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Real Estate Investor PodcastAuthor: Gary Lipsky
The Real Estate Investor Podcast, powered by Break of Day Capital, brings you in-depth conversations with the top minds in real estate investing. Each episode uncovers proven strategies and lessons learned across multifamily, commercial, and other alternative asset classes. Whether youre a seasoned investor or just starting out, youll gain practical tools and real-world wisdom to help you invest smarter, avoid pitfalls, and build long-term wealth through passive income. Language: en-us Genres: Business, Investing, Management Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Episode #249 - Behind the Numbers- Wins, Struggles & Creatively Growing NOI
Episode 249
Friday, 28 November, 2025
Behind every successful property turnaround is a set of choices that shape the outcome. In this solo episode of the Real Estate Investor Podcast, Gary Lipsky walks listeners through a detailed case study of Icon on Spanish Trail, the 256-unit Tucson property he acquired in December 2023. He explains why the deal stood out (an institutional-quality asset purchased at a discount during a period of low transaction volume) and how his team crafted a business plan centered on water savings, staff optimization, and cost-effective upgrades. Gary breaks down the improvements that delivered the biggest impact, from high-efficiency plumbing fixtures and privacy fences to selective painting and smart amenity additions. He also shares the early challenges, including occupancy dips and renovation difficulties, and how focusing on controllables helped stabilize the asset and lift NOI (Net Operating Income) by 36% in the first year. Tune in for a transparent look at the wins, struggles, and strategic pivots behind this value-add execution!Key Points From This Episode:Why Gary chose to spotlight Icon on Spanish Trail as a case study.How limited deal flow in Tucson in 2023 created a rare buying opportunity.What was appealing about the deal: scale, quality, and discounted pricing.An overview of the business plan’s focus on water savings and operational efficiencies.Targeted upgrades, including low-flow fixtures and privacy fences.Selective repainting and amenity improvements to enhance the property.How cost controls and efficiencies lifted NOI by more than 36% in year one.Navigating early struggles with occupancy and constraints on pushing rents.Capital-raising challenges due to tight liquidity and investor uncertainty.Washer-dryer additions as a controllable income-generating upgrade.Refinancing the property to lower-rate debt and greater savings.Community-building as a driver of retention and resident satisfaction.Gary’s key lessons for focusing on controllables, efficiency, and stability.Current investment opportunities, from Class A and C options to Icon on Headley.Links Mentioned in Today’s Episode:Icon on Spanish TrailIcon on HeadleyEmail Andy Huang, Investor Relations ManagerAndy Huang on LinkedInAsset Management Mastery Facebook GroupInvest SmartBreak of Day CapitalBreak of Day Capital InstagramBreak of Day Capital YouTubeGary Lipsky on LinkedIn🙏 Special thanks to our sponsor, Bromley Palamountain of Northwestern Mutual — helping professionals and business owners build financial plans that support long-term freedom. To book your complimentary consultation, click the link.
