The Silver Tsunami, Senior Housing, and Managing $55B at Fortress w/ Eli Edwards

Season 8, Episode 2: How does one of the nation’s largest real estate capital pools navigate a "real estate recession" while the rest of the economy stays hot? Today, we sit down with Eli Edwards, Managing Director at Fortress Investment Group and Head of US Real Estate Equity, to break down the firm’s strategy in a shifting market. Eli shares how Fortress spotted the San Francisco multifamily turnaround while the "doom loop" narrative was still in full swing. We also get into the "silver tsunami" in senior housing, why student housing is now a game of picking idiosyncratic winners, and how they are leveraging Delaware Statutory Trusts (DSTs) to provide tax-efficient solutions for retail investors. Whether you’re interested in distressed debt, Core Plus yields, or the future of the Sun Belt, this episode is a must-listen. Join us as we dive into the conviction, timing, and risk discipline that helped Eli and his team at Fortress identify growth opportunities where others only saw risk. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 – Introduction 04:14 – Transitioning from Banking to the Buy-Side at Fortress 10:21 – Contrarian Plays: Why Fortress Went Heavy on San Francisco Multifamily 15:31 – The Sun Belt Outlook and the Looming "Supply Cliff" 18:52 – Why Equity and JV Partnerships Trump Preferred Equity Today 22:56 – Student Housing: Picking Winners in a Shrinking Demographic Pie 25:56 – The Silver Tsunami: Why Senior Housing Fundamentals are "Inelastic" 30:51 – Tax-Efficient Strategies and the Launch of the Fortress DST Platform 40:21 – GFC vs. Today: Navigating a "Real Estate Recession" Without an Economic One 45:54 – Market Outlook: Why 2026 is the Year for Real Estate Fundamental Bottoming For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.