What happens when a well-known multifamily operator shifts focus to a completely different asset class? In this episode, Jim Pfeifer and Paul Shannon are joined by real estate investor and Praxis Capital founder Brian Burke to explore his pivot into assisted living, memory care, and skilled nursing facilities.
Brian shares why he's stepped away from multifamily, for now, and what signals led him to target the senior housing sector. He explains why this niche is coming out of a bottom, how it differs from traditional real estate, and what makes triple-net lease investments in this space both stable and lucrative.
The discussion covers risk, underwriting operators, HUD financing, and exit strategies, offering passive investors a crash course in how to assess and potentially capitalize on a misunderstood asset class.
Key Takeaways:
Why Brian Burke is “done with multifamily for now”
What made assisted living a timely pivot
How triple-net lease structures reduce landlord risk
The importance of operator selection and lease coverage
How HUD financing boosts returns and mitigates risk
Exit strategies ranging from lease buybacks to portfolio sales
Where this strategy fits on the broader risk spectrum
What passive investors should ask before investing in senior housing
Disclaimer
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