Creating Liquidity in Private Real Estate: How USREM Is Building a Comprehensive Secondary Market

Written by:

Steve Marcinuk

Date:

06 Jan 2026

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The private real estate market has operated for decades with a defining limitation: once invested, limited partners are typically locked into syndicates or funds for five to ten years, with little flexibility if circumstances change. Illiquidity has long been accepted as a tradeoff for the asset class’s potential returns. David S. Rose, a fifth-generation real estate entrepreneur and technology founder, believes this is no longer sustainable for modern investors.

Rose has launched USREM (US Real Estate Market), a platform designed to create what he describes as “the first complete marketplace for finding, acquiring, and selling interests in private, commercial real estate.” Recently launched, USREM is targeting high-net-worth individuals and established sponsors to bring a new level of liquidity to a market that has historically lacked it.

A Legacy Bridging Real Estate and Technology

Rose’s approach to USREM is informed by his deep roots in both real estate and tech innovation. His family has been active in New York real estate for over a century, celebrating its centennial this year. After earning a degree in urban planning from Yale and working in government, Rose completed an MBA in real estate finance at Columbia before joining the family business.

“I spent the next decade doing real estate development on the East Coast,” Rose says. “I was involved with Pentagon City in Washington, One Financial Center in Boston, and various projects in New York City. I built the Ellington at 52nd Street and Eighth Avenue.”

Rose’s career then shifted toward technology and venture capital. He founded New York Angels, now one of the world’s most active angel investment groups with 135 members who have invested over $150 million in over 500 companies. He also launched Gust, a platform serving approximately 1.5 million founders and supporting major angel groups worldwide.

This combination of real estate and technology experience highlighted a persistent gap: the lack of liquidity for private real estate investments. “We had all these companies and investors on the platform,” Rose notes. “So we considered creating a capital markets platform because we had investors, and we had companies they were investing in. It then became apparent, however, that there was a much bigger market need for liquidity in real estate—an area in which I happened to have a great deal of experience.”

USREM’s Marketplace Model

USREM functions as a registered broker-dealer platform, focusing on Qualified Purchasers—investors with at least $5 million in investable assets, a level above standard accredited investors.

The process begins with sponsors who list their funds or syndicates on the platform. “It doesn’t cost them anything to do it,” Rose says. “But once the property or fund is listed, the information about it is now on our platform.”

USREM’s core innovation is its approach to managing potential liquidity for existing limited partners. Rather than waiting for distressed or forced sales, USREM asks LPs to identify the price at which they would be willing to sell their positions. “If somebody says, ‘I put in a million bucks, happy to be here long-term, but I’d consider selling at a million and a half,’ that’s great,” Rose explains. “We don’t bother them, they don’t bother us. But if a buyer comes along willing to meet that price, we can make a match.”

This approach creates what Rose calls a “one-way blind market”: buyers can submit offers based on detailed property information, while LPs are contacted only if offers exceed their stated thresholds.

Avoiding Tokenization, Focusing on Real Needs

Unlike many recent entrants in real estate technology, USREM does not yet use blockchain tokenization, despite Rose’s strong belief in its future relevance. “What the sponsors and the existing real estate world want in terms of blockchain today is…nothing,” he says. “They don’t want blockchain. They think it’s the devil’s work.”

Rose’s decision is based on the industry’s current demand for practical solutions over technological novelty. “There are very few specific advantages today to tokenizing a property by itself,” he explains. “Every single attempt has failed because the market’s not looking for that. It’s solving a problem that nobody has.”

Instead, USREM addresses tangible challenges: providing LPs with options for early liquidity, enabling sponsors to offer more competitive fundraising terms, and expanding access for new investors to established properties with proven track records.

Current Market Activity and Growth

USREM currently has over $1 billion in property listed, with assets from major developers nationwide. Multifamily properties account for the bulk of listings, alongside commercial office buildings and triple-net-lease retail assets.

The platform’s minimum transaction size is $100,000, reflecting its focus on serious investors. Rose expects the median transaction to approach $1 million, a significant increase from the smaller amounts typically seen on earlier crowdfunding platforms.

“We’re aiming at a completely different marketplace,” Rose says. “For our marketplace—the qualified purchaser, high-end family office, small institutional market—there has never been any marketplace, platform, or tool for this.”

Secondary Market Expansion

The timing of USREM’s launch aligns with a surge in secondary transactions for private real estate interests. Over the past decade, these transactions have grown at a 17% compound annual rate, and industry forecasts suggest the market could double before the end of the decade.

“Secondary transactions in real estate are growing enormously,” Rose says. “That’s being driven by the cost of new development, the need for portfolio rebalancing, and growing demand for liquidity.”

Most secondary activity currently occurs at the institutional level, where large portfolios can be traded among established buyers. “If you have a $100 million or $200 million portfolio, you can find buyers in the club,” Rose explains. “But if you’re an LP with a $250,000 investment in any type of real estate project, it is much harder to find an exit.”

Additional Services: Lending Against LP Interests

In addition to matching buyers and sellers, USREM provides access to lending against LP interests through partner firms. This allows investors to borrow against their positions without having to sell. “If you have a million or two million dollar stake in a syndicate or fund and want liquidity without selling, you can come to our platform,” Rose says. “It provides the potential for releasing locked-up equity even while maintaining your position.”

Looking Ahead

Rose expects rapid growth in the coming years, projecting that USREM will have over 100 properties listed by year-end and “multiple hundreds” within three years. At that scale, the platform could become an actual marketplace where investors can select opportunities based on a range of criteria.

The approach matches what Rose sees as a significant change in private real estate capital allocation. By making secondary transactions transparent, efficient, and accessible to qualified investors, USREM aims to bring liquidity to an asset class that has traditionally required long-term commitment.

“What we are doing is bringing this down to the level of the qualified purchaser, high net worth individual, family office, small fund, and making this visible and efficient and easy to transact,” Rose says.

USREM Securities operates at usremsecurities.com, where qualified purchasers can register at no cost to access primary and secondary real estate investment opportunities. Investors seeking greater flexibility in private real estate will find platforms like USREM a move toward a more liquid and accessible market.