On this episode, Kevin chats with Josh Volen, Principal and Co-founder of CIRE Equity, an $890MM NAVREIT that functions like Blackstone's BREIT with market-to-market transparency and limited redemption. Josh shares his journey from becoming a top broker at Marcus & Millichap over 6 years to starting CIRE in 2010, funding acquisitions entirely through high net worth syndications until 2019 when they combined 13 assets into the NAVREIT and partnered with a broker dealer to accelerate growth. The conversation covers how six years in the Marcus & Millichap boiler room built his skill set, why CIRE views themselves as operators rather than capital allocators, and Josh's philosophy that his primary job is replacing himself a little bit more every day. They discuss how successful remote work requires intentional accountability and robust meeting structures, CIRE's risk-first underwriting approach, their unique positioning as a professionally managed family office nimble enough to beat institutional competitors, and how their fee structure and employee compensation drive alignment. Josh opens up about the distinction between transaction shops and sustainable businesses, why hiring better than yourself is critical, and the importance of showing up for yourself first with intention, clarity, and continual learning.

Because it didn’t come out in the pod, for those interested in investing with CIRE, you can find the group at CIREequity.com.