Financial Freedom with Real Estate Investing

MB496: Behind the Curtain: How We Actually Run Nighthawk Equity

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Nov 3, 2025

Drew Niffin, a business partner at Nighthawk Equity with extensive experience in multifamily syndications, shares insights into their company's inner workings. He discusses the evolution from their early partnership to building a strong team and navigating recent market challenges. Key topics include the transformative impact of the EOS operating system, the importance of in-house operations, and strategies to adapt debt structures. Drew also highlights the shift towards diversified investments beyond multifamily as they explore new opportunities in real estate debt.

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ANECDOTE

How Nighthawk Started

Michael and Drew trace Nighthawk's origin to early joint ventures and a deal-desk that connected deals to partners.
They formalized the partnership after seeing complementary skills and repeat success across 22 deals.

ADVICE

Split Core Roles With Partners

Partnering splits the three core functions: operations, capital raising, and dealflow into full-time roles.
Do pair complementary full-time people rather than trying to run syndication solo.

INSIGHT

Systems Unlock Team Scale

Building a team adds complexity but enables scale when equity and small fees allow hiring.
Implementing an operating system (EOS) provided clarity, accountability, and predictable meetings.

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Ever wonder what really goes on inside a syndication company? In this rare behind-the-scenes episode, Michael Blank and his Nighthawk Equity business partner, Drew Niffin, pull back the curtain on how they operate their private equity firm — the wins, the painful lessons, and how they’ve adapted during the toughest market the multifamily industry has seen in decades.

They share the full story of scaling from the early partnership days… to building a team… to navigating the last 2.5 years of interest rate spikes, stalled rent growth, and operational pressure. You’ll also get a candid look at what’s changing inside Nighthawk — including new investment opportunities being unlocked for passive investors.

This is the most transparent discussion they’ve ever recorded about what it really takes to run an investment company — and where multifamily investing is going next.

Key Takeaways:

Success Takes a Team: Syndication is impossible to scale alone. Capital raising, operations, and acquisitions each demand full-time focus.
Systems Create Stability: Implementing a business operating system like EOS transformed communication, accountability, and execution across the company.
Hard Markets Build Strong Operators: The last 2.5 years forced better operations, tougher decisions, and stronger lender relationships.
Debt Determines Destiny: Loan structure can make or break a deal — even if operations are strong.
Operations Win: Leasing, renewal strategy, resident experience, and in-house oversight are now essential competitive edges.
The Future Is More Than Multifamily: Nighthawk is expanding into real estate debt funds and boutique private equity (buying profitable small businesses).
Investor-First Mission: Every system and decision centers on one outcome — delivering reliable performance to passive investors.

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For full episode show notes visit: https://themichaelblank.com/podcasts/session496/