HoneyBricks Review

HoneyBricks Review 2026: A Pioneering Tokenized Real Estate Platform Now Absorbed by EquityMultiple

Last verified: 2026-04-12 | Overall rating: 2.8/5

The 30-Second Verdict

HoneyBricks was an innovative blockchain-based real estate platform that tokenized fractional ownership of multifamily properties for accredited investors at a $1,000 minimum. However, the platform was acquired by EquityMultiple in April 2024 and no longer operates independently. Existing investments are being serviced by EquityMultiple. If you're looking for tokenized real estate, HoneyBricks is no longer accepting new investors. Consider EquityMultiple (which absorbed it), RealT, or Lofty AI instead.

What Is HoneyBricks and How Does It Work?

HoneyBricks was a tokenized real estate platform founded in 2022 in San Francisco that offered fractional ownership of institutional-grade multifamily properties through SEC-compliant security tokens under Regulation D and Regulation S. Investors purchased tokenized membership interests in LLCs that owned individual properties, with a $1,000 minimum investment. The blockchain-based structure enabled potential secondary market trading of tokens. The platform completed seven investments before being acquired by EquityMultiple on April 2, 2024.

Who Is HoneyBricks Best For?

HoneyBricks is no longer accepting new investors. For existing token holders, EquityMultiple is servicing remaining investments. New investors seeking tokenized real estate should consider Lofty AI (no accreditation, $50 minimum) or RealT for blockchain-based approaches, or EquityMultiple directly for institutional-quality real estate.

Fees

• Management fee: Approximately 1% annually (varied by offering)
• Direct investor fees: None charged directly; sponsors paid platform fees to HoneyBricks

On a $1,000 minimum investment held for one year, the embedded management fee would be approximately $10.

Minimum Investment

$1,000 (when operational).

Accreditation Requirements

Yes. Accredited investor status was required for all offerings.

Liquidity -- How Do You Get Your Money Out?

Semi-liquid when operational. Blockchain tokenization was designed to enable secondary market trading. The underlying real estate assets remain illiquid. With the platform no longer operating independently, liquidity options for existing investors depend on EquityMultiple's servicing arrangements.

Historical Returns

HoneyBricks reported a 16.6% target IRR on completed investments with a 5% cash yield across seven completed deals. These are company-reported figures from a very small sample size. No independently verified performance data is available.

Past performance is not indicative of future results. Returns were based on a limited number of completed investments.

Regulatory and Legal Structure

Offerings were structured as SEC-compliant security tokens under Regulation D (for U.S. accredited investors) and Regulation S (for international investors). Fractional ownership was represented through membership interests in LLCs. The platform was acquired by EquityMultiple on April 2, 2024, and no longer operates independently.

Pros

• Pioneered SEC-compliant tokenized real estate with blockchain transparency
• Low $1,000 minimum for institutional-grade multifamily properties
• 16.6% target IRR and 5% cash yield on completed deals
• Blockchain-based secondary market potential for traditionally illiquid assets
• No direct fees charged to investors
• Technology-driven approach with immutable ownership records

Cons

• Platform no longer operates independently -- acquired by EquityMultiple in April 2024
• Only seven completed investments -- extremely limited track record
• Accredited investor requirement limited accessibility
• Mobile app no longer available following acquisition
• No independently verified performance data
• Limited long-term performance history (founded 2022, acquired 2024)

The Bottom Line

HoneyBricks was an interesting experiment in tokenizing commercial real estate on the blockchain. The concept -- SEC-compliant security tokens representing fractional ownership of multifamily properties -- was ahead of its time, and the 16.6% target IRR on seven completed deals showed promise.

But the platform lasted only two years before being absorbed by EquityMultiple in April 2024. That short lifespan underscores the challenge tokenized real estate platforms face in achieving the scale needed to survive. With no independent operations, no mobile app, and no new offerings, HoneyBricks is effectively closed.

If the tokenization concept appeals to you, Lofty AI offers a similar blockchain approach with a $50 minimum and no accreditation requirement. For institutional-quality real estate without the blockchain wrapper, EquityMultiple (which now owns HoneyBricks' technology and portfolio) is the natural successor.

ModernAlts may receive compensation if you open an account with platforms reviewed on this site. This does not influence our editorial ratings or analysis. Alternative investments involve risk, including possible loss of principal. Past performance is not indicative of future results. Nothing on this site constitutes investment, legal, or tax advice.