Discipline Before Deals with Erik Nordstrom and Erik Strom

Iron Ridge Capital went more than three years without buying a property because the deals did not make sense.

That choice was not always popular with investors who wanted another opportunity. But Erik Nordstrom and Erik Strom had already lived through a major real estate correction. They knew what it felt like when a deal became stressful and financing became difficult.

In this conversation, Erik and Erik explain how Iron Ridge approached the recent multifamily market. They talk about underwriting higher rates, building their property management operation, watching property data every morning, and protecting relationships with investors that have taken as long as 15 to 20 years to build.

They also explain why the current market feels different. Iron Ridge historically bought about one or two deals each year. The team now sees enough opportunity that they are looking at buying roughly three to five deals a year while the window remains open.

Key topics and takeaways:

• Why Iron Ridge stopped buying from January 2022 until May 2025
• How experience from the 2008 and 2009 financial crisis shaped their decisions
• Why property operations matter as much as buying the right deal
• Why the leadership team reviews property data every morning
• Why they believe future general partners should first learn with their own money
• How Iron Ridge protects long term relationships with roughly 140 investors
• Why the team sees the next 24 months as an important buying period

Guest information:

Erik Nordstrom and Erik Strom are part of Iron Ridge Capital. The company focuses on multifamily investing, syndication, and property management in the Dallas Fort Worth area.

Iron Ridge manages about 2,200 multifamily units and owns about 660 units.