MB483: 33,000 Units Later: What Smart Passive Investors Really Want—and How Great Operators Deliver It - With Jeff Gleiberman

Financial Freedom with Real Estate Investing

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2M ago 34:25

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What does it take to scale from a 38-unit syndication to 33,000 units across six states—and still never lose investor capital? Jeff Gleiberman of MG Properties breaks it down. In this episode, Jeff shares the core principles that helped his family-run firm grow into one of the top 50 apartment owners in the U.S. You'll hear how they’ve weathered multiple market cycles, why they’re buying newer assets right now, and how disciplined underwriting, fixed-rate debt, and vertical integration have become their unfair advantages. Whether you're raising capital, comparing asset classes, or trying to read the market—this episode is required listening.

Key Takeaways

From Family Syndication to Institutional Scale

Started with a single 38-unit deal and scaled to 33,000 units over 30+ years.
Built trust and momentum through word of mouth and disciplined execution.
Added institutional capital partners while staying grounded in syndication fundamentals.
Grew from a home office to over 1,000 employees with fully integrated operations.

How MG Navigates Market Cycles

Survived and thrived through the S&L crisis, dot-com bust, GFC, COVID, and today's rate shock.
Adapted strategy for each cycle—moving from value-add to core-plus when needed.
Buys below replacement cost today to minimize downside and maximize long-term upside.
Maintains focus on fixed-rate, long-term debt and low leverage to protect investor capital.

Why Vertical Integration is a Competitive Advantage

In-house property management, asset management, and construction management from day one.
Enables real-time decision-making, tighter expense control, and stronger performance in down markets.
Allowed the firm to pivot quickly during COVID and deliver consistent returns.

How to Attract Serious Capital (Without Chasing High IRRs)

Always invests 10–20% of their own capital into each deal—creating strong alignment.
Focuses on risk-adjusted returns, not marketing inflated projections.
Educates investors on cycles, deal structure, and realistic expectations to build long-term trust.

Current Strategy: Core-Plus Over Value-Add

Acquiring newer, well-located properties at 30–40% discounts to replacement cost.
Cash flow is lower today—but risk is also lower, and long-term upside is strong.
Value-add deals don’t pencil right now due to rent compression and renovation risk—but they will again.

The Discipline Behind $1.8B in Acquisitions (In a Down Market)

Maintains a consistent buy box and underwriting discipline—despite competition and volatility.
Relies on lender relationships, low-cost insurance, and scale advantages to stay competitive.
Sticks to one asset class—multifamily—and executes at a high level, deal after deal.

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