Robert Boucai, co-founder of Newbrook Capital Properties, discusses the firm's underwriting principles and investment criteria.
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“One of the cardinal rules of real estate investing that we have at Newbrook is we want positive leverage to happen from day one.”
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More from Robert Bukai
Opinion
Boucai: Traditional Real Estate GPs Are Structurally Misaligned with Investors
“They are generally using short-term floating rate financing And they have shorter term hold because they're trying to generate carried interest income to pay themselves. And then lastly, I would say they don't have as much personal capital invested. So the ali…”
Robert BukaiDec 4, 2025▶ 9:29Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
“Broadly speaking, the markets were flat in the 2000. And in the hedge fund business in the longshore, you could make 10, 15% a year. There were sectors that went up when other sectors went down. Correlations were low. Competition was low.”
Robert BukaiDec 4, 2025▶ 7:53Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
AssertionNot checkable as stated
Boucai: 95% of Real Estate Operating Partners Interviewed Wanted Floating-Rate Debt
“95% of the people that I met wanted to use floating rate financing.”
Robert BukaiDec 4, 2025▶ 10:36Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
AssertionNot checkable as stated
Boucai: Agency financing gives multifamily continuous debt market access over other sectors
“Because of buyers, we can borrow off of Fannie and Freddie financing, we always have access to borrow from the bond market effectively, whereas the other asset classes have more risk in accessing the debt capital market.”
Robert BukaiDec 4, 2025▶ 17:55Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
Insight
Boucai: Low capex enables multifamily to distribute cash more consistently than office
“Multifamily is a asset class that Has historically had low capex. It lends itself well to making distribution, whereas things like office or retail are tenant improvement heavy. Therefore, maybe more episodic in its ability to return capital to investors.”
Robert BukaiDec 4, 2025▶ 18:16Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
AssertionNot checkable as stated
Boucai: 80% of Big Alternative Firm Investors Are Tax-Exempt
“80% of their investors don't pay taxes. 20% do. That's the growing part of their business because they're slowly trying to expand to the private wealth market. Their products are not optimized for tax paying individuals the way ours are.”
Robert BukaiDec 4, 2025▶ 35:30Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
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