RealT (RealTokens)
Voluntary liquidation announced July 2026; Detroit properties under court-approved fiduciary.
Overview
RealT sold tokens representing equity or membership interests in entities that each hold a single US rental property, concentrated in Detroit, with rental income paid out in stablecoins. Tokens were issued on Ethereum and later Gnosis Chain. Since 2025 the platform has faced a City of Detroit nuisance-abatement lawsuit, suspended rent distributions in February 2026, ceded control of its Detroit portfolio to a court-approved fiduciary in April 2026, and announced a voluntary liquidation in July 2026.
Residential rental properties (single-family and multifamily), about 700 in Detroit plus roughly 170 elsewhere in the US (Chicago, Cleveland, Atlanta among others), per 2026 press reports
Product structure
Lowest eligible investor type: Retail investors
US persons: Excludes US persons
Investor eligibility: Non-US investors only since 2022/2023 (US citizens and residents barred); earlier US accredited investors under Reg D
Classification of public offering terms, not a determination of your eligibility. Check the offering documents.- Legal wrapper
- Per-property Delaware series LLC or Delaware corporation; token = equity/membership interest in the issuer, not direct title
- Regulatory status
- Early offerings used SEC Reg D (US accredited investors) alongside Reg S (non-US); offerings from June 2022 were Reg S only. RealToken Inc. states it is not a registered broker-dealer or investment adviser.
- Asset segregation
- Each property sits in its own issuer entity (series LLC or corporation), intended to ring-fence individual properties. Press investigations found title-recording gaps: of 25 properties examined, only 3 showed RealT as registered owner, and one 39-home deal sold via tokens reportedly never closed.
- Custodian
- Unverified
- Fund administrator
- Unverified
- Auditor
- Unverified
- Transfer agent
- Unverified
- Tokenization agent
- RealT (self-issued)
- Proof of reserve
- none
Redemption & liquidity
- Redemption terms
- No issuer redemption right disclosed; returns came from weekly (earlier daily) stablecoin rent distributions, which were suspended in February 2026. Voluntary liquidation announced July 2026, with proceeds dependent on asset sales under the court-appointed fiduciary.
Fees
Property-management fees, company-management fees and operating-expense reimbursements disclosed per offering; varied by offering, no single platform-wide percentage published
On-chain information
EthereumGnosis
Contract addresses: unverified
Notes & material events
Not tracked on rwa.xyz's real-estate category as of 2026-09-30. Press reports approximately USD 140M raised historically and 14,000-22,000 investors (about 14,000 in France per a French law firm). DefiLlama shows a 'RealT' protocol TVL of USD 184.67M on Gnosis, but it is unclear whether that reflects current property-token value, so not used as AUM. Timeline: July 2025 City of Detroit sued RealT, its co-founders and 165 affiliated entities over 400+ properties (building code violations, unpaid taxes); July 22, 2025 court ordered tenant rent into escrow; Feb 2026 weekly distributions suspended; April 22, 2026 court-approved agreement gave special fiduciary Charles Bullock authority over the Detroit portfolio (escrow reported ~USD 640k); July 2026 voluntary liquidation announced; investor legal action in France reported. realt.co now redirects US visitors to a waitlist page.
Revision history
No published revisions.