Real Talk: Real Estate Discussions with Andrew Kirsh

Episode Title: Thriving in Distressed, Complex Deals with Andrew Gindy, Founder of Range Equity Management (REM)
Release Date: July 30, 2025
Guest: Andrew (“Andy”) Gindy, Founder of Range Equity Management LP
Host: Andrew Kirsh

Overview

In this episode, host Andrew Kirsh welcomes Andrew Gindy (known as “Andy” to friends and colleagues), the 36-year-old founder of Range Equity Management LP (REM). The conversation offers candid insight into Gindy’s journey through the real estate private equity world, his bold leap to entrepreneurship, and how REM thrives in complex and distressed deals in today’s dynamic market. Listeners gain practical career advice, deep perspectives on joint venture equity, deal structuring, and the current landscape for distressed asset opportunities.

Main Discussion Topics & Insights

1. Personal Background and Professional Journey

• Upbringing & Education:
  • Grew up in Los Angeles, attended Oakwood (San Fernando Valley), Cornell University (hospitality program, essentially a business school). [04:42]
• Career Foundation:
  • Joined Walton Street Capital out of college and spent over 13 years there in real estate private equity, honing expertise across diverse sectors: hotels, casinos, multifamily, office, industrial.
  • Moved from Chicago (8 years) to open the West Coast office during COVID. [07:36]
  • “There's something to be said for continuity...those relationships compound, especially if you're in one place.” — Andrew Gindy [06:48]

2. Lessons from Walton Street: Private Equity & Partnership

• Walton Street specialized as a hands-on, direct private equity real estate investor—contrasted with groups more removed from the real estate.

• Challenge in joint venture (JV) equity today: market return expectations are often out of sync with present realities (operators struggle to fulfill double-digit returns that capital providers target). [11:56]

• Quote:
  “A fund is marketed at an 18% return whether the treasury is at 0 or 5...the regular way multifamily acquisition doesn't underwrite to a 20, but it never has.” — Andrew Gindy [12:45]

• Key traits of successful operator partnerships:

  • Transparency, communication, stewardship—especially in tough times.
  • Example: Over 30 successful deals with Will Smith (Newport Beach operator, not the actor). [14:04]

3. Entrepreneurship: Founding REM

• Inspired to create something new, leveraged timing as Walton was between funds, and saw a “big white space”:

  • Larger funds increasingly dominate, but operators aren’t scaling at the same rate—leaving “a huge opportunity to help these operators scale and also help the capital be deployed.” [15:50]

• Willingness to take risk, self-belief, and the compounding value of long-term relationships were crucial to the transition.

  • “You only get one or two shots...I really wanted to do it and I believed in myself...” — Andrew Gindy [18:52]

• Notable Reflection:

  • “It's really important that you have your own enterprise value—not Blackstone or Walton Street or Squire Kush—like you are your own person.” [18:56]
  • Support from spouse and resilience are critical for entrepreneurial success. Many aspire to leap, but not everyone will succeed. [20:11]

4. REM’s Focus: Where and How They Invest

• Strategy:
  • Both direct and platform capital provider—flexible in structure (JV, code GP, rescue financing).
  • Focuses on complex, distressed, and “broken” deals, seeking creative entry points and “alpha.”
  • Avoids “bond-like” assets (e.g., 10-year net leases to Amazon), pursues operating assets where NOI can be grown (hospitality, residential, select senior housing). [22:01]
  • “We're stock pickers, we're not buying bonds.” — Andrew Gindy [22:45]
• Returns:
  • Targets high double-digit (20%+) returns, using their own capital and bespoke outside capital per deal.
• Development:
  • New construction only for special situations due to currently low development yields and preference for buying below replacement cost. [23:04]

5. Capital Relationships & Structure

• Leverages a wide network: family offices, PE firms, high-net-worth individuals, RIAs—each matched to specific opportunity profiles.
• “You have to have different capital sources because it's different strokes for different folks.” [24:00]
• Prefers not to be boxed into rigid ‘fund buckets’; seeks flexibility and opportunistic deal flow.

6. REM’s Specialty: Thriving on Complexity and Distress

• Known in the market as creative, tenacious problem solvers for complex, broken, or distressed deals (e.g., capital structure repairs, bankruptcy, recapitalizations).
• Inbox includes residential, hospitality, and occasionally office—particularly where value can be added creatively. [26:03]

7. Deal Example: Snowmass Ski Resort Rescue Financing

• Provided $100M rescue loan for value-rich but cash-poor ski resort near Aspen, preventing foreclosure.
• Formed partnership with Oaktree Capital, closed and exited successfully in four months.
• “It was off market, special situation...we created kind of a bespoke solution for the ownership group.” — Andrew Gindy [28:58]

8. Distress Market Analysis: Today vs. GFC

• The current distress cycle is a “U”—protracted and less vicious than the fast-clearing V of the Great Financial Crisis (GFC).
• Office delinquency rates remain surprisingly low (~10%), indicating “early innings” of distress.
  • “This is a huge opportunity that's going to be here for years.” [31:08]
• Nuanced take on impairment: widespread technical impairment vs. actual loan delinquencies. [32:31]

9. Opportunistic Investing in Undervalued Markets

• Contrarian approach: Investments in markets overlooked by institutional capital, e.g., multifamily in Portland. Avoids herd mentality.
• Emphasizes data over headlines; sees value and population growth in “unloved” regions. [35:03]
  • “Price is what you pay, value is what you get. And so ultimately are you getting good value for what you're paying?...You have to look beyond the headlines.” — Andrew Gindy [35:03]

10. Current Market Observations

• Noted a surge in deal flow and transaction activity since late spring, after a brief post-election lull. Many deals in legacy funds, forced sales, or owners needing to move on.
• Debt markets are robust, expecting further tailwinds from lower short rates and limited new supply. [38:11]

11. Reputation, Execution & “Trust Me” Factor

• Importance of reputation: “You can lose it in a heartbeat.” [40:43]
• New ventures may have to “overpay” on early deals to prove reliability; executing as promised is non-negotiable.
• “Reputation is everything...I think the trust me factor is big.” [41:51]

12. Advice for Industry Newcomers

• Try different tracks (operations, lending, development) to find what excites you.
• “You have to follow your passion. I think passion is number one, your North Star.” [42:57]
• Each seat (operator, private equity, brokerage) has merit; core is knowing yourself.

Notable Quotes

• On long-term relationships & career building:

  “There's something to be said for continuity. And I think that compounds, just like in investing...”
  — Andrew Gindy [06:48]

• On the challenge with JV equity providers:

  “A fund is marketed at an 18% return whether the treasury is at 0 or 5...the regular way multifamily acquisition doesn't underwrite to a 20, but it never has.”
  — Andrew Gindy [12:45]

• On entrepreneurial risk:

  “You only get one or two shots...I really wanted to do it and I believed in myself and what we could build...”
  — Andrew Gindy [18:52]

• On distinguishing REM’s strategy:

  “We're stock pickers, we're not buying bonds.”
  — Andrew Gindy [22:45]

• On current market sentiment and advice:

  “Price is what you pay, value is what you get ... You have to look beyond the headlines.”
  — Andrew Gindy [35:03]

• On reputation:

  “Reputation is everything ... you can lose it in a heartbeat.”
  — Andrew Gindy [40:43]

• On career passion:

  “You have to follow your passion. I think passion is number one, your North Star.”
  — Andrew Gindy [42:57]

Timestamps: Key Segments

• 00:32–02:43: Introductions, nicknames, industry camaraderie
• 04:42–07:32: Gindy’s upbringing, education, and early career at Walton Street
• 11:56–15:05: JV equity provider expectations, partnership best practices
• 15:50–19:57: Inspiration for REM, identifying market “white space,” entrepreneurial leap
• 20:58–24:36: REM’s flexible investment approach: direct, JV, platform, capital provider
• 26:03–27:04: REM’s specialty: complexity and distress, inbox overview
• 27:10–29:47: REM’s Snowmass rescue deal example
• 31:08–34:03: Distress cycle analysis; comparison to GFC
• 35:03–36:08: Contrarian investing in overlooked markets (e.g., Portland)
• 38:11–39:38: Market activity surge, capital markets candid view
• 40:43–41:51: Reputation and execution—early deals and building trust
• 42:57–43:38: Career advice for industry newcomers

Memorable Moments

• Reminiscing Chicago’s Gibson’s steakhouse and deal memories for industry flavor [08:26–10:35]
• Debunking conventional market wisdom on “uninvestable” geographies and distressed office [35:03, 31:08]

Tone and Style

Conversational, insightful, and candid, with generous sharing of real-world experiences, cautions, and encouragements for real estate professionals at any stage of their career.

This episode serves as a masterclass on building a trusted brand in real estate, thriving amid complexity, and embracing contrarian, value-driven investment strategies—delivered in a manner that's as accessible as it is deeply knowledgeable.