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Capital Asset Management
Capital Asset Management, founded by Joel Lerner in 1987, places over $1B in 1031-exchange real estate and energy investments through a broker-dealer...
Capital Asset Management
Joel M. Lerner established Capital Asset Management in 1987, initially focusing on real estate investment programs structured around Section 1031 tax-deferred exchanges. The firm built its distribution through a network of independent broker-dealers and financial advisors, creating access for individual accredited investors to securities-backed real estate offerings typically reserved for institutional portfolios. Sarah E. Lerner joined the firm and now serves as President, reflecting the family-managed governance structure. Capital Asset Management operates across three primary asset classes: commercial real estate, energy infrastructure, and structured private credit. The firm's real estate activities center on net-leased office, industrial, and retail properties, often structured as Delaware Statutory Trust (DST) offerings for 1031-exchange participants. Energy investments have historically targeted oil and gas royalties and working interests, though the firm has expanded into renewable-energy credit facilities. Private credit strategies include bridge lending and preferred equity placements, typically sourced through regional developer relationships. The firm places capital across US markets, with concentrations in the Mid-Atlantic, Southeast, and Texas. Since inception, Capital Asset Management reports placing over $1 billion of investor capital across its various programs (per the firm's official communications). The firm maintains its headquarters in Washington, DC, operating without satellite offices. September 2023: The firm disclosed the formation of a renewable-energy credit subsidiary targeting community-solar development capital, expanding beyond its legacy fossil-fuel royalty programs (public record). The Lerner family also maintains personal philanthropic vehicles separate from the corporate asset manager, though no dedicated family-office division is disclosed publicly. Capital Asset Management's architecture as a 1031-exchange sponsor and DST aggregator represents a structural type distinct from traditional real estate private equity — the firm sources, packages, and distributes securitized real estate interests through a syndicate of over 200 broker-dealer partners, a distribution model that substitutes intermediary coverage for direct institutional LP relationships common among competing sponsors.
General information
Firm type
Asset Manager
Year founded
1987
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, DC, United States
Principals
Joel M. Lerner
Chairman and CEO
Sarah E. Lerner
President
Sector focus
Frequently asked questions
Who runs investment decisions at Capital Asset Management?
Joel M. Lerner, as Chairman and CEO, oversees investment strategy and deal sourcing, with Sarah E. Lerner as President managing firm operations. The firm's governance reflects its closely held, family-managed structure. No independent investment committee or outside board representation is disclosed publicly.
How does Capital Asset Management structure its real estate offerings?
The firm primarily uses Delaware Statutory Trust structures to allow individual 1031-exchange investors to acquire fractional interests in institutional-grade commercial properties. These DST interests are sold through a network of independent broker-dealers rather than through direct institutional channels. Target properties include net-leased office, industrial, and retail assets across US secondary markets.
Does Capital Asset Management operate as a family office or a traditional asset manager?
It operates as a registered asset management firm distributing alternative investment products to external accredited investors, not as a single-family office. The Lerner family likely co-invests alongside external clients, but no separate family-office entity is publicly identified. The broker-dealer distribution network is the firm's structural differentiator, replacing institutional LP relationships.
What is Capital Asset Management's exposure to energy investments?
Historically focused on oil and gas royalty trusts and working-interest programs, the firm has recently expanded into renewable-energy credit facilities, including a disclosed community-solar subsidiary formed in September 2023. This shift marks a strategic diversification away from legacy fossil-fuel exposure.
What is Capital Asset Management's known posture on co-investments?
The firm's product structure — DST interests and securitized private placements — typically co-mingles investor capital into single-asset or programmatic vehicles with pro-rata economics. Capital Asset Management does not publicly disclose separate managed accounts or bespoke co-investment programs alongside its standard offerings.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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