Interview

IronRidge Capital, a respected name in multifamily syndication and advisory, was founded by Erik Nordstrom and Erik Strom with a vision to create lasting wealth and opportunity. With a strong focus on vertical integration and hands-on management, the company has consistently delivered strong returns to its investors. In this interview, we dive into the early days of IronRidge, the leadership principles that guide their work, and what sets them apart in a competitive industry.

Q: What inspired you to launch Ironridge Capital, and what problem were you aiming to solve in the market?

IronRidge Capital was born out of a vision to create generational wealth—for both ourselves and our investors. The goal was never just about generating returns, but about offering financial freedom and creating something lasting, something we could pass down.

Initially, our focus was on multifamily syndication, where we wanted to build opportunities for financial growth and legacy creation. The second aspect of IronRidge is property management, which we started out of necessity. We found that third-party managers didn’t always align with our values of care, accountability, and ownership, so we brought property management in-house. This allowed us greater control and alignment between our syndication and management efforts, ensuring better outcomes for our investors and residents.

Q: Can you walk us through the early days of Ironridge? What were some of the biggest challenges you faced when starting out, and how did you overcome them?

What many people don’t know is that the first two properties we purchased were in 2007 and 2008, right before the onset of the Great Recession. It was baptism by fire. But by staying lean and mean on operations and holding those properties for 7 to 9 years, we were able to deliver annual returns of 15% and 19%, respectively, to our investors.

We did everything on those projects: we were the accountant, manager, maintenance tech, broker, and landscaper. That period taught us discipline, long-term thinking, and the importance of active, hands-on management—principles that remain core to how we operate today.

Over time, as we consistently delivered strong returns to our investors, word spread. Satisfied investors referred friends and family, and capital raising became significantly easier as our reputation and track record grew. We also quickly realized the misalignment with third-party property managers, which pushed us to launch our own in-house management company, further strengthening our control and operational performance.

“We believe in taking a long-term view, building lasting relationships, and working with integrity at every level.”

Q: What do you believe sets Ironridge Capital apart from other firms in the industry?

Our core differentiators are our commitment to long-term value, operational excellence, and vertical integration. We take a conservative, fundamentals-driven approach to underwriting and focus on protecting investor capital while optimizing returns.

Our in-house property management allows us to maintain full control over operations, ensuring alignment between ownership and management. We believe in taking a long-term view, building lasting relationships, and working with integrity at every level.

Q: How would you describe your leadership style, and how has it evolved over time?

In the early days, we were very hands-on, wearing every hat to make sure the business was operating to our standards. Over time, we’ve learned that true leadership is about empowering our team, aligning them with our values, and providing them with the space and support to take ownership of their roles.

Our leadership is guided by values like constant improvement, integrity, and accountability. It’s no longer just about performance; it’s about building a sustainable culture that lasts.

Q: What qualities do you look for when investing in or advising companies or founders?

We focus on three key factors: Character, Clarity, and Execution.

Integrity is non-negotiable; we want to work with founders who do the right thing even when it’s difficult. We also value founders who have a clear vision and a deep understanding of their business model, market, and how to execute their ideas. Finally, we look for signs of early execution—how founders turn ideas into action.

Of course, while values matter, we also ensure that the numbers add up and that there’s a solid financial foundation for growth.

Q: How has being a part of the Board of Advisors influenced your business and personal growth?

Joining the Board of Advisors was a strategic decision to connect with high-growth entrepreneurs and industry leaders. The network provides unique opportunities for deal flow, partnerships, and knowledge sharing.

On a personal level, it’s expanded our perspective, exposing us to new industries and innovative approaches. Professionally, the relationships we’ve built have opened doors to new ventures, and the insights we’ve gained have influenced our strategies and leadership approach.

Q: Can you share a successful partnership or project that came out of your Board of Advisors involvement?

Through the Board, we’ve connected with investors and partners who’ve aligned with our multifamily syndication platform. These connections have contributed directly to our growth and expanded our deal flow. We’ve also benefited from high-quality referrals and the chance to engage in meaningful collaborations that have helped us scale our operations and think differently about long-term value creation.

Q: What trends aer you most excited about in multifamily syndication and strategic growth consulting right now?

The most exciting shift we’re seeing is the demand for operational value creation. Investors are no longer just looking for financial engineering—they want partners who can optimize operations and unlock real, lasting value.

Additionally, niche operators are outperforming larger, legacy firms, reflecting a shift towards specialization and deep expertise. From a consulting perspective, there’s a greater focus on execution, alignment, and partnership, with advisory firms becoming more hands-on and involved throughout the lifecycle of growth.

It’s not just about how you operate—it’s about when you choose to act. To borrow from Warren Buffett, “Be fearful when others are greedy, and greedy when others are fearful.”

Right now, uncertainty, higher interest rates, softening fundamentals, tighter capital markets, and general market hesitancy have created a window of opportunity. A big reason many investors are pulling back is that a significant number of syndicators who acquired properties at peak pricing over the last three years are now underwater—dealing with floating-rate debt, declining values, and mounting operational pressures. They are giving properties back to the lenders, and in many cases, their LP investors’ equity has been completely wiped out. But for those who are well-capitalized, operationally strong, and remained disciplined on acquisition, this is exactly the time to lean in.

Q: How do you stay ahead in such a competitive and constantly evolving industry?

We stay ahead by embracing a culture of constant improvement, both in our operations and in our personal growth. We monitor market trends, capital flows, and policy shifts closely, and apply this data to make disciplined, informed decisions.

Relationships with smart operators, advisors, and partners keep us challenged and offer fresh perspectives. Technology also plays a big role in how we streamline operations, enhance investor communication, and track performance.

Q: What advice would you give to founders looking to scale and attract strategic capital?

Focus on building a real business before chasing capital. Strategic investors look for strong fundamentals—clear demand, sound operations, and a leadership team capable of execution.

Build a great track record, even if it’s with modest wins. Trust attracts capital. Be clear about your numbers and know how to communicate them effectively. Also, be selective about your investors—choose partners who align with your vision and bring more to the table than just money.

Finally, stay grounded in your values—integrity and long-term thinking will attract the right kind of capital.