Freedom CRE Fund review: steady net lease retail, with a return target that needs explaining

What the fund is

The Freedom CRE Fund buys single-tenant commercial properties, mostly newly built retail, leased to publicly traded national brands on NN or NNN leases, where the tenant pays most property costs. Freedom names prospective tenants such as Dollar General, Starbucks, O’Reilly Auto Parts, Kroger and CVS. The fund acquires properties on an ongoing basis, pays monthly distributions, and plans “capital events,” such as sales or refinancings, as leases come up for renewal.

As a private placement, the fund’s full terms are in its offering documents. This review lists what to request rather than treating unpublished detail as a weakness.

The sponsor

Freedom Commercial Real Estate is a Dallas-based firm founded in 2023 by President Zane Schartz. Podcast biographies describe Schartz as having managed six commercial real estate funds with more than 60 assets, being a partner in over $300 million of commercial real estate and a multifamily portfolio of more than 1,200 units, and serving as Chief Investment Officer at Wolfe Investments, a firm he said had over $700 million under management. Freedom reports more than 350 investors.

Schartz describes building his investor base largely through LinkedIn and speaks openly about his faith, including a goal of using his success to fund missionary work.

Terms

• Target return: 18–20% IRR.
• Cash flow: about 8% cash-on-cash, paid monthly; an investor review cites 6–8%.
• Hold period: about 3 to 4 years (48 months on one listing; 2 to 4 years on another).
• Minimum: $250,000, per Relli’s listing.
• Offering size: $50 million.
• Close date: December 31, 2026.
• Tax: depreciation benefits passed through to investors.

Properties

Recent acquisitions include a 2024-built Starbucks in Piedmont, South Carolina and a 2025-built Sherwin-Williams in Siloam Springs, Arkansas, both leased to tenants rated BBB+. Listing highlights describe cap rates of about 6.7% to 6.9%, leases running through 2034 and 2035, 10% rent increases, and high-traffic locations with 33,000 to 85,000 vehicles a day.

Does the 18–20% target add up?

Single-tenant net lease retail is usually bought for stable income, not high growth. With properties bought around a 6.7% to 6.9% cap rate, typical annual rent increases and a 3 to 4 year hold, reaching an 18–20% IRR would generally require some combination of significant leverage, buying meaningfully below market value, or selling at a much lower cap rate than the purchase price. Freedom’s listings describe the fund’s risk profile as “core,” a term that normally means the lowest-risk, lowest-return part of the market. That combination of a core label and an 18–20% target is unusual.

Claims versus records

Key risks

• Interest rate and cap rate risk: net lease values move closely with rates, and the plan relies on selling within a few years.
• Return assumptions: the target depends on leverage or favorable exit pricing.
• Tenant concentration: each building depends on a single tenant; retail chains do close stores, sometimes before leases end.
• Young firm: Freedom itself began in 2023, though its founder has prior fund experience.
• Illiquidity: no regular redemptions during the hold.

What investors say

Freedom has one verified review on Invest Clearly, rated 5.0. The investor says the fund appealed for its monthly cash flow, tax benefits and simple exit strategy, and that Schartz provides quarterly updates and promptly communicates acquisitions and sales. We found no complaints, lawsuits or regulatory actions involving Freedom Commercial Real Estate or Zane Schartz.

Strengths and concerns

Strengths

• A simple, understandable income strategy.
• New buildings leased long-term to recognizable national brands.
• Monthly distributions and depreciation benefits.
• A founder with prior fund management experience.

Concerns

• A return target far above typical net lease returns.
• Assets under management cited four different ways.
• “Guaranteed” lease language that could mislead.
• A young firm with one public review.
• A high $250,000 minimum.

Who it suits

Questions to ask before investing

1. What leverage and exit cap rate does the 18–20% target assume?
2. What are the fund’s fees, preferred return and profit split?
3. How much equity has the fund raised, and which properties does it own today?
4. What were the realized results of the funds Zane Schartz managed previously?
5. What is the fund’s actual assets-under-management figure, and how is it measured?

What would change our verdict

• A clear, published explanation of the return target;
• a single, consistent assets-under-management figure;
• realized results from the founder’s prior funds;
• more independent investor reviews.

What to request in the offering documents

• The private placement memorandum and operating agreement.
• The fee schedule and distribution waterfall.
• Current property list with purchase prices, cap rates and debt terms.
• Underwriting assumptions behind the target return.
• Lease abstracts, including guarantor and termination rights.

Verdict history

October 15, 2026 · Initial review · Mixed (6.4)

Sources

• Freedom Commercial Real Estate investor reviews (Invest Clearly)
• Our offerings (Freedom Commercial Real Estate)
• Freedom CRE Fund listing (Relli)
• Freedom Commercial Real Estate sponsor profile (Relli)
• Investing in revenue-generating commercial assets with Zane Schartz (podcast)
• Zane Schartz on Weiss Advice (podcast)
• Passive paychecks: building wealth through triple net leases (podcast)