We Are Thankful For…

November 27, 2023

The Capital Stack

Each year around this time, we take the opportunity to express our gratitude for all that Sheffer Capital is thankful for. You can check out last year’s edition here. This article is one of our favorites of the year, and we can’t wait to share it with you.

Our Investors

Although we haven’t bought anything new in 2023 and likely won’t at this point, I am very thankful for the investors we have and the new ones that I know will join us in the future. I’ve met hundreds of new potential LPs, and I’m excited to continue to provide quality investment opportunities. While it’s been slow from the acquisition side, we’re happy to have been able to deliver strong results to some of our early LPs on 3 full-cycle deals this year.


We closed three deals this year on the sell side, Pinehurst ApartmentsHollyvillage, and most recently Harvard Lofts, each setting record prices for their respective submarkets on a per-unit and per-square-foot basis. In a year with significantly low transaction volume, I’m grateful for the broker we collaborated with to sell these properties. None of them were easy; all three encountered setbacks at least once. However, they eventually closed, and that’s what matters. Thanks Brady!

The Capital Stack Readers

This newsletter has been an enjoyable platform for sharing my thoughts, investment goals, strategy, and case studies. I hope you’ve enjoyed reading and following along. I appreciate the feedback, both positive and negative, and look forward to sharing more about Sheffer Capital in 2024 and beyond.

Our Property Managers

We partner with several property management companies that have played a big part in our success. Having faced challenges with subpar managers in the past, I’m incredibly thankful for the exceptional work they put in to ensure the seamless operation of our properties. The various tasks happening behind the scenes at this level are numerous, and our investment strategy relies heavily on their efforts.

Debt Brokers

My debt broker, Luke Safranek at Berkadia, was able to recover a substantial ‘non-refundable’ deposit for me, and it felt like winning the lottery. Thanks, Luke!


Having been burned many times by sub-par contractors, I’m grateful for the ones we’ve worked with who consistently show up when they say they will complete the job to 100%, and deliver quality work at a reasonable price. They are hard to find these days, but executing our strategy wouldn’t be possible without these guys.

Major Market News

Kentwood (Grand Rapids) Apartment Complex Sold for $135M to California Buyer

A California firm recently acquired a 1980s-built 924-unit apartment complex southeast of Grand Rapids for $135 million in the still thriving West Michigan market.

Rents for the market-rate complex range from $1,115 for a one-bedroom, one-bathroom unit to $1,795 for a two-bedroom, two-bathroom apartment.

Read the full story here: https://www.crainsgrandrapids.com/news/real-estate/kentwood-apartments-sell-for-130m-as-west-michigan-multifamily-market-bucks-a-trend/

Tips and Tricks


Prioritize Feedback: Consistently share both positive and constructive feedback with everyone involved in your business, inside or outside. Could be managers, brokers, attorneys, contractors, etc. Positive reinforcement goes a long way in boosting morale and this reinforces positive actions. On the negative side, you want to address issues promptly, preventing them from persisting due to a lack of awareness. Open communication ensures that best practices are acknowledged and problems are tackled head-on.


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