Real estate syndication can give investors access to larger properties without having to find, finance, and operate the deal themselves. But before investing, you need to understand who is running the deal, how the numbers were underwritten, what fees are being charged, and how much risk you are actually taking.
In this episode, Aviva Sonenreich and multifamily real estate investor Natasha Falconi break down real estate syndication from both the sponsor and passive investor perspectives. Natasha explains how syndications work, how she finds multifamily properties, raises capital, structures deals, and manages properties after acquisition.
They also dig into what investors should evaluate before committing capital, including the sponsor’s experience, debt structure, underwriting assumptions, fees, due diligence, and whether the sponsor has their own money invested in the deal. Natasha shares lessons from her experience as a CPA, real estate executive, syndicator, and hands-on multifamily operator in South Florida.
Key Topics Discussed
- How real estate syndication works for sponsors and passive investors
- The difference between a general partner, sponsor, and limited partner
- How Natasha finds multifamily deals through brokers and direct owner outreach
- How seller financing can be used to acquire commercial real estate
- Why investing passively can help you learn how syndications work
- How to evaluate a real estate syndicator before investing
- Why Natasha focuses on the sponsor before evaluating the deal
- How debt structure and underwriting assumptions affect investment risk
- Why investors should independently examine the assumptions behind projected returns
- What to look for during commercial real estate due diligence
- Why sponsor co-investment and having skin in the game can matter
- How acquisition, disposition, property management, asset management, and other syndication fees work
- Why transparency around syndication fees is important
- Natasha’s long-term approach to owning and improving multifamily properties
About the Guest
Natasha Falconi is the Founder of Falconi Capital and a multifamily real estate investor and syndicator specializing in South Florida. She began her career as a CPA in real estate tax before joining a commercial real estate development company, where she spent 18 years and ultimately became president. Drawing on both her financial background and deep roots in the communities where she invests, Natasha focuses on acquiring underperforming multifamily properties, improving their operations, and creating long-term value. Her investment approach is built around local market knowledge, disciplined asset management, and clear communication with investors.
About the Host
Aviva Sonenreich is the Managing Broker and Owner of the Warehouse Hotline, a Denver commercial real estate brokerage specializing exclusively in industrial properties. She leads the firm’s brokerage operations, negotiates industrial sales and leasing transactions, advises clients on acquisition and disposition strategies, and oversees the company’s marketing and business development efforts. Through Commercial Real Estate Secrets, she interviews leading investors, brokers, developers, and industry experts to provide actionable insights on commercial real estate investing, brokerage, leasing, development, and market trends.
Looking for Your Next Industrial Real Estate Investment?
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