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KeyCity Capital is a financial services / private equity firm that focuses primarily on real estate and alternative investments. Their model emphasizes asset-backed, cash-flowing investments, particularly in single-family and multifamily real estate, as well as “build-for-rent” communities. They try to operate “vertically integrated” — i.e. they not only acquire properties but also manage and renovate them through in-house construction and property management arms. Their target markets include properties in A, B, and C class tiers in landlord-friendly U.S. markets.
They manage funds under the “KCAP RE” umbrella. For example, KCAP RE Fund XII is one of their active funds.
Their website states that they serve accredited investors only (i.e. individuals or entities meeting legal thresholds for income/net worth).
KeyCity Capital is a financial services / private equity firm that focuses primarily on real estate and alternative investments. Their model emphasizes asset-backed, cash-flowing investments, particularly in single-family and multifamily real estate, as well as “build-for-rent” communities. They try to operate “vertically integrated” — i.e. they not only acquire properties but also manage and renovate them through in-house construction and property management arms. Their target markets include properties in A, B, and C class tiers in landlord-friendly U.S. markets.
KeyCity Capital is a financial services / private equity firm that focuses primarily on real estate and alternative investments. Their model emphasizes asset-backed, cash-flowing investments, particularly in single-family and multifamily real estate, as well as “build-for-rent” communities. They try to operate “vertically integrated” — i.e. they not only acquire properties but also manage and renovate them through in-house construction and property management arms. Their target markets include properties in A, B, and C class tiers in landlord-friendly U.S. markets.
KeyCity Capital is a financial services / private equity firm that focuses primarily on real estate and alternative investments. Their model emphasizes asset-backed, cash-flowing investments, particularly in single-family and multifamily real estate, as well as “build-for-rent” communities. They try to operate “vertically integrated” — i.e. they not only acquire properties but also manage and renovate them through in-house construction and property management arms. Their target markets include properties in A, B, and C class tiers in landlord-friendly U.S. markets.
KeyCity Capital, LLC (hereafter “KeyCity”) is a Texas-based private equity firm specializing in asset-backed alternative investments and real-estate funds. Their website describes them as “values-based, growth-oriented … built on the principles of integrity, trust, and communication.” Lasater Capital+1
Headquarters: 1211 S White Chapel Blvd, Southlake, TX 76092 Lasater Capital+1
Focus: Value-add single-family and multifamily real estate properties in “landlord-friendly” U.S. markets. perenews.com+1
Team:Tie Lasater – Chief Executive Officer (Managing Partner) Lasater Capital+1
Boone Lasater – Chief Financial Officer (Managing Partner) Lasater Capital+1
According to marketing materials, KeyCity claims a track record of “Zero Investment Losses in 13 Years” and an average IRR ~23% across realized investments.
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KeyCity Capital, LLC is a Texas-based private equity firm specializing in asset-backed alternative investments and real-estate funds. The company markets itself as “values-based, growth-oriented… built on the principles of integrity, trust, and communication.”
The firm focuses on value-add single-family and multifamily real estate properties in “landlord-friendly” U.S. markets.
According to marketing materials, KeyCity claims a track record of “Zero Investment Losses in 13 Years” and an average IRR of approximately 23% across realized investments.
Despite marketing claims of zero losses and 20 percent plus returns, Lasater Capital and former firm KeyCity Capital has suffered through a series of catastrophic financial events to include foreclosures, bankruptcies, receiverships, and judgements that has resulted in hundreds of millions of dollars of property losses and tens of millions if not more of investor capital losses.
Keycity’s largest asset, a 1,240 unit six apartment complex in Memphis, was foreclosed on by Arbor Realty Trust after KeyCity defaulted on loans totaling $84.33 million. The property was sold at auction for $42 million which represented investor capital losses estimated in excess of $30m based upon a projected project cost of approximately $106M.
In August of 2025, a 100-unit new construction property called Joshua Landing located in Joshua, Texas was foreclosed on. Moreover, in late 2025, investors filed a lawsuit alleging that KeyCity Capital and its managing partner, Tie Lasater, fraudulently misrepresented the project’s financial health and their own investment record. One investor reported a loss of over $1 million in the Joshua Landing project specifically.
Also in August of 2025, KeyCity lost a 145-unit complex called Canyon Village located in Bryan, Texas to foreclosure. Following the foreclosure, Houston-based Better World Properties took over management responsibilities, replacing the Dallas-based KeyCity Capital.
Operational Failures: Prior to the foreclosure, KeyCity Capital faced significant scrutiny for operational issues at Canyon Village, including:
While KeyCity has suffered significant losses to foreclosure, other lenders have elected to pursue the guarantors rather than taking back the property. For example the lender for Meadows at Ferguson has elected to sue the guarantors and presently holds a $24m detault judgement against both Tie and Shiloh Boone Lasater . This decision is reportedly due to the “disastrous” physical condition of the asset, which makes foreclosure less attractive than legal recovery from the individuals backing the loan
The Meadows which is a 264-unit complex in Dallas was acquired for a purchase price of $30m in 2023 at a reported occupancy of 93%. Presently, the complex remains in severe disrepair. Reports indicate persistent issues including holes in units, rodent infestations, crime, and debris from a building torn down in 2024 that remained on-site for months. In July 2024, the City of Dallas filed a petition against KCAP Meadows at Ferguson, LLC (KeyCity’s holding entity), citing over 50 code violations and 20 fire violations. In October 2024, the city and owners entered a “Rule 11” agreement requiring specific repairs, such as removing rubble and graffiti, to avoid a court-ordered receivership. Unfortunately, KeyCity was unable to comply with this agreement and the property is now under receivership.
More recently, in order to avoid further foreclosures, Lasater Capital aka KeyCity has filed several Chapter 11 bankruptcy petitions. As of January 2026, the following KeyCity-affiliated entities have filed for bankruptcy:
KCAP Dominik LLC: Filed for Chapter 11 on December 3, 2025. This entity owns The Dominik Apartments in College Station, Texas.
KCAP Villa Gardens LLC: Filed for Chapter 11 on November 19, 2025 (Case No. 4:25-bk-44520).
KCAP RE Fund II LLC: Reported to have filed for Chapter 11 reorganization around December 2025
Despite these failures, both Tie and Shiloh Boone Lasater live in lavish multi-million dollar homes allegedly financed in part with investor capital and drive luxury vehicles to include a Rolls Royce and Bentley.
1400 Fountain Grass Ct, Westlake, Texas 76262.
https://www.zillow.com/homedetails/1400-Fountain-Grass-Ct-Westlake-TX-76262/70552429_zpid/
351 S. White Chapel Blvd. Southlake, Texas 76092
