The Best Ever CRE Show JF 4096: Off-Market Strategies That Actually Work ft. Christian Macellari
Nov 21, 2025
Christian Macellari, Chief Investment Officer at RSN Property Group, shares insights on sourcing off-market multifamily deals and scaling acquisitions. He discusses their impressive 20% AUM growth and the rigorous process of underwriting 400 deals per year to secure just a few. Christian emphasizes the importance of top-down market conviction and relationships with brokers and lenders. He details how to approach heavy-lift opportunities and the intricacies of JV/co-GP structures, while candidly expressing his love-hate relationship with the Chicago market.
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High-Volume Underwriting Converts Few Wins
- RSN underwrites ~400 deals per year to convert a small number into closings.
- Christian says that volume yields roughly two to three transactions executed annually from that pipeline.
Pick Markets Before Deals
- Evaluate markets top-down before drilling into individual assets to avoid wasting effort.
- Study supply, demand, income, and population growth to choose focused markets and relationships to pursue.
Cultivate High-Value Broker Relationships
- Build deep broker relationships in target markets and prioritize the brokers who transact most.
- Spend concentrated effort with those brokers to gain access to both listed and off-market opportunities.
