Cold Spring Capital Launches Multifamily Real Estate Investment and Operating Company Focused on Tactical Growth and Operational Excellence

Launching with a strategic focus on scalable operations and value creation in the Northeast, Mid-Atlantic, and Midwest.

NEW YORK, Jan. 21, 2026 /PRNewswire/ -- With over three decades of combined experience in multifamily real estate investing, Sean Belfi, Craig Boyarsky, and Brendan Glavin are launching Cold Spring Capital ("Cold Spring," "CSC"), a private investment and operating firm targeting more than $1 billion in acquisitions over the next five years. Belfi will lead the firm as Managing Principal.

Through New York–based Cold Spring Capital, the co-founders and principals will target middle-market, value-add suburban workforce housing in select markets across the United States. The firm's initial transactions will be capitalized with Twin Spruce Capital, a New York-based investment affiliate, and a close syndicate of high- and ultra-high-net-worth investors. While the syndicate has historically deployed capital into preferred equity investments within the multifamily sector, this partnership marks their first entry into traditional multifamily equity investments.

Eric Horowitz, Managing Principal of Twin Spruce Capital, says his firm spent nearly two years searching for the right team to lead an equity multifamily platform. Horowitz adds that Belfi, Boyarsky, and Glavin "fit the bill," citing their success in helping to build a national multifamily platform, sourcing new deal flow, and managing institutional and private wealth relationships across the Eastern and Midwestern United States.

Leveraging deep tactical experience and a long track record of collaboration, the CSC team is prepared to source deals immediately. The firm aims to acquire 10,000 apartment units over the next five years through direct acquisitions and joint ventures.

"Our team has spent almost a decade working together in the weeds, cutting our teeth on all aspects of multifamily acquisitions, asset management, capital markets, and dispositions. We are ready to hit the ground running in 2026 to source deals and scale operations in what we view as a favorable market environment for conventional, market-rate workforce housing," says Belfi.

Growth Strategy for CSC

CSC will focus on individual assets and portfolios of 100 units or more, primarily 1960s vintage or newer properties across the Northeast, Mid-Atlantic, and Midwest. "The time is right to be an apartment investor generally," says Belfi, "but the most compelling opportunities emerge when you dig into the data." Belfi identifies several tailwinds supporting this strategy:

• Market Stabilization: Improving capital flows and operating fundamentals following a period of apartment supply run-up and aggressive interest rate increases.
• Reduced Volatility: The target geographic markets remained resilient during the last cycle, exhibiting stronger occupancy and rent growth compared to other regions due to more controlled supply growth.
• Strategic Dislocations: Opportunities to acquire assets from operators with impaired capital stacks, mismanaged properties acquired by recent market entrants with scant operating experience during the last cycle, and properties caught in the meaningful number of loan maturities expected over the next three years.
• Vintage Opportunities: CSC sees value in pre-2000 vintage assets that are currently trading at wider cap rates due to institutional limited partners avoiding perceived operational risks.

"We believe that there will always be a continued drip of private owners that look to sell for non-market reasons, like estate-planning or disposition of non-core assets," says Belfi. "These types of owners are often motivated by different investment goals and typically operate their assets in ways that are not considered industry-standard, which results in an operational arbitrage opportunity. Based on national ownership figures, there are more of these types of private owners in our geographic markets than elsewhere in the country."

Belfi says that CSC's deep expertise and strategic focus on operations make it uniquely positioned to capitalize on these opportunities. "Investors this cycle are demanding their sponsors to be thesis-driven as opposed to generalist investors. We must be tactical about where and what opportunities we will pursue and then operate those assets in a disciplined and aggressive manner to deliver value-add returns," adds Belfi.

Operational Background

The CSC team honed their expertise at a national, vertically-integrated apartment owner-operator where they helped to build that firm's portfolio to 20,000 units. Belfi was at the firm for over eleven years and left as a Principal, while Boyarsky and Glavin were at the firm for eight and ten years, respectively, both leaving as Vice Presidents. All CSC team members were active in acquisitions, asset management, and investor relations across both single-asset ventures and multiple discretionary fund vehicles.

Website:                    www.coldspringcapital.com

Media Inquiries:      [email protected]

SOURCE Cold Spring Capital