Masters in Business with Bob Moser – Unconventional Real Estate Investments

Host: Barry Ritholtz (Bloomberg)
Guest: Bob Moser (Founder & CEO, Prime Group Holdings)
Episode Date: February 6, 2026

Episode Overview

This episode delves into the unconventional side of real estate investment with Bob Moser, founder and CEO of Prime Group Holdings, the largest privately held self storage owner, operator, and investor in the U.S. From his college beginnings to building a $10 billion real estate portfolio across several asset classes, Bob shares his journey, methodologies, and the reasons self storage has become such a resilient and desirable investment. The conversation goes beyond financial metrics into strategic acquisition, technology, and insights for navigating the evolving landscape of commercial real estate.

Bob Moser's Path to Real Estate (02:36–06:29)

• Early Passion and Background
  • Bob’s fascination with real estate began as a teenager, getting his real estate license before college while attending Union College (03:30).
  • In college, his thesis focused on valuing income-producing real estate, linking demand with property value, identifying fragmented asset classes ripe for consolidation (03:57–04:21).

“If you're going to be a good real estate investor, you have to have the ability to find the assets.” (Bob Moser, 04:14)

• Innovative Asset Discovery
  • Used FOIL (Freedom of Information Law) in New York to access water and sewer permitting records, enabling him to identify undervalued and fragmented properties (05:03–06:50).
  • Compiled boxes of physical data pre-digital era, systematically calling owners, often knowing more about the asset than the owner by the time he made contact (06:29).

First Deals and Early Entrepreneurship (07:40–09:45)

• Early Transactions
  • Brokered deals before owning properties; first acquisition financed by his mother’s home equity loan after persistent calling paid off (07:58–08:30).
  • Identified likely buyers by analyzing ownership patterns from his lists, building a network via targeted intelligence (08:58–09:16).

"My goal was to know more about the real estate than the owner did by the time I called them on the phone." (Bob Moser, 06:29)

• Transition from Broker to Owner
  • Ran parallel brokering and investing efforts until first significant liquidity event in 2005, selling assets to Sam Zell and shifting into asset accumulation (09:45–11:16).

Building Prime Group & Strategic Shift (11:16–15:01)

• Liquidity Event and Learning On-Site

  • Sold a package to Sam Zell, gained liquidity, and focused on building a diverse portfolio, from RV parks to shopping centers (11:16–12:04).
  • Emphasized understanding operations firsthand by managing properties directly.

• Discovery of Self Storage’s Resilience

  • Portfolio review post-2007 revealed self storage assets outperformed during downturns, shifting focus exclusively to self storage, consolidating fragmented markets (12:35–14:05).

“I do not buy aspirational real estate. I buy real estate that people need for all different economic cycles.” (Bob Moser, 14:05)

Self Storage: Business Model, Appeal, and Technology (15:01–22:45)

• Geographic and Strategic Underwriting

  • Prioritizes locations with natural or regulatory barriers to entry, focusing along U.S. coastlines and mountain cities with tight supply (15:01–16:42).
  • Uses proprietary software and AI to identify and target off-market self storage facilities that fit strict criteria, handled by a dedicated deal team.

• Business Model Advantages

  • Lowest break-even occupancy among institutional asset classes (40% occupancy covers expenses).
  • Month-to-month leases enable fast adaptation to market changes—no long-term lease risk (20:09–20:39, 38:31).
  • Minimal tenant improvement costs compared to multifamily; sweeping units versus major renovations (20:46).

• Ancillary Revenue Streams

  • Implements programs for insurance/tenant protection, 24/7 access, and more (21:37–22:24).
  • Auctions on abandoned units have moved online; not a profit center but a necessary process.

“Self storage has the lowest break even occupancy of any institutional real estate asset class I can think of.” (Bob Moser, 20:09)

The Buy-Side Methodology (28:02–32:57)

• Proprietary Sourcing

  • Deals originate from years of relationship-building, with team members persistently contacting owners and tracking critical events (28:02–29:31).
  • Pre-acquisition efforts include extensive due diligence—sometimes years before an owner is willing to sell (28:02–29:13).

• Hands-On Relationship Building

  • Personal touch includes holiday visits, birthday cards, and tailored solutions for sellers (29:31–30:20).
  • Assists sellers with post-sale options, capital gains, and reinvestment strategies.

"If they called you and they knew a lot about your business...you’re more intrigued to say hey this guy spent the time to learn a lot." (Bob Moser, 29:31)

• Avoiding Competitive Bidding
  • Deals are bought off-market to avoid auction “winner’s curse” and overbidding (31:18–32:10).

Industry Landscape and Scale (24:44–37:36)

• Fragmentation and Consolidation

  • Self storage was ~80% mom and pop ownership as recently as 2015; now closer to 70–75% (25:01–25:59).
  • Merchant builders still dominate new supply rather than institutional players, preserving fragmentation and opportunity.

• Fundraising and Scale

  • Third fund of $2.5 billion, the largest of its kind (26:15–27:42).
  • Employs 700–800 people, operates ~350 facilities in the U.S., Canada, and Virgin Islands, with major offices in Saratoga Springs, Jupiter (FL), and Chelsea (NYC).

• Small Business Demand

  • 30–40% of tenants are small businesses, using units as adaptive, scalable warehousing without long-term lease obligations (37:36–38:31).

Operational Details, Risks & Technology (38:31–48:18)

• Lien Law Advantage

  • Self storage uses lien law, not landlord-tenant law, allowing easier resolution and fewer eviction complications (38:31–39:35).
  • Applies across most U.S. states and present in Canada/Europe.

• International Expansion Strategy

  • European market has fewer “mom and pop” owners, making U.S.-style rollups harder (39:43–41:08).

• Navigating Macroeconomic Shifts

  • Floating rates, inflation, lender relationships, and hedging strategies help mitigate risk (42:28–43:14).
  • Demand drivers include demographic shifts, migration, and work-from-home trends (43:32–44:51).

• Office-to-Residential and Tech-Infused Projects

  • Converting underused office properties to high-tech self storage (Chelsea/High Line project), employing app-driven access and keyless lock systems that work without batteries or WiFi—reducing labor and improving user experience (44:51–47:44).

“We have actually harnessed the free energy of your cell phone to unlock the lock... No batteries needed, no WiFi needed.” (Bob Moser, 45:51–47:24)

Market Outlook & Long-Term Value (48:18–52:36)

• Interest Rates and Cyclicality

  • Five-year treasuries often the benchmark; flexibility matters more than maximizing leverage (48:40–49:30).
  • Self storage’s need-based nature buffers capex freezes and uncertainty.

• Time Horizon and Value Creation

  • Advocates for long holding periods; compounding and value realization accelerates after the first decade (50:22–52:36).

“Real estate’s boring for the first 30 years, but it’s true...then it starts to multiply on itself.” (Bob Moser, 50:22)

Personal Insights, Mentorship, and Advice (52:36–55:25)

• Mentoring and Learning
  • Influences include Ken Langone (Home Depot founder) and Ira Harris; emphasis on learning from everyone (52:53).
  • Book recommendation: Reminiscences of a Stock Operator (53:38).
  • Advice to new grads: Don’t worry about others’ earnings; do more than you’re paid for; maintain enthusiasm (54:22–54:39).

“Enthusiasm is probably the biggest driver of success I can think of.” (Bob Moser, 54:39)

• Biggest Lesson
  • Earlier mastery of people management would have boosted growth; empowering teams is key (54:52–55:25).

Notable Quotes

• “If you’re going to be a good real estate investor, you have to have the ability to find the assets.” (Bob Moser, 04:14)
• “I do not buy aspirational real estate. I buy real estate that people need for all different economic cycles.” (Bob Moser, 14:05)
• “Self storage has the lowest break even occupancy of any institutional real estate asset class I can think of.” (Bob Moser, 20:09)
• “If they called you and they knew a lot about your business…you’re more intrigued to say hey this guy spent the time to learn a lot.” (Bob Moser, 29:31)
• “Real estate’s boring for the first 30 years, but it’s true…it really takes a while.” (Bob Moser, 50:22)
• “Enthusiasm is probably the biggest driver of success I can think of.” (Bob Moser, 54:39)

Key Timestamps

• Bob’s background and early methods: 03:20–06:29
• First acquisitions and financing: 07:40–09:45
• Transition to owner/investor: 11:16–12:04
• Discovery of self storage resilience: 12:35–14:05
• Business model deep-dive: 20:09–22:45
• Proprietary acquisition process: 28:02–32:10
• Industry structure & competition: 24:44–25:59
• Small businesses as tenants: 37:36–38:31
• Tech in self storage: 45:51–47:44
• Time horizon and value investing: 50:22–52:36
• Mentorship and advice: 52:53–55:25

Tone & Style

Bob Moser’s approach is hands-on, data-driven, persistent, and fundamentally long-term. He combines old-school asset hunting with modern tech, showing both humility and competitive grit. The conversation is pragmatic, strategic, and full of practical wisdom—offering unique insights valuable to both novice and seasoned real estate investors.