Clear Investment Group's Amy Rubenstein Targets $300M for Distressed Multifamily Assets
“We’re really problem solvers. We want to find an asset that needs us, and if the asset doesn’t need us, it’s probably not going to be the right one for us,” says Amy Rubenstein, CEO of Clear Investment Group, describing her company’s distinctive approach to multifamily investments.
While many institutional investors pursue pristine properties with minor capital stack issues, Rubenstein has established a profitable niche in large, distressed C-class multifamily properties that most institutional buyers avoid due to their complexity.
A Refined Focus Born From Experience
Clear Investment Group may have officially formed just five years ago, but its investment philosophy has been refined through 23 years of market cycles. What started as a broader investment approach across multiple asset classes has evolved into a laser-focused strategy.
“We’ve been through many ups and downs in the markets over the last 23 years, and really found that what stays the strongest in both good times and hard times was C class, multifamily,” Rubenstein explains. The decision to narrow their focus wasn’t just about market resilience—it’s also where Rubenstein believes her team can make the greatest impact.
Unlike many competitors who gravitate toward Class A properties with obvious cosmetic upgrades, Rubenstein takes a pragmatic view: “I personally have no vision for A class assets. I see tile that’s not cracked and functioning, and I’m wondering, ‘Why would someone tear that up and put in something new?’ And someone will say, ‘because it was put in in 1985 and it’s pink,’ and I’ll say, ‘but still, it’s in good condition.'”
This focus on functionality over aesthetics guides Clear Investment Group’s strategy. Their approach centers on extending asset lifespan, maintaining affordability, and making meaningful community improvements—all while keeping budgets intact and supporting environmental sustainability.
Searching for Complexity Where Others See Chaos
While many institutional investors avoid complicated assets, Clear Investment Group actively seeks them out. They target properties with high vacancies, delinquencies, code violations, or communication breakdowns among stakeholders—situations where their team can add significant value through problem-solving.
Their recent acquisition of a 700-unit portfolio in Washington, DC exemplifies this approach. The bankruptcy-entangled properties featured tenant rent strikes, municipal violations, and communication breakdowns between all parties. Where others saw an impenetrable mess, Rubenstein’s team recognized opportunity.
“It took us communicating with all those parties to come together, and it took about eight months to complete, and we were able to take over,” Rubenstein recalls. “We love that deal because we know we can make an impact quickly on something like that.”
This complexity-embracing strategy yields deals that most institutional buyers avoid. As Rubenstein notes, “If a package [of investment materials] is easy to follow and really pretty, it’s not going to be for us.”
A Different Metric for Success
Clear Investment Group’s approach to valuation also stands apart from conventional wisdom. While most institutional buyers focus rigidly on current cap rates, Rubenstein’s team looks exclusively at the pro forma.
“For us, we’re not looking for any sort of cap rate or cash flow requirement on the acquisition. We’re really only looking at the pro forma of the deal,” she explains. This approach allows them to see value in negative cash-flowing properties that others dismiss, calculating their acquisition price based on the spread between current conditions and stabilized potential.
The company maintains tight control over this value-creation process, handling all property management, back-office operations, and construction oversight in-house. Rubenstein candidly admits, “In 23 years of doing this, I have never had a deal that went according to plan.” This vertical integration gives them the flexibility and control needed to adapt when inevitable complications arise, allowing them to quickly pivot and solve problems without relying on third parties.
Fund Expansion and Market Opportunities
Clear Investment Group is now preparing to close the first round of their Clear Opportunities Fund II, targeting $300 million in capital commitments. With three properties under contract in Atlanta, Dallas, and Houston, the fund’s first investments are imminent, with an expected first close in early June.
The current market presents a unique opportunity for their strategy. “This is a really good market to find deals in, so that makes it exciting,” Rubenstein says. “It’s a harder market to sell in, but we like to say that we can do both in any market.”
The fund’s investor base reflects the institutional credibility of their strategy, spanning from high-net-worth individuals to pension funds. Rubenstein anticipates that “about half institutional funds and about half family offices, RIAs, individuals” will comprise the investor mix.
Meeting a Critical Market Need
These challenges exist against the backdrop of America’s affordable housing crisis, which Rubenstein sees as an opportunity to create both financial and social value. While Clear Investment Group doesn’t develop government-subsidized affordable housing, their naturally affordable repositioned C-class properties help address a critical market gap.
“There’s a severe shortage of affordable housing… which makes us genuinely pleased to be in this space,” Rubenstein concludes. “We aim to meet financial goals so our investors can succeed. But we also want to serve our customers—our tenants. It’s gratifying to operate in a sector where we can accomplish both objectives.”
As Clear Investment Group deploys its newest fund, Rubenstein’s distinctive approach—prioritizing functionality over aesthetics, embracing complexity, and creating value where others see only problems—positions the firm to continue identifying opportunities in a challenging market landscape.
