Cody Leivas
Cody Leivas focuses on sourcing, underwriting, materials, and reporting for the partnership’s multifamily work. He works with Dan Friess to evaluate acquisition opportunities.
Multifamily
A focused approach to multifamily.
Capistrano Real Estate Partners brings Cody Leivas and Dan Friess together around suburban value-add multifamily opportunities. Their work combines sourcing and underwriting with asset-level operating judgment.
Submit a DealPhotograph: Amherst Place, Louisville, January 2020. Prior experience of Dan Friess. Sold April 2022.
Approach
Sourcing, underwriting, and the asset.
Cody Leivas and Dan Friess are partners working together on multifamily opportunities. Cody Leivas focuses on sourcing and underwriting. Dan Friess contributes asset-level operating judgment.
They study suburban value-add garden apartments. A loan past its interest-only period, or a maturity that may force a refinance, is one situation they read. Financing and operations are evaluated deal by deal.
The target markets are markets of interest, not assets owned. Amherst Place, in Prior experience, is Dan Friess’s earlier sale. It is not a forecast.
Target markets
Markets of interest.
These are the markets Cody Leivas and Dan Friess are studying. A name on this list is not a property they own.
For brokers
What we will read.
Send the property, the market, and what the loan is doing. A rent roll is more useful than a flyer.
If the loan is past interest-only, or a maturity is pushing the owner toward a refinance, put that in the note. That is the part read first.
Prior experience
Amherst Place Apartments.
Dan Friess. Louisville, Kentucky. 84 units, built in 1984. Purchased in October 2018 for $8.4 million. Approximately $2.5 million of capital improvements. Sold in April 2022 for $14.6 million. Rents increased 53%.
The photographs are from the January 2020 renovation, while the work was underway. The amounts are the history of that property. They are not a return, and they are not a forecast.
Historical experience of Dan Friess. Not an acquisition or result of Capistrano Real Estate Partners or Cody Leivas.
Units84
Built1984
Bought 2018$8.4 million
ImprovementsAbout $2.5 million
Sold April 2022$14.6 million
People
Cody Leivas and Dan Friess.
Partners working together on multifamily opportunities.
Dan Friess
Dan Friess contributes multifamily operating judgment and asset-level experience. His prior work includes Amherst Place Apartments in Louisville, Kentucky. He is based in San Juan Capistrano, CA.
Approach
How a deal is read.
The sequence used when an opportunity moves forward. A step is not a promise that a deal will close, or that a refinance or a sale will follow.
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01
Source
Look for suburban garden apartments whose loan may need a refinance or a recapitalization.
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02
Underwrite
Read the rent roll, the debt, and the basis before an offer.
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03
Close
If a deal proceeds, match the capital to the asset. A closing is not promised in advance.
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04
Renovate
Unit and exterior work. Amherst Place is a historical example, not a guaranteed result.
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05
Refinance or sell
The path is chosen deal by deal. It is not promised in advance.
Brokers
Submit a deal.
Property, market, unit count if you have it, and what the loan is doing. A rent roll can follow by email. Owners can start on the sell page.
Contact
Write Cody Leivas.
Investors sign in through Investor login. A document request can also come to the same email address.