Ranch, LLC Update
Below is your project update for BPI-Prescott Ranch, LLC along with the attached Escrow Report.
Please note, there is a Dropbox link at the end of the report to view the new Lusitano Models.
Fred has told us he is working on new projections reflecting best estimates of current costs and timing. He plans to have this available by year end.
Please let us know at Syndications@realwealth.com if you would like us to provide you the most recent Financial Statements.
Oct 2021 Prescott Ranch Update
Escrow Report
If you have any questions, please email them to Syndications@realwealth.com.
October 4th, 2021 - BPI-Prescott Ranch, LLC - Delayed Payout Notice
Fred stated in his BPI-Prescott Ranch Q2 report that he projected a partial return of capital could be made late in the third quarter. We just received word from him that this partial payout will be delayed due to material delays and Covid labor challenges.
Fred explained -
There's been a slow down in our deliveries as a result of supply line delays. Once we get our deliveries up I will be able to project when we can start returning capital.
As you recall, profits come from the sales of homes. If there's a delay to sales, there will be delays to the projected timing of distributions on this project. One could not have predicted the many issues and challenges associated with pandemics, as this is unprecedented.
We wanted to send this update now, rather than wait for the Q3 report. We are gathering the information for that report and expect to have it sent to investors by the end of October.
As always, please email any questions to Syndications@realweatlh.com.
August 4, 2021 - BPI-Prescott Ranch, LLC Project Update
Below is your project update, escrow report and pictures for BPI-Prescott Ranch, LLC.
We have received the unaudited financial statement for your review. Please let us know if you would like to receive it.
July 2021 Prescott Ranch Update
Escrow Report
If you have any questions, please email them to Syndications@RealWealth.com.
April 30, 2021 - BPI - Prescott Ranch Project Update
Below is your project update and reports for BPI-Prescott Ranch, LLC.
The 1st quarter Financial Statements are available. Please let us know if you would like to receive them.
April 2021 Prescott Ranch Update
If you have any questions, please email them to Syndications@RealWealth.com.
February 28, 2021 - BPI Prescott Ranch, LLC Project Update
Below is your project Q4 update and recent escrow report for BPI-Prescott Ranch LLC.
We are currently undertaking a review of various financial matters related to this project, including specific financial matters discussed in the report, and we have also requested that Fred provide an updated proforma that reflects the current anticipated returns. Once received and reviewed by us, we will forward the information to you.
Jan 2021 Prescott Ranch Update
Please be advised that we cannot assure the accuracy of all the information in the attached report as we have relied on information only available to the manager.
If you have any questions, please email them to Syndications@realwealth.com.
October 23, 2020 - BPI Prescott Ranch, LLC Project Update
Below is your project update for BPI-Prescott Ranch, LLC.
If you have any questions, please email them to Syndications@realwealth.com.
July 6, 2020 - BPI-Prescott Ranch, LLC - Project Update
Below is your project update for BPI-Prescott Ranch, LLC.
Please note the attached Escrow Tracking Report including tabs with Closing Projections and Deposit Tracker information.
Prescott Ranch Video July 2020
Prescott Ranch Escrow Tracking Report
If you have any question, please email them to Syndications@realwealthnetwork.com. All the best,
April 16, 2020 - BPI - Prescott Ranch LLC Project Update
Below is your project update for BPI - Prescott Ranch LLC.
Update Floor Plans and Elevations:
If you have any question, please email them to Syndications@realwealthnetwork.com.
January 29, 2020 - BPI-Prescott Ranch LLC Project Update
Below is your project update for BPI-Prescott Ranch.
If you have any question, please email them to Syndications@realwealthnetwork.com.
October 24, 2019 - BPI-Prescott Ranch Project Update
Below is your project update for BPI-Prescott Ranch.
If you have any question, please email them to Syndications@realwealthnetwork.com.
July 24, 2019 - BPI-Prescott Ranch Project Update
Below is your project update for BPI Prescott Ranch.
If you have any question, please email them to Syndications@realwealthnetwork.com.
May 15, 2019 - BPI - Prescott Ranch Update
Below is your project update for BPI Prescott Ranch.
January 22, 2019 - BPI Prescott Ranch Project Update
Below is your project update for BPI Prescott Ranch.
January Bozeman Update
Site Plan
Prescott Ranch Homes 1
Prescott Ranch Homes 2
Prescott Ranch Sales Center
Article:
MarketWatch - Good news and bad news about the real-estate market in 2019
If you have any question, please email them to Syndications@realwealthnetwork.com.
October 15, 2018 – BPI-Prescott Ranch, LLC – Q3 Update
Attached is your quarterly update for BPI-Prescott Ranch, LLC. In summary, things are on track and moving forward.
BPI-Prescott Ranch, LLC Update
Please let us know if you have any questions: Syndications@realwealthnetwork.com.
August 7, 2018 - Still Time to Get In on Bozeman, MT
RealWealth has done 7 projects with 40 year veteran developer, Fred Bates, with returns ranging from 40% - 13% I.R.R. He now says his newest project may be his favorite to date.
Home prices in Bozeman, Montana have been skyrocketing, and there is just not enough inventory to keep up with demand. There is also not much competition from the national builders - which is why Fred thinks his subdivision will be the most lucrative he's ever done.
RealWealth is raising the capital, and we reached our $8,000,000 funding minimum after our first and only event on the topic. We will be holding another event in August to raise the remaining funds, which we expect will sell out quickly.
If you'd like to secure your investment before the event, watch this webinar to get the details and recent updates.
You can review the offering documents and past presentations below.
June 29, 2018 - Q2 Update - BPI Prescott Ranch, LLC
Here is your Q2 update for BPI Prescott Ranch, LLC.
As you will see in this update, Fred still believes this is by far and away the most lucrative development he has ever done!
Let me know if you have any questions.
Happy Independence Day!
April 12, 2018 - Q&A with the Bozeman Developer
March 20, 2018 - Debuting a New Project in Bozeman, Montana
March 15, 2018 - Original Website Summary
Long-time developer Fred Bates has formed a new company, BPI Prescott Ranch LLC, with the intention to acquire and develop single-family homes just outside of Bozeman, Montana – near Montana State University.
The business plan is to acquire 153 acres of entitled land in Belgrade, Montana – located just outside of Bozeman. The company will complete the required engineering, record the Plat Map for 604 lots, finish out the lots, and then build homes for retail buyers.
Why Bozeman/Belgrade?
Belgrade is located in Gallatin County, Montana, near Bozeman. The 2010 census put Bozeman’s population at 37,280 and by 2016 the population had risen to 45,250, making it the fourth largest city in Montana. The 2017 population is estimated to be in excess of 48,000, increasing about 26% over the last 7 years.
Bozeman’s employers include Montana State University, which is the state’s largest university offering baccalaureate degrees in 51 fields, master’s degrees in 41 fields and doctoral degrees in 18 fields. More than 18,000 students attend MSU and there are 743 full-time and 411 part-time university faculty numbers.
There are also several dozen high-tech companies engaged in research or production of lasers or other optical equipment, over a dozen biotech companies, and several large software companies and a number of non-profit organizations in the surrounding area.
Housing prices have risen so quickly in Bozeman, that growth is now spreading to bedroom communities like Belgrade – just 10 minutes northwest. The 2010 census put Belgrade’s population at 7,389. By 2015 it was estimated at 19,370 and the 2017 population is estimated to be 23,000; an estimated growth of over 200% in the last 7 years.
The Belgrade/Bozeman Metropolitan area pulls about 1,000 to 1,100 building permits per year. This is primarily due to the fact that there are not enough lots coming on line to meet demand. Belgrade pulled 147 building permits last year.
Presently, there are no National Builders in Bozeman or Belgrade. Developer Fred Bates spoke with Bryce Ward, a professor of economics at the University of Montana, in Missoula, requesting market data for the Bozeman/Belgrade area housing market. Mr. Ward told the Managers that “having lots in Belgrade is like having a gold mine.”
There are presently 9 subdivisions in Bozeman and Belgrade. None of the home builders build model home complexes because every house they build is sold before completion. The number of homes being built in the Bozeman/Belgrade area is limited by the number of lots approved. Bozeman is just about built out and will need to annex more land into the city before there can be more expansion.
Belgrade caters to the suburban desires of families who can’t afford the lifestyle in Bozeman. Last year, the city’s leaders finalized a special tax district to revitalize much of the main street in Belgrade and the surrounding blocks. This district will raise money earmarked for infrastructure improvements, as well as business recruitment and retention efforts. Belgrade also just recently opened a $10 million medical clinic.
