E185: Why Institutional Investors Invest into C-Class Real Estate w/Amy Rubinstein

I spoke with Amy Rubenstein, CEO of Clear Investment Group, about how she built a thriving real estate platform by focusing on one of the most overlooked areas of the market: distressed C-class multifamily housing. Amy didn’t come from institutional real estate — she taught herself everything from Excel to underwriting by reverse-engineering models, and built a company that now serves both high-net-worth and institutional LPs. Today, her firm consistently delivers 30%+ IRRs by stabilizing mismanaged assets and restoring them to market performance. We talk about her journey from buying a single six-unit property to leading a vertically integrated investment platform, her thoughts on risk and inflation, why C-class housing remains resilient, and how she thinks about scaling her team and her impact. Highlights: Why Amy believes C-class multifamily is the most resilient and alpha-rich real estate strategy How Clear Investment Group creates value by stabilizing mismanaged assets The learning curve of becoming a solo GP with no institutional background Amy’s approach to managing and growing a high-performing team Her philosophy on impact investing — and why they never needed to label it as ESG Institutional fundraising: the 18-month grind and what comes after the first big check How her firm stress-tests for interest rate shocks and avoids market speculation The strategic vision for a one-stop-shop multifamily investment platform -- Guest Bio: Amy Rubenstein is the CEO and co-founder of Clear Investment Group, a real estate investment firm focused on distressed, workforce multifamily housing across the U.S. Under her leadership, Clear has grown from small syndicated deals to managing institutional capital and generating 37%+ average IRRs. She has over two decades of experience in real estate investing, is a self-taught operator, and remains deeply involved in every aspect of the firm’s strategy and execution. Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com . #VentureCapital #VC #Startups #OpenLP #AssetManagement -- Stay Connected: X / Twitter: David Weisburd: @dweisburd LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Amy Rubenstein: https://www.linkedin.com/in/amy-rubenstein-a0514698/ Links Clear Investment Group: https://www.linkedin.com/company/clear-investment-group/posts/?feedView=all -- Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com . (0:00) Episode preview (1:24) Management and tenant issues in distressed properties (3:02) Amy Rubenstein's industry beginnings and real estate asset performance (5:26) Forecasting interest rates and market conditions (7:59) Interactions with LP base and institutional investors (11:11) Institutional interest and tax benefits in C class real estate (14:07) Essentials of being a successful GP (17:09) Team management and the role of humility (21:22) Delegation, high achievers, and trust (24:19) Growth strategy and future business outlook (26:07) Multifamily real estate and market volatility (29:13) Investment lessons and self-taught skills (33:06) Impact investing and ESG perspectives (35:24) Closing remarks