Real Talk: Real Estate Discussions with Andrew Kirsh

Episode Title: Leaving a Legacy Thru Real Estate and Philanthropy. My Conversation with Mark Weinstein, Founder of MJW Investments

Date: December 4, 2025
Host: Andrew Kirsh
Guest: Mark Weinstein, Founder of MJW Investments

Episode Overview

In this episode, Andrew Kirsh sits down with Mark Weinstein, a Los Angeles native and founder of MJW Investments, for an in-depth look at his four-decade real estate journey. They discuss Mark’s early days in LA, pioneering work in adaptive reuse in downtown, the evolution and strategy behind student housing investments, and the crucial role of philanthropy in his life. Mark shares career wisdom for aspiring professionals, memorable moments from his developments, and candid reflections on the impact of recent social challenges on campus-based real estate.

Key Discussion Points & Insights

1. Mark's Background and Path Into Real Estate

• Humble beginnings: Grew up in Canoga Park, attended local schools, maintained lifelong friendships, and attributes early athletic involvement to building community and confidence (03:06–03:56).
• Legal aspirations: Went to Loyola Law in downtown LA but became disillusioned with the financial constraints of a legal practice, wanting to make more impact through philanthropy and real estate (05:24–05:46).
• First real estate deal: While still in law school, organized and completed his inaugural transaction—a 5-unit property near campus, investing alongside fellow students (06:10–06:30).

“I went around school asking students, you know, do you have student loan money?... You should invest with me in this deal.” – Mark Weinstein (06:10)

2. Early Career Experiences and Transition from Law

• Balancing law and real estate: Worked part-time for the famed trial attorney Melvin Belli, splitting time between practicing law and building his real estate portfolio (07:33–08:20).
• ‘Boiler room’ style operations: Recounts evenings cold-calling apartment owners, effectively self-teaching the business from the ground up by doing every aspect himself (08:20–09:14).

3. Pioneering Adaptive Reuse in Los Angeles

• First major project: Led the redevelopment of historic Old Town Pasadena buildings into retail and live-work spaces, leveraging tax credits and personal hands-on management (09:28–11:28).
• Santee Village transformation: In 1998, acquired 10 contiguous buildings downtown, converting them into lofts, condos, retail, and creative office space. Describes recruiting tenants like Rite Aid with creative, “fake it till you make it” strategies (11:58–14:36).

“I got the people from the office buildings to come down and say, hey, we'll be your client.” – Mark Weinstein (14:24)

4. Navigating City Bureaucracy and Creative Financing

• City collaboration as ‘secret sauce’: Built genuine partnerships with city departments to streamline approvals, a notably different approach than today’s often adversarial processes (15:26–16:24).
• Unconventional financing: Self-capitalized major projects with high leverage (95%–97% loans, nonrecourse), avoiding outside investors initially due to perceived risk (16:32–17:59).

“I thought, this is too risky to get investors… I got a 95% loan at 12% interest only and non recourse.” – Mark Weinstein (16:32)

5. Lessons from the Sears Building and Downtown Evolution

• Ambitious acquisitions: Purchased and entitled the massive Sears Building pre-2007 crash, riding out turbulent years before eventually selling (18:02–18:53).
• Downtown LA’s trajectory: Discusses the city’s boom pre-COVID and the subsequent challenges, comparing it to the resilience seen in San Francisco (18:53–20:02).

“Covid definitely was the death knell for downtown… I don’t know. It’s gonna take a long time, I think, for it to recover.” – Mark Weinstein (19:39)

6. The Strategic Pivot to Student Housing

• Origins of the strategy: Recalls years of considering student housing for its resilience and high demand, finally entering in 2007 with acquisitions at UC Santa Barbara and the University of Oregon (22:13–23:14).
• Selection criteria: Focuses on large, sports-driven universities (Big Ten, SEC), R2 research status, walkability, and limited development pipeline (23:43–24:30).
• Case study—BYU: Marks BYU as a standout market, citing low tuition, lack of new supply, and unique “honor code” protections for landlords (24:30–25:44).

“It’s a violation of the honor code if you don’t pay your rent.” – Andrew Kirsh (25:26)

7. Risks, Competition, and Portfolio Management

• Overbuilding dangers: Warns about competitors following MJW’s lead into markets, creating oversupply—cites University of Michigan as an example (27:01–27:44).
• Operational nuances: Only one leasing cycle per year; missing the mark can impact performance significantly (28:07–28:49).
• Cap rate differences: Notes student housing typically offers a 6% cap rate versus 5.5% for traditional multi-family, with financing terms fluctuating (29:07–29:54).

8. Looking Ahead: Fund Strategies & Acquisition Focus

• Launching a dedicated fund: Focusing exclusively on student housing, targeting $10–$30 million deals, 3 to 5 year holds, and value-add opportunities (30:07–31:46).

“The fund will be exclusively student housing.” – Mark Weinstein (30:54)

9. Philanthropy as Legacy

• Deep roots in giving back: Credits a camp scholarship for shaping his worldview and drive to give; major donor for the rebuilding of Camp Hess Kramer after the Woolsey fire (34:50–36:03).
• Family engagement: Illustrates how he includes his children in philanthropy—from hosting events at home to hands-on service projects with foster kids and the homeless (37:40–39:06).

“I look at it as my legacy. I'm very passionate about philanthropy, making the world a better place.” – Mark Weinstein (34:50)

10. Social Issues and Student Housing Investment

• Antisemitism on campus: Monitors tenant experience carefully but has not pulled out of markets over these issues. Expresses disappointment in UC system response (32:26–33:17).
• Higher ed’s future: Believes top-tier universities with strong culture and social experience will endure, while marginal campuses face challenges, especially after COVID (33:39–34:25).

Notable Quotes & Memorable Moments

• “[After the first deal] I had the bug.” – Mark Weinstein (06:46)
• “You have to manage your downside… Singles and doubles, you’re doing good.” — Mark Weinstein, quoting Howard Marks (42:27)
• “I never worked for anybody in real estate, so I kind of had to figure it out as I went.” – Mark Weinstein (08:38)
• “We did every aspect of it. I got my hands dirty, got involved, and so I learned it from the ground up.” – Mark Weinstein (09:10)
• “The more that we can do active philanthropy… have our kids see it firsthand, I think it’s just much more of a powerful experience.” – Andrew Kirsh (39:06)

Timestamps for Key Segments

• Mark’s background and athletic youth: 03:06–04:21
• Early real estate deals & transition from law: 06:08–09:14
• Old Town Pasadena development: 09:28–11:28
• Santee Village, adaptive reuse: 11:58–16:24
• Capitalization & financing strategies: 16:32–17:59
• Sears Building story: 18:02–18:53
• Evolution of Downtown LA: 18:53–20:02
• Pivot to student housing: 22:13–24:30
• BYU success story: 24:30–25:44
• Risks in student housing: 27:01–28:49
• Fund launch and acquisition criteria: 30:07–31:46
• Campus social issues & philanthropy: 32:26–39:06
• Advice for aspiring real estate professionals: 43:05–43:48
• Lightning round (shows, YPO experiences, advice): 39:46–44:00

Lightning Round Highlights

• Current favorite show: SWAT on Netflix, watched with family (39:46–40:20)
• Most impactful YPO events: Hands-on charity projects and homelessness forums (41:04)
• Favorite campus (besides UC Santa Barbara): Michigan’s “Big House” stadium is notable (41:44)
• Best professional advice received: “Manage your downside” — from Howard Marks of Oaktree (42:27)
• Advice for newcomers: Start with internships, be willing to work for free to get experience, be a sponge for knowledge, and take extension courses (43:05)
• Alternative career: Full-time philanthropy (43:55)

Tone & Style

The conversation is candid, personal, and full of humor, with both Andrew and Mark reminiscing about LA’s evolution, sharing family stories, and discussing real estate with a practical, experiential tone. The episode balances instructive guidance and actionable advice with authentic narrative, highlighting the critical role of legacy-building both through business and giving back.

Takeaways

• Get hands-on and learn by doing: Real estate (and philanthropy) requires immersion, risk, and a willingness to adapt.
• Build genuine partnerships: Mark’s successes often came from building authentic relationships—whether with city officials or community organizations.
• Plan for resilience and manage risk: Both in deal structuring and in portfolio management, downside protection is crucial.
• Philanthropy and legacy: True success means leaving an impact beyond profits—by shaping culture, community, and the next generation.