Tay Investments' Yuval Shram on Building a Multifamily Empire from Market Volatility

Written by:

Steve Marcinuk

Date:

15 Apr 2025

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“When the blood is in the street, that’s the time to buy,” recalls Yuval Shram, Founder and CEO of Tay Investments, describing his entry into real estate during the 2008 financial crisis. This forward-thinking approach formed the foundation of what would become one of New Jersey’s most dynamic multifamily developers—a company that has steadily grown from a small investment operation into a significant force in the region’s real estate landscape.

Finding Opportunity in Crisis

Shram’s journey into real estate wasn’t planned. As a young financial markets professional watching the 2008 crash unfold, he observed something others missed: opportunity. “At that point, real estate in the US overall just seemed ridiculously inexpensive,” Shram explains. “You could buy a multifamily investment unlevered at 12-13 cap rate… you couldn’t say no to it.”

What began as a side investment rapidly evolved. “I didn’t really think this is what I’d be doing with my life,” Shram jokes with a modest smile. “But I started working in real estate and one thing led to another, and eventually… 2, 3, 4 years down the road, it became something I was genuinely good at.”

After several years of value-add multifamily investing, Shram expanded into ground-up construction. “After about four or five years of fixing up multifamily properties, I got into ground-up construction,” he says. “It happened naturally as I gained experience, and since then, it’s been my primary focus.”

Building a Development Powerhouse

Today, Tay Investments boasts a portfolio of 31+ projects with approximately 1,500 units across the East Coast and Europe, though their primary focus remains New Jersey. Their comprehensive approach encompasses the full development cycle: entitling, developing, leasing up, operating, and refinancing.

“We entitle, develop, lease up and operate multifamily residential buildings across the state,” Shram explains. “We allocate our time to finding the right transaction to buy land, entitle it, develop, construct, lease up, refinance, and operate. That’s what we do.”

This focused strategy is built on a fundamental belief in multifamily’s resilience: “During economic growth, there’s always demand for multifamily rentals. And during downturns, there’s always demand for multifamily rentals,” Shram says. “We take our risk by developing from the ground up and that’s our business model.”

Navigating New Jersey’s Complex Affordable Housing Landscape

New Jersey’s affordable housing requirements are notoriously complex—a point often raised by developers and administrators alike. Tay Investments has found success through a balanced approach.

“Each municipality has its own rules about its own obligation and specific requirements regarding affordable housing,” explains Shram. “We use the best consultants in every area to navigate ourselves. It’s not an easy task.”

The company’s current Jersey City development exemplifies their approach, with a 10% affordable housing component. “Finding the right average, the right percentage to set aside is a good way for everyone to win,” Shram believes. “The overall market gets significant new market-rate housing that meets the main demand. You also have that affordability component that helps drive people up towards the market.”

This careful balance benefits all parties involved—developers, municipalities, and residents of various income levels. “It’s a win-win,” Shram insists.

Financing in Turbulent Times

Perhaps most impressive is Tay Investments’ recent financing achievements. In a quarter marked by interest rate uncertainty, the company successfully refinanced $108 million across three properties—each exceeding $30 million in value.

Their approach to financing is methodical yet adaptable. “We rely on various lenders, from land loans to construction loans to bridge loans to stabilized mortgages,” Shram says. “We work with everyone, with local lenders, with private banks, with regional banks, and, of course, with the agencies, with Fannie and Freddie loans.”

This diversity of capital sources provides flexibility in volatile markets. Shram’s daily routine reflects the importance of staying attuned to market conditions: “I wake up every morning and look at the five-year and ten-year rates and the SOFR. When you’re in the real estate business, financing is part of your operating model.”

By constantly monitoring market conditions, Tay positions itself to capitalize on favorable rate environments—a strategy that has paid significant dividends in recent months.

Current Projects: The Jersey City Renaissance

Among Tay’s current developments, their 202-unit project in Jersey City’s West Side neighborhood particularly excites Shram. The six-story structure will feature over 5,000 square feet of retail space on the ground floor.

“The West Side neighborhood is a fantastic location, one of the last areas in Jersey City that hasn’t been fully developed, where you can still find big lots to build large buildings on,” he notes. The area’s proximity to transportation infrastructure is a key attraction. “It’s very close to the light rail… whether you’re working in downtown Jersey City or downtown Newark or downtown New York City, this is all a commute away from you, a simple and quick commute.”

The project exemplifies Tay’s transit-oriented development strategy. “We prefer locations in the main hubs and cities where there’s employment, where our tenants know they can thrive by working,” Shram explains. “Then you look at the train station and other transportation options.”

While partially an adaptive reuse project that preserves the front facade of an existing structure, the majority is new construction—reflecting Tay’s flexibility in development approaches.

Building for the Long Term

Despite Tay’s impressive growth, Shram maintains a family-office mentality, crediting his lean but dedicated team for the company’s success. “It doesn’t require a large team, but it does take a very special group of exceptional people that I was fortunate enough to meet along the way,” he says. Many team members have been with him for five to eight years, and some he’s known since childhood.

The company’s vision extends far beyond immediate returns. Speaking of the Jersey City project, Shram shares, “I see myself owning this building, and my children and grandchildren owning this building for generations.”

This long-term perspective informs not just which properties they develop, but how they develop them. As multifamily trends evolve, Tay adapts accordingly, creating spaces that meet changing resident preferences.

“The traditional suburban homeownership model is evolving,” Shram observes. “Today’s residents prioritize mobility, career flexibility, and community connections. They require housing solutions that accommodate frequent relocations and changing lifestyles while providing a sense of belonging.”

With several new transactions under contract and ambitious plans for 2025-26, Tay Investments continues to shape New Jersey’s multifamily landscape—demonstrating that sometimes the greatest success stories begin with recognizing opportunity where others see only crisis.