Épisodes

  • Operators vs Allocators: A Cash-Flow Blueprint for CRE with Daniel Trevino

    Operators vs Allocators: A Cash-Flow Blueprint for CRE with Daniel Trevino
    Apr 28 2026
    Connect with Altruis Capital Partners: https://reports.alturascapitalpartners.com/quarterly-reports/2025-q4 https://alturascapital.com/ This Episode Alturas Capital Partners has built a vertically integrated platform across the Intermountain West—and in this episode, Chris Lopez sits down with Daniel Trevino (Director of Investor Relations) to unpack what that “operators first” philosophy looks like in practice. Daniel explains why Alturas focuses on markets they know firsthand (including Colorado), how they think about creating alpha through hands-on execution, and why the firm chose an evergreen fund structure designed for long-term compounding instead of a traditional closed-end raise. The conversation also dives into why Alturas leaned into “neighborhood” and experiential retail when the asset class was out of favor, how that thesis has evolved, and what they’re seeing today across office, retail, and other commercial segments. Chris presses on the core LP questions: how diversification works inside a multi-asset evergreen vehicle, how Alturas thinks about underwriting spreads in today’s rate environment, why location quality matters even more in office, and what a “poor performer” taught them about risk management. Daniel closes with where Alturas sees opportunity building over the next cycle—and why the right basis (and the right market) still matters most. Key Takeaways What “operators first” means and why Alturas verticalized acquisitions, management, leasing, and maintenance How Alturas defines the Intermountain West—and why local market knowledge is central to their strategy Why they built an evergreen vehicle for flexibility through cycles (buy when it’s right, sell when it’s frothy) The retail thesis: “experiential” and neighborhood retail vs. the parts of retail most exposed to e-commerce How Alturas approaches multi-asset diversification without losing operational discipline—and what skill sets translate across retail/industrial/flex/office A real example of a struggling office asset and the key lesson: location quality can make or break execution What they’re watching next: office supply dynamics, underbuilding, and where basis-driven opportunity may emerge Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    38 min
  • How to Get Better Deal Terms with SPVs | AAA Storage

    How to Get Better Deal Terms with SPVs | AAA Storage
    Apr 21 2026
    PassivePockets members have asked for two things over and over: better terms and access to more deal options without writing huge checks. In this special webinar, Chris Lopez breaks down how “community capital” can do exactly that—by pooling investor commitments into an SPV (Special Purpose Vehicle) to unlock lower minimums, stronger economics, and cleaner access to sponsor funds. Chris is joined by Travis Smith (Founder & CEO of TribeVest) and Paul Bennett (President of AAA Storage). Travis explains what SPVs are, how Open Tribes work, and why modern tech has dramatically reduced the cost and complexity of running these structures compared to the “old school” SPV process. Then Paul walks through a real-world example: a PassivePockets Open Tribe built around AAA Storage Growth Fund II, complete with improved fee and waterfall terms for the community, plus a lower minimum that makes the fund accessible to more accredited investors. You’ll also get a practical, investor-focused overview of AAA’s strategy: a ground-up development portfolio spanning self-storage and small-bay industrial across four growth markets (Austin, Houston, San Antonio, and Charlotte), why Paul believes self-storage is bottoming and setting up for a supply/demand tailwind into 2027–2031, and how AAA structures its fund to avoid land entitlement risk and eliminate additional capital calls. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    1 h et 9 min
  • How Aspen Funds Is Winning Industrial | Deal Review

    How Aspen Funds Is Winning Industrial | Deal Review
    Apr 14 2026
    Link to Deal: https://passivepockets.com/directory/deals/aspen-industrial-growth-fund/ This Episode Aspen Funds’ Ben Fraser and Ellis Hammond return to PassivePockets for an exclusive LP Deal Review on their Industrial Growth Fund—an industrial land + development strategy concentrated in Kansas City’s “Golden Triangle” submarket. Chris, along with LP panelists Pascal Wagner and Christy Burakovsky, breaks down the thesis behind the fund: why Kansas City is positioned as a major industrial “supernode,” how onshoring and supply chain reshoring supports long-term demand, and why Aspen is focusing on smaller-bay industrial where vacancy has remained structurally tight. The discussion digs into how value is created before a building ever goes vertical, buying raw land, pushing it through entitlements, securing meaningful tax abatements, and turning it into shovel-ready inventory in a supply-constrained corridor. From there, Aspen has multiple paths to realize gains: sell parcels to owner-users and developers at a premium, develop spec/build-to-suit projects themselves, and/or structure JV partnerships where the fund contributes land into projects. The LP panel also pushes hard on the questions that matter to passive investors: how timelines and exits actually work in a multi-asset land fund, what “lumpy” distributions look like vs steady yield, how the cumulative preferred return accrues, and what happens if market conditions delay sales. Finally, Aspen outlines special PassivePockets terms, lower minimums and improved economics if the community hits a group investment threshold. Key Takeaways Why Aspen is concentrating in Kansas City’s “Golden Triangle” and what makes the submarket supply-constrained How industrial tailwinds (onshoring/reshoring + logistics corridors) support long-term demand in KC The value creation stack: raw land → entitlements/tax abatements → shovel-ready uplift → land sales and/or vertical development Fund cash flow realities: event-driven distributions (land sales/refis/sales), not consistent monthly income PassivePockets community terms: lower minimum and improved pref/split if the group minimum is reached, plus a cumulative preferred return structure Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    1 h et 6 min
  • Michael Episcope’s Investing Playbook: Cycles, Credit, and Multifamily

    Michael Episcope’s Investing Playbook: Cycles, Credit, and Multifamily
    Apr 7 2026
    This Episode Michael returns to the show after a standout LP Deal Review Q&A, and Chris digs into the full backstory: how Michael went from the Chicago Mercantile Exchange—trading interest rate derivatives bell-to-bell—to building Origin Investments into a multifamily-focused platform built around downside protection and long-term compounding. They unpack how Michael thinks about “edge” as markets became more efficient, why risk management lives at both the deal level and the company level, and what LPs should pay attention to when evaluating a manager’s balance sheet and decision-making under pressure. The conversation also gets tactical on portfolio construction in today’s environment—why Michael believes credit is being “overcompensated” relative to equity, how Origin evolved from value-add to a build/buy/lend approach, and how cycle awareness influences where (and how) he’s willing to deploy capital. Chris also asks how current macro uncertainty impacts underwriting and positioning right now, and Michael closes with a set of simple, but hard-earned, LP principles: build a written plan, stay disciplined, keep liquidity, and remember that small performance deltas compound into life-changing outcomes over time. Key Takeaways Michael’s path from commodities/derivatives trading to launching Origin and why 2007-2009 was a formative real estate “training ground” How to think about “edge” in modern real estate when information is ubiquitous and why small advantages still matter Risk management at two levels: deal structure (leverage, markets, people) and firm structure (bench strength, balance sheet support) Why Michael would overweight credit today and keep equity exposure selective and how that creates flexibility to rebalance LP discipline lessons: write your strategy down, don’t fear saying “no,” protect liquidity, and let compounding do the heavy lifting Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    38 min
  • Multifamily 2026 Pulse Check: Supply, Distress, and Where We’re Investing

    Multifamily 2026 Pulse Check: Supply, Distress, and Where We’re Investing
    Mar 31 2026
    Chris Lopez is back with Paul Shannon for this month’s PassivePockets Pulse Check, catching up on why Paul stepped back from co-hosting, what he’s focused on now, and what both of them are actually doing with their own portfolios. They get into the real-life tradeoffs that don’t show up in an OM: liquidity vs. deployment, concentration risk vs. investing where you have an edge, and why relationships with operators matter more than ever coming out of the last cycle. From there, Paul drops a data-heavy market update across multifamily and beyond- where supply is still pressuring rents, which markets are already seeing rent growth again, and how the maturity wall is forcing distressed (and motivated) sellers into the market. Chris shares what he’s seeing in Denver and the Midwest, why he’s leaning toward cash flow and debt for diversification, and how both of them are thinking about positioning for the next 12–24 months without trying to “time” real estate. They wrap with a quick preview of the 2026 PassivePockets Summit in Denver (April 30–May 2), why the event is built for LPs, and what they’re most excited for- from the small, high-quality attendee base to hands-on learning opportunities like the hotel-to-multifamily conversion property tour. Key Takeaways Why Paul stepped back from co-hosting and what he’s prioritizing in business and family life right now Liquidity as a strategy: when “good deals” still aren’t the right move because cash matters Multifamily’s bifurcated market: rent growth winners vs. laggards, and why national headlines can mislead The maturity wall and distress: what refinances look like in a 6–7% rate world and what LPs should ask sponsors Summit preview: LP-focused networking, sponsor access, and the Denver hotel-to-multifamily conversion tour Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    55 min
  • Hotel-to-Multifamily Conversions 101 with Alex Cartwright

    Hotel-to-Multifamily Conversions 101 with Alex Cartwright
    Mar 24 2026
    Hotel-to-multifamily conversions are one of the most interesting “free market” solutions to the affordable housing crunch, and Alex Cartwright is building his entire business around that niche. In this episode, Chris sits down with Alex to break down how (and when) these conversions actually pencil and why the opportunity exists in the gap between hotel cap rates and multifamily cap rates. They also talk about a real-time example: Alex has a conversion project happening about 15 minutes from the hotel where the 2026 PassivePockets Summit will be held in Denver. Alex will be at the Summit, and attendees will have the chance to tour the project and see what a conversion looks like up close (including what changes once you stop calling them “rooms” and start calling them “units”). Alex shares the full playbook: what types of hotels make sense, typical basis per “door,” what drives renovation costs (spoiler: electrical), how long zoning and entitlement really takes, how these deals get financed (including CPACE), what the refinance timeline looks like, and the biggest risks LPs should underwrite before wiring a dollar. Key Takeaways Why hotel-to-multifamily is a financial arbitrage as much as a physical conversion (hotel cap rates vs. multifamily cap rates) What makes office-to-multifamily so hard, and why hotels are often a better conversion candidate Typical acquisition basis and capex ranges (and why “adding kitchens” is the expensive part) The real timeline: 120–180 day DD/entitlement windows, construction sequencing, and refi timing (often 18–30 months) Downside risk and mitigation: managing cashflow during construction, experienced construction teams, and conservative terminal cap rates Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    42 min
  • Boots-on-the-Ground Due Diligence with Adam Cranmer

    Boots-on-the-Ground Due Diligence with Adam Cranmer
    Mar 17 2026
    Track Record Assets Deal Page: https://passivepockets.com/directory/deals/morgan-bay-apartments/ A few weeks after an LP Deal Review with Track Record Assets, PassivePockets member Adam Cranmer realized he’d be in Houston, just minutes from the actual property. So he did what most LPs wish they could do: boots-on-the-ground due diligence, in-person operator time, and a full “does this actually feel real?” check. Adam walks through the deal at a high level (268-unit Class C value-add in north Houston acquired from a distressed seller, not a distressed property), then shares what he saw on-site and what he learned over lunch with the team—especially the operator’s “secret sauce” for stabilizing workforce housing. Most importantly, Adam breaks down the one major concern that still gave him pause (exit assumptions / value growth) and why, after ~20 hours of diligence, he ultimately decided to invest anyway—jockey-first, with a clear-eyed view of the risks and the fallback plan. Key Takeaways What “value-add” actually looks like on-site (and why this one felt real vs. cosmetic) How Adam pressure-tested rent comps and the plan after touring the area The operator edge: creating a tenant “flywheel” that improves safety, collections, and retention The biggest risk flag: exit price assumptions and how the debt structure reduces downside Why Adam invested anyway, even with diversification concerns in Houston Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.
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    31 min
  • Scott Trench's 2026 Office Thesis with J Scott & Ash Patel

    Scott Trench's 2026 Office Thesis with J Scott & Ash Patel
    Mar 10 2026
    Scott Trench brings a contrarian 2026 office thesis to the table, starting with the idea first, then stress-testing it with three expert investors: Ash Patel, J Scott, and host Chris Lopez. The group debates where office is truly mispriced, what “trophy” means post-COVID, and why “downtown vs. suburbs” might be the wrong framing without understanding tenant demand, floor plates, and lease-up realities. They dig into the mechanics of making office work (cash-flowing vs. vacant assets, tenant improvements, buildouts, leasing risk, and financing constraints), plus the biggest wild cards shaping demand going forward, from work-from-home to AI to local policy and migration trends. Ash also shares a real-world case study on buying fragmented suburban office at a deep discount and selling it off in smaller pieces. By the end, Scott refines his thesis from a binary bet into a spectrum: office may be a compelling buy if you’re surgical on asset selection, capitalization, and operator expertise and realistic about how long the grind to stabilization can take. Key Takeaways Downtown vs. suburban office: why pricing, tenant demand, and commute behavior can lead to very different risk profiles What actually wins in office now: smaller suites, turnkey space, parking, “soul”/amenities, and flexible layouts vs. big single-tenant floorplates Capital stack reality: why office financing is still tough, and why many plays require low leverage (or all-cash) plus significant TI reserves Operator selection: how to vet office sponsors when COVID disrupted track records—and why experience managing office matters more than ever One actionable strategy: buying multi-building suburban office portfolios at a discount and selling off smaller buildings to owner-users (with SBA tailwinds) Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.
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    57 min