Capital Allocators – Inside the Institutional Investment Industry Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
Dec 4, 2025
Robert Boucai, co-founder of Newbrook Capital Properties and hedge fund manager, joins James Broyer, head of multifamily investments, to share insights on real estate investing. They discuss the shift to multifamily properties driven by tax-efficient strategies and their robust rental growth potential. Key topics include selecting landlord-friendly markets, their renovation approach for enhancing property value, and the importance of transparent investor communication. The duo also explores their future growth plans and synergy between real estate and public equity.
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Real Estate’s After-Tax Edge
- Robert found after-tax returns from real estate beat liquid returns because depreciation shelters income and defers taxes.
- He reverse-engineered a tax-efficient, long-hold multifamily strategy to capture that benefit.
Lock Rates And Hold Long
- Use fixed-rate financing and long holds to capture depreciation benefits and predictable cashflow.
- Ensure positive leverage from day one to de-risk returns and generate immediate spread.
High-Volume Underwriting Wins
- Underwrite a high deal volume to find the narrow opportunities that fit your box.
- Focus returns on cashflow (roughly two-thirds) rather than relying solely on appreciation.