GAIA’s Multifamily Strategy in America’s Sun Belt

Danny Fishman co-founded GAIA Real Estate in 2009 when the financial crisis created distressed opportunities across multifamily markets.

Episode Outline
(04:53) Lessons learned from the New York market and expanding into Sun Belt multifamily
(09:36) Why treating real estate as a consumer product shapes every investment decision
(11:10) Discovering Nashville's Germantown neighborhood
(13:22) The Carillon acquisition strategy and initial value-creation opportunities
(19:54) Performance results and the decision to hold through market volatility
(26:03) Red tape and regulatory challenges that make Northeast investing difficult
(34:03) Opportunities in 2026 as oversupply gets absorbed and financing improves

Danny's approach centers on hands-on management rather than passive ownership. When evaluating properties, Danny and his team spend weekends on-site observing tenant behavior, testing neighborhood walkability, and understanding what drives the local rental market. This boots-on-the-ground mentality led to their biggest early win: winning the bid for a 10,000-unit Lehman Brothers portfolio in bankruptcy court.

The Carillon in Nashville's Germantown neighborhood demonstrates how GAIA converts distress into value through operator-led repositioning. Rather than installing trendy amenities, they studied actual tenant needs at the 300-unit property. They discovered 70% of residents had dogs, but lacked quality outdoor space, and remote workers were competing for the conference room space while the gaming room sat empty. The solution was simple: convert unused rooftop parking into a dog park and replace the gaming room to a co-working hub. This tenant-focused strategy helped the property consistently outperform projections.

Danny's investment philosophy challenges conventional underwriting. When other investors were modeling aggressive rent growth in 2021, GAIA sold their entire 20,000-unit portfolio because the math didn't work. Now, with interest rates dropping from 6.5% to around 5% and distress returning to the Sun Belt, Danny sees opportunity in South Florida neighborhoods where hands-on property developers can drive transformation through targeted volume acquisitions.

Additional Resources
This episode of American Building is brought to you by New Blueprint Partners — making industrial real estate accessible to the everyday investor. They provide a simple, hassle-free, and transparent path to owning industrial properties, backed by experienced operators. You may remember founders Ron Schinik and Marc Esrig from our episode on the Vancouver Innovation Center, where they shared how collaboration and communication shape successful projects. Learn how you can build your industrial real estate portfolio at https://newblueprintpartners.com/.

Learn more about The Carillon in Nashville: https://www.liveatcarillon.com/

Connect with Danny Fishman
Connect on LinkedIn:   / danny-fishman-9410187  
Website: https://www.gaiare.com

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