PassivePockets: The Passive Real Estate Investing Show

Brian Burke’s Bold Shift: From Multifamily to Assisted Living Investing

Jul 15, 2025

Brian Burke, a seasoned real estate investor and founder of Praxis Capital, discusses his bold shift from multifamily investing to focusing on assisted living and skilled nursing facilities. He reveals the market signals that prompted this transition and highlights the stability of triple-net lease structures. Burke emphasizes the critical role of operator selection in determining investment success and explores financing strategies like HUD loans that can boost returns. His insights offer a valuable perspective for passive investors eyeing this emerging asset class.

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INSIGHT

Timing the Market Cycles

Brian Burke views multifamily real estate as currently bottoming and not attractive for investment now.
He sees assisted living and similar senior care sectors emerging from their bottom, making them timely investment targets.

INSIGHT

Avoiding Multifamily Development Risks

Brian Burke avoids multifamily development due to regulatory hassles and high risk of bankruptcy.
He prefers simpler, lower-risk investments suited for his experience and current career stage.

INSIGHT

Market Signals Prompt Pivot

Overheated multifamily pricing and bridge debt prompted selling before prices collapsed.
Assisted living faced forced sales and operator failures post-COVID, presenting strong buying opportunities.

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What happens when a well-known multifamily operator shifts focus to a completely different asset class? In this episode, Jim Pfeifer and Paul Shannon are joined by real estate investor and Praxis Capital founder Brian Burke to explore his pivot into assisted living, memory care, and skilled nursing facilities.

Brian shares why he's stepped away from multifamily, for now, and what signals led him to target the senior housing sector. He explains why this niche is coming out of a bottom, how it differs from traditional real estate, and what makes triple-net lease investments in this space both stable and lucrative.

The discussion covers risk, underwriting operators, HUD financing, and exit strategies, offering passive investors a crash course in how to assess and potentially capitalize on a misunderstood asset class.

Key Takeaways:

Why Brian Burke is “done with multifamily for now”

What made assisted living a timely pivot

How triple-net lease structures reduce landlord risk

The importance of operator selection and lease coverage

How HUD financing boosts returns and mitigates risk

Exit strategies ranging from lease buybacks to portfolio sales

Where this strategy fits on the broader risk spectrum

What passive investors should ask before investing in senior housing

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