Pan and Piper




At Pan & Piper, we partner with investors from around the country to provide unique business opportunities with a personal touch. We’re passionate about partnering with our clients to create investment solutions and lasting value. Pan & Piper helps investors realize the possibilities across both traditional and alternative asset categories with a primary focus on real estate opportunities.




Pan & Piper was founded with the vision to connect accredited investors to unique investment opportunities that are often not marketed or generally available to the public. We focus on opportunities not typically offered by your financial advisor and our investing approach centers around where people consume, live, innovate, and connect.

From real estate projects such as the recently announced Golf and Entertainment complex in Johnston, IA and multimillion dollar commercial development in Henderson, Nevada to strong investment options that are diversified across multiple real estate asset sectors including entertainment, hotel, office, retail, self-storage, student housing and land acquisition, we offer a wide range of investment opportunities that should merge nicely with your current portfolio.

By leveraging a rigorous investment process, Pan & Piper has been able to successfully uncover attractive opportunities across the real estate spectrum. Whether an investor seeks potential growth through start-up companies seeking seed capital, emerging companies looking to expand, or as part of real estate funds which allowing our clients to invest alongside institutions, Pan & Piper has options that will work for you.



The loyalty of our clients is based on our earned reputation as an exceptional partner who does things the right way. We are proud to deliver both an enhanced deal flow and a premier experience for our clients, whether they are brand new or participating on their fourth or fifth project with us.

What do our present clients love about what Pan & Piper brings to the table? Certainly for many it is the successful investments and strongly positive returns they have seen with past offerings. They also love the option to Invest directly in vetted real estate projects from some of the nation's top project sponsors and developers as well as the ability to invest in projects directly managed by Pan & Piper.

For the new client, the firm starts by documenting investor goals and then comparing them with an individual’s current portfolio. We use proven investment strategies designed to meet risk tolerance and stand up against market volatility.

Our current clientele consists of a select group of sophisticated investors from across the United States. Started as a small midwestern core group, Pan & Piper has expanded to include individuals from across the United States and Canada--from Florida's Gulf Coast to the Pacific Northwest, and from California to Washington, D.C.

Still, our firm is committed to remaining small and focused. Allen speaks with each prospective partner, and has personally met most of them. Unlike many firms, each potential raise or opportunity is thoroughly vetted, including review by independent counsel with expertise in Securities and Regulatory law. You can count on unbiased recommendations and impartial guidance based directly on your needs and goals. Unique to our firm: the principals participate in EVERY opportunity that we present to potential investors. We have a personal stake in the success of any investment you make with us.

From investment strategy, capital implementation and beyond, we provide creative, fresh perspectives and practical advice that works to achieve tangible results for your portfolio.



Our standards for endorsing a project are extremely high. Most opportunities that we are presented with are passed on during the first phone call or after reviewing the first email. For those opportunities that warrant initial investigation, only about 1/4 lead to in-person/on-site evaluation. Of those, less than 1/3 result in our firm even beginning the process of rigorous diligence. Ultimately, we accept only a handful of options each year, and most of those relate to various funds or promising partnerships which involve directing clients to options outside our firm.

It is this diligence that has allowed us to be profitable for our clients in challenging times. Specifics of our successes are discussed below, with many occurring in times where real estate and the equities markets have been down. 2022 was a great year for our firm, whereas U.S. public REITs were down 25.6% and the S&P 500 dropped 18.1%1,2. Since 2017, just eight projects have been accepted and directly managed by Pan & Piper and their subsidiaries.

If our standards for when we evaluate a project are extremely high, the bar for Pan & Piper directly investing and taking a managing partnership role are such that we rarely do that. Since 2017, just seven projects have been accepted and directly managed by Pan & Piper and their subsidiaries. Since fall 2021, only one project has met that criteria: The 35 acre Golf and Entertainment District in Johnston, IA.

All such projects have solid exit strategies. We have primarily been acquired by private entities, although have also dealt with publicly-traded entities. Of the eight projects, four have been sold, with an average exit 30 months after initial investment. All have generated a profit, ranging from 42% to 2.4X gains at sale, not including dividends paid during ownership. The group is in the process of exiting from a large commercial and residential real estate brokerage in a major metropolitan city, with 47.5% of our interest set to close in March 2023 and the remaining 52.5% to be sold in 2024. This entity will have been held for close to four years by the time of exit, and the brokerage has seen a 250% increase in revenues during this tenure, leading to a very favorable exit for our investors. Three newer acquisitions are currently active, including a pair of land acquisitions, one of which has appreciated over 200%.

It has been a great 2022, and given anticipated sales and the new Golf and Entertainment project breaking ground in April 2023 with expected completion 2024, we expect 2023 to be an amazing year.



Uncovering unique real estate opportunities around the country, particularly in a rising interest rate environment, requires viewing the asset class from every possible angle. The background of our team, as well as our relationships with long-time trusted industry allies, allows us to create a robust picture of each investment opportunity and strengthens our ability to underwrite and execute deals in any market.

How has real estate performed in past periods of rising rates? As the Federal Reserve tightens monetary policy in an effort to fight inflation, we can look to past periods of rising interest rates for some idea of how real estate may respond.

Historically, from a total return perspective, real estate has generally remained a top performer compared with stocks and bonds during cycles of Fed tightening. Between 1978 and 2021 there were 10 distinct years where the Federal Funds rate increased. Within these 10 identified years, US private real estate outperformed equities and bonds seven times and US public real estate was outperformed six times3.

We believe that even in times of economic uncertainty, real estate continues to deliver opportunity to investors. While the real estate market continues to evolve, nimble, experienced investors have looked to Pan & Piper for new ways to generate returns.

During periods of inflation and rising interest rates, real estate can provide a more stable relative growth outlook compared to other asset classes. Investors may benefit from a lack of volatility within the real estate market and hedge against drastic inflation increases over the near term.



Our main focus is on YOU, the investor! Roughly $3.9 trillion in assets were held by private-equity (PE) firms as of 2019, up 12.2 percent from the year before, with forecasts for global PE assets under management to reach US$5.8 trillion by 20254.

Investors seek out PE funds for potential returns that are better than what can be achieved in public equity markets. We have created diverse opportunities to meet your individual goals as an investor.


We utilize our database of deal flow and executive experience to manage your personal wealth options, through debt, equity, and direct private placements.


Our opportunities in Real Estate range from individual projects with ranges in the few million to the nine figures to individual real estate investment funds. These opportunities cover categories ranging from office and retail to hotel, entertainment, and land.


We seek opportunities across the United States, with a focus on individual client representation for an individualized platform of investments, in-house management, and oversight.


Investment targets include turn-key, startup, and acquisition targets with revenue beginning at Day 1, Quarter 1, and Year 1, with multiple strategies to include growth and IPO options.



Pan & Piper has partnered with Johnston Golf Development, LLC on a 35-acre, projected $136.2M family entertainment district located near Des Moines, Iowa. The project has been received very favorably by the public and has been featured in a variety of area media including television, radio, and print. The entity owns the land, possesses a very favorable Development Agreement featuring over $30M in public incentives and tax-increment financing, and has contracts in place with industry leaders including Top Tracer, Troon Golf, and Turfway Entertainment.

The crown jewel of the site is “Bombers”, an 80,000 square foot golf and family entertainment center and several other pad sites available for development across the complex.

Bombers will be a first of its kind facility as it combines a TopGolf-style driving range, a Dave & Buster’s style arcade, and a SpareTime bowling alley all in one. Main features include:

  • 36 TG-style hitting bays with 270-yard range
  • Over 100 arcade state-of-the-art games
  •  16 lanes of bowling, axe-throwing, billiards and social games
  • Two professional “Popstroke” style putting courses and pickleball
  •  Multiple restaurants and bars, conference and event center space and a live music venue. This includes a “Las Vegas sportsbook-style” area to watch sporting events.

Other features of the site include

  •  108-room national flag hotel
  • 4 additional development pads with planned national chain restaurant, brewpub, several quick serve restaurants, and “food-truck” avenue.
  • Outdoor park with fishing pond, kayak launch and bike/walking trails amidst 35 total acres of entertainment

The project has a variety of incredible partners as well as contracts in place with industry leaders including Top Tracer, Troon Golf, and Turfway Entertainment. Proforma profit expectations estimate a very favorable return and during diligence these figures have been vetted by independent industry professionals.

Groundbreaking is April 2023, with an expected completion date early Summer 2024.



When your mission is to have an investment team that help provide strong, long-term investment performance, you need the best people driving your vision forward. You need people who can create focused goals for your investments. The team is led by the Firm’s Principal, Dr. Allen Stoye, and consists of a variety of expert consultants. The team also relies on a variety of industry relationships when they determine that reaching out to an expert source would be beneficial.

Dr. Allen Stoye, M.D.

Allen Stoye’s path to Pan & Piper and the business world has been an interesting one.

Allen attended the US Air Force Academy, and after receiving the F. Eduard Hebert Full Medical Scholarship from the US Air Force, he attended medical school. His 14 years in the USAF as a physician were highlighted by helping lead the operations of a clinic which received an award in 2008 as Top Clinical Optimization Team in the entire Air Force. He subsequently was selected to serve as one of two lead physicians tasked to care of officers assigned to Stratcom, the US Military unit tasked with waging nuclear war. These unique experiences served as a training ground for Allen’s interest in business, and his understanding on what makes businesses succeed.

Following the military, he took additional medical training in anesthesiology and pain management and continued in clinical practice for ten years in a career that included, among other things, receiving two national research grants and serving as a presenter at the American Society of Anesthesiologists national conference.

While continuing to maintain all of his medical certification, In 2017 Dr. Stoye transitioned into medical consulting and the business world full time. He founded and acts as managing partner of a multimillion-dollar, SEC registered, private equity fund. His consultancy quickly transitioned to a permanent position where he served as Chief Medical Officer and eventually Chief Operating Officer for a company that in 2019 received a mid-eight-figure LOI and buyout from a Canadian publicly traded company.

In 2020, Dr. Stoye matriculated at the Harvard University Business school through their executive program, for purposes of obtaining his Masters of Management with an emphasis in Business Analytics Masters in Management. He has been married to his wife, Becky, for nearly 30 years and has two children.



Send us a message or give us a call to find out more.


    1. Data sourced from Moody’s Analytics and NCREIF as of May 2022 and from Bloomberg L.P. and Morningstar from October 2002 to September 30, 2022. Past performance in not indicative of future results.
    2. Specifically, the National Association of Real Estate Investment Trusts (NAREIT) All US REITs index total return, which includes both dividends and capital gains / losses, for the period indicated. This index covers all publicly listed US REITs and is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the US economy, with exposure to all investment and property sectors.
    3. Specifically, the S&P 500 index total return, which includes both dividends and capital gains / losses, for the period indicated. The index includes 500 leading companies and covers approximately 80% of available market capitalization of US publicly listed stocks