Zephyr market strategist Ryan Nauman hosts David Butler, Co-CEO of Argosy Real Estate Partners, to discuss trends and opportunities in private real estate. Butler explains Argosy’s focus on lower middle-market deals ($5–$25M equity) where competition is lower, and outlines the firm’s growth since founding in 2009, raising about 10 funds and reaching roughly $4B in gross real estate AUM. They cover themes including a largely completed real estate “reset,” improving debt market liquidity, and selective contrarian office investing at discounts with strong leases and cash yields. Butler defines alternative property sectors (e.g., lodging, self-storage, life sciences, built-to-rent, cold storage, data centers) and their diversification benefits, while noting risks like operational complexity, specialized capex, tenant concentration, and infrastructure constraints. The conversation also contrasts real estate private credit vs. equity, and reviews Opportunity Zone program updates, including a five-year deferral structure and stricter zone qualifications.
Learn more about Zephyr here.
Learn more about Argosy Real Estate Partners here.
00:00 Welcome and Setup
01:18 Meet David Butler
04:11 Why Middle Market Wins
06:14 Market Reset Outlook
09:23 Office Comeback Thesis
12:26 What Are Alternatives
15:40 Why Alternatives Now
18:15 Risks to Watch
19:40 How Advisors Access
21:28 Private Credit vs Equity
24:49 Opportunity Zones Update
27:56 Wrap Up and Resources
