What does it take to outperform during a financial crisis—and then walk away to build a $1B real estate platform?

In this episode of Did It Close?, we sit down with Bruce Fraser of Elkhorn Capital Partners to break down his journey from running a hedge fund during the 2008 financial crisis to becoming one of the most disciplined multifamily investors in the country.

While most investors were getting crushed in 2009, Bruce hit all-time highs—then pivoted into multifamily with a data-driven, risk-first approach that still guides his strategy today.

We dive into:

- Why most multifamily investors got it wrong in the past few years

- Fixed-rate vs floating-rate debt (and how it impacts your returns)

- Why he focuses on workforce housing instead of Class A assets

- How to identify markets with real pricing power

- The biggest mistakes investors are making right now

- His macro outlook on inflation, interest rates, and the economy

- And how personal adversity tested—and proved—his team and systems

Bruce also shares how his upbringing shaped his risk tolerance, why he’s obsessed with downside protection, and the exact mindset he uses to manage other people’s money.

If you’re a real estate investor, operator, or capital allocator, this is a masterclass in disciplined investing.