From Wall Street to $1.4B AUM: Meet the Managing Partner of Heritage Real Estate Fund™ on 9×90™

About this episode

In this episode of 9×90™, Adi Soozin sits down with Grant Horwitz, Managing Partner of the Heritage Real Estate Fund, for a behind-the-scenes look at his journey from Wall Street to building and managing $1.4 billion in real estate assets.

Grant shares how his early days at Salomon Brothers on the CMBS trading desk ignited his passion for commercial real estate, the lessons he learned at a multigenerational Florida-based firm, and what drove him to ultimately co-found a fund that’s already oversubscribed.

Whether you’re a seasoned investor or exploring the CRE space for the first time, this conversation offers rare insights into what it takes to build a high-performance real estate fund with institutional-grade discipline and generational vision.

Topics include:

- Grant’s path from investment banking to institutional real estate
- What CMBS actually is—and why it matters
- The power of property management and asset-level execution
- How the Heritage Fund targets overlooked value in Sunbelt markets
- The role of integrity, vision, and trust in scaling a fund

🔑 If you’ve been curious about the inner workings of commercial real estate funds or what separates experienced fund managers from the crowd, this is the episode to bookmark.

Transcript

This transcript was generated by AI and edited by ChatGPT

Adi Soozin:
All right, hello everyone and welcome to another episode of 9×90™. Today, I have a very special guest joining us. He’s the Managing Partner at the Heritage Real Estate Fund — a new fund with a powerful track record. Between the partners, they bring $1.4 billion in career assets under management.

One of the partners has 20 years of real estate experience, and the other represents five generations in this industry. And yes, you can guess who that is!

Today, I’m excited to introduce you to my partner — someone I searched for over two years to find. If you’ve been following me, you know I’ve been venting, interviewing, and digging deep to find the perfect Chief Investment Officer and co-founder. A few of you told me this person didn’t exist — that it was a unicorn search.

Well, I found him. He’s real. He has daughters in sports — so he totally gets my sports analogies. Ladies and gentlemen, I’d love to introduce you to the brilliant Grant Horwitz.

Grant Horwitz:
Hi Adi! How are you?

Adi Soozin:
I’m great — how are you doing?

Grant Horwitz:
Doing great. Thanks for having me on — I’m excited to be here.

Adi Soozin:
Of course! Do you want to give everyone a quick overview of your CRE journey? You went from investment banking to becoming a real estate titan and thought leader.

Grant Horwitz:
Sure. So, I grew up in South Florida — this has always been home. But after college, I moved to New York City and began my investment banking career.

I started out as an analyst at Salomon Brothers. After going through the analyst training program and doing rotations, I landed on the sales and trading side — specifically on the CMBS trading desk.

Adi Soozin:
Wait — for those just tuning in, what is CMBS?

Grant Horwitz:
CMBS stands for Commercial Mortgage-Backed Securities. It’s a form of real estate debt that gets pooled, collateralized, and sold to investors.

Essentially, loans on commercial properties are bundled together and sold off as investment vehicles. Investors then receive interest-bearing coupons from those pools.

Adi Soozin:
So, you really dove into the deep end of real estate from the start. Wall Street gave you a crash course in the financial mechanics of commercial real estate.

Grant Horwitz:
Exactly. I originally thought I was heading into a pure investment banking role, working 200 hours a week. But I found myself drawn to the sales and trading side, which ended up being far more interesting for me.

As the junior guy on the desk, I did everything — analyzing securities, diving into portfolios, breaking down assets. It was my first real exposure to commercial real estate, and it sparked my passion for the industry.

Adi Soozin:
That’s amazing. So after getting baptized by fire on Wall Street, what came next?

Grant Horwitz:
Well, after a few years in New York, I was ready to move on. I had met my now-wife, and neither of us were native New Yorkers. We loved the city, but we both felt it was time for a change.

I decided to go back to business school, so we moved to Florida. I got my MBA at the University of Florida and then came back to South Florida to start my real estate career in earnest.

Adi Soozin:
And that’s when you joined Styles?

Grant Horwitz:
Yes — I started at a group called Stiles Capital Partners, which was part of a larger multigenerational family office, Stiles Corporation. It’s a 60–70 year old firm involved in development, acquisitions, asset management, property management, leasing, architecture — everything.

I joined a small fund within the company that partnered with institutional investors, and we focused heavily on Florida assets. It was the perfect place to roll up my sleeves and learn how deals actually get done — from underwriting and strategy to execution and long-term asset management.

Adi Soozin:
And I remember the first time we spoke, you told me how quickly you climbed the ranks there. You got to the top and then asked, “What’s next?” And the answer was… “there is no next.”

Grant Horwitz:
As I mentioned, I was fortunate early in my career. I worked with two incredible mentors at Stiles. I learned more in those two and a half years than anywhere else in my entire career. They really let me take the reins and run. Stiles was a great place to start—young, energetic, enthusiastic—all the things you want when you’re launching your career.

I actually visited the first deal I ever bought this past weekend while I was in Orlando. It was the first deal where I ran the analytics, handled the acquisition, and managed due diligence through closing. I hadn’t seen it in almost 20 years, and it brought back vivid memories of how I got my start in acquisitions.

Adi Soozin:
That’s funny. I have friends who, when they’re hit with a competitor or life event and feel defeated, I walk them down memory lane—remind them of their wins when they were a “gladiator.” It reignites their fire. It’s amazing how those memories can reset your mindset and push you to go the extra mile.

Grant Horwitz:
100%. Stiles was a great launchpad. To this day, at almost every South Florida industry event, there’s basically a Stiles reunion because so many of us came from there. It’s a place I truly treasure.

Adi Soozin:
And how long were you there?

Grant Horwitz:
About two and a half years. I left because I had the confidence to go out on my own. I joined a family office as the Chief Investment Officer—we had a little over a billion dollars in discretionary capital. We bought properties throughout Florida, and invested in deals in New York and California.

Eventually, we were involved in a massive development deal in California. But I’m not a pure developer. I’ll get you to shovel-in-ground, but once construction starts, that’s where others are better suited. So I handed it off to the development team. At that point, the appetite to invest in new deals at that office was fading, so I decided it was time to round out my skill set.

I joined a property management company as CIO and later became a partner. It was the one area I didn’t feel 100% confident in—really understanding the nuts and bolts of daily operations, the budget process, and the little things that make properties run smoothly.

Grant Horwitz:
What you learn quickly in property management is this: they get no respect. They do a ton of work but rarely get calls saying “great job.” You only hear from people when something goes wrong.

I spent about six years there. It really completed my understanding of commercial real estate: acquisitions, asset management, and property management.

Adi Soozin:
And you didn’t just learn—you grew the company significantly, right? Was that measured in AUM or property count?

Grant Horwitz:
We focused on properties under management. We had about 92 properties across Dade, Broward, Palm Beach, and Naples when I joined. By the time I left, we managed about 260 properties. We expanded into Tampa, Orlando, Nashville—even opened an office in the Bahamas. We became a real player in property management across the Southeast U.S.

Adi Soozin:
Incredible growth. What came after that?

Grant Horwitz:
I left because running a property management company long-term wasn’t the goal. I joined LAR Commercial, which was essentially a relaunch of LNR. I was brought in to oversee acquisitions in the Southeast and asset management nationally. We handled a diverse portfolio—retail, office, multifamily, mixed-use. It was very fluid—we could invest in anything that worked.

Eventually, LAR Commercial merged with Rialto, and it was clear Rialto would take the lead. That’s when I decided it was time to go out on my own.

So, almost 10 years ago, I launched Foxbridge Capital. That was my jump into doing my own deals, sourcing my own opportunities, and raising my own capital.

Adi Soozin:
Yes! And that’s when we met. I floated the idea of a fund, and at first, you were like… “No.”

Grant Horwitz:
Correct. That was always my answer. I wanted to focus on individual assets and run with those.

Adi Soozin:
So I kept interviewing other people. And every time, I’d come back and say, “There’s no one better than Grant.” And you’d still say no. I’d go look again, come back… finally I got you to say yes. You’re stuck with me for the next 25 years!

Grant Horwitz:
[Laughs] The reason my answer is different now is because the opportunity is different now.

We’re in a unique environment. Capital isn’t easily available. Many institutional groups aren’t putting out equity—not because the deals don’t exist, but because no one wants to be the first in. That’s the opportunity.

Historically, when pricing dips like this, that’s the time to be proactive, not reactionary. But to do it right, you have to be selective. You need properties in strong, primary locations—not tertiary markets.

And above all, capital preservation is my first thought. If we’re investing a dollar, I want to be confident that dollar comes back. Then, we figure out how to make money on top of that.

Adi Soozin:
And what sets you apart is that you’re not stuck in one city or asset class. Most people I meet tell me they only do office in one zip code, and now they say, “The market is dead.” But you—like the best in this industry—go where the deals are. If the right deal is in South Carolina or New York, you go.

Adi Soozin:
It was really hard to find a co-founder and managing partner who shared my mindset of going where the emerging markets are and then identifying the right buildings within those markets. That’s rare. One of the reasons we’re getting so much attention right now is because of that unique perspective—not many people are thinking that way.

Grant Horwitz:
Exactly. The idea is to stay nimble—finding the right opportunities at the right time. In today’s environment, I’m focused on office, industrial, and retail assets. Those three make sense right now. If you look at multifamily, for example, the cap rates are so compressed it’s nearly impossible to make money. There’s been so much capital poured into that space over the last five or six years that the value is just no longer there.

Where I do see value is in office and retail. These have been underserved and largely avoided—often for good reason—but now there are overlooked opportunities. Sometimes it’s because borrowers don’t want to throw good money after bad, or they’re in disputes with lenders. In many cases, large institutional players buy the properties and then rotate asset managers so frequently that no one truly gets a handle on the asset. It gets neglected. And then the process repeats.

What I’ve learned throughout my career is: focus on the assets you do have. Don’t get distracted by chasing the next deal. If you take care of what’s in your portfolio, the next deal will come easily.

Adi Soozin:
On the multifamily side… I was at a commercial real estate event earlier this month, and the multifamily panel was by far the weakest. Within the first 10 minutes, every panelist basically admitted, “We’re expecting a recession to hit our asset class hard in the next 6 to 18 months.”

It’s already happening in places like Chicago. Just yesterday I was on a call with a 30-year veteran in New York who looked at our Heritage Real Estate Fund deck and said, “How are you getting those returns? We’re getting peanuts in multifamily—just trying to hold on.”

Then this morning, I spoke with someone who specializes in distressed assets—he calls himself the white knight who comes in to salvage deals. He was practically licking his lips at the idea of picking up multifamily properties at fire-sale prices.

Adi Soozin:
Grant, what would you say are the most important lessons you’ve learned in your first 20 years in the industry? I think we touched on a lot already, but is there anything we didn’t dive deep enough into?

Grant Horwitz:
Real estate is a small industry. Most people know each other. Your reputation is everything. If you do right by your tenants, your brokers, your leasing agents, your property managers—people notice.

That’s something I take seriously. I don’t sleep well at night anyway because I’m always thinking about how to make things better for our properties and our investors.

Adi Soozin:
I couldn’t agree more. That’s one of the key reasons I felt we were aligned. I’ve interviewed others who saw real estate purely as a way to make a quick buck—buying foreclosures in vulnerable neighborhoods just to kick families out. That’s not how I operate. I want to sleep at night. I want to build something I can be proud of—something my kids can be proud of.

Grant Horwitz:
That’s just who I am too. I want our investors to sleep well knowing I’m the one worrying about the details. I’ve learned how to function on very little sleep—might not work for everyone, but it works for me.

Adi Soozin:
Thank you for taking that hit—I take Unisom just to fall asleep.

Grant Horwitz:
I fall asleep just fine, but I wake up around 2:30 or 3:00 AM. I always have a notepad or my phone by the bed to jot things down. That’s just my rhythm now.

Adi Soozin:
That’s interesting. I never thought of using a notepad, but I might try it. I sometimes use kids’ melatonin syrup to help with jet lag, and if I don’t take something, I’ll just lie there for hours. My brain won’t function the next day without sleep.

Grant Horwitz:
I get by on five or six hours. That’s enough for me.

Adi Soozin:
That’s wild. And for everyone listening—Grant doesn’t even drink coffee. Meanwhile, I consume copious amounts and still need an ice bath just to get moving. We’re wired very differently.

Grant Horwitz:
It’s probably a learned trait. But it works for me.

Adi Soozin:
Let me ask you this—how are we, along with our team and partners, ensuring continuity in the Heritage investment philosophy during this leadership transition as we funnel my family’s legacy into our new joint venture?

Grant Horwitz:
I believe in standing on the shoulders of those who came before you. You take their advice—filter what aligns with your values—and stay grounded in doing the right thing. That’s been a guiding principle for me.

I come from a close-knit family—three brothers, involved parents, involved grandparents. I see real estate the same way. Our tenants are living with us, in a sense. Their success is tied to our success. If they struggle, it’s on us to help them where we can.

That mindset will guide how we treat tenants, manage assets, and steward other people’s capital responsibly.

Adi Soozin:
Exactly. That long-game thinking is essential to preserving a legacy. I’m constantly thinking about the sixth generation—will the decisions we make today come back to haunt us in 20 years? You can’t operate with a short-term mindset.

There are people in this space who play dirty and burn bridges. They’re out within five years. What made you stand out to me, Grant, is that you’re focused on 20-year relationships. That’s vital as we build something that will stand the test of time.

Grant Horwitz:
I’m starting the legacy on my side. My kids, for now, think there’s no way they’d want to do what I do.

Adi Soozin:
Give them 10 years.

Grant Horwitz:
Once they’re through college, maybe they’ll reconsider.

Adi Soozin:
Yeah, usually if you weren’t raised going to real estate events with your parents, you don’t get it. But by the time you’re in your 30s, you realize that what seemed like crazy hours is nothing compared to being an on-call doctor or something like that. You start to appreciate that your parents actually did have work-life balance.

I’m betting that in 10 to 15 years, your daughters will be joining us on Heritage Fund III.

Grant Horwitz:
That’s the dream—to build something the next generation wants to be a part of. Right now, I just focus on being present. They’re students, they play sports, and I want to be at their games. This phase is fleeting, and I don’t want to miss it. That’s where true work-life balance comes in.

Grant Horwitz:
I can’t remember a single game he didn’t show up for. That’s the legacy I want to leave for my kids.

Adi Soozin:
Yeah, I see that—and that’s something I really admire. You do a phenomenal job balancing both work and family without compromising results. A lot of people say you can’t do both well, but you’ve clearly proven otherwise. I mean, just look at your career—it hasn’t suffered because you spent time with your family. If anything, it thrived because you avoided burnout.

When my book came out, I was doing 13- to 15-hour days promoting it until it hit the bestseller list. After two and a half, three weeks, I was totally burned out. You asked, “What’s going on with your book?” and I was like, “It hit the list—and I’m done. I don’t want to look at it again.”

For those who don’t know, the book took two years to write. It’s 444 pages, hit the top new release in eight categories within two weeks, and became the #2 bestseller in the U.S. 20 days after launch. After that, I was completely fried. So, I really appreciate that you’re one of the few people who encourages me to take my foot off the gas.

Adi Soozin (cont.):
The only other person who does that is a friend of mine who’s been in commercial real estate in New York City for 30 years. Whenever I visit, he somehow convinces my dad to stop having meetings, walk around, look at art, and just drink coffee.

Grant Horwitz:
There’s definitely something to be said for stopping to smell the roses. I didn’t always get that right. New York teaches you to outwork everyone, but when I moved back to South Florida, I realized it’s a different pace. That New York work ethic sticks with you, but so does the awareness that not every minute needs to be a grind. Sometimes, it’s okay to just sit back, smile, and enjoy living here.

Adi Soozin:
It’s really an art form—being able to balance both. Especially in commercial real estate, where everyone talks about building a legacy, but they forget to spend time with the legacy they’re supposedly building it for.

So, given today’s market conditions, what are the key criteria you think funds should use when selecting new acquisitions?

Grant Horwitz:
Look, other groups can decide how they want to deploy capital. For us, it’s about finding quality assets in great markets. Location is everything—you can’t be in a weak neighborhood and expect to hit home runs. Consistency comes from choosing the right assets in the right locations.

We’re focused on office, industrial, and retail—and we’re taking our time to deeply understand each market. Not every deal is right for us, so we stay patient and selective. That’s been key to my success over the years: avoiding bad deals and investing in the ones that offer real growth potential.

Adi Soozin:
Translation: if you want to know our deal criteria, you’ve got to invest with Grant.

Grant Horwitz:
[Laughs] What I will say is this: every investor I’ve worked with knows they can call me anytime—good, bad, or ugly—and I’ll always be honest. We’re transparent. There are no secrets. And when problems inevitably arise—and they will—we don’t hide. We fix them.

Adi Soozin:
That’s a huge difference compared to working with less experienced teams. A friend once tried to convince me to partner with someone who only had 10 years’ experience—and only in luxury development. I was like, “How is he going to adapt across asset classes and regions if he’s never been through anything else?”

Grant Horwitz:
Yeah, I’ve fortunately—or unfortunately—been through several market cycles. This one’s more dramatic than ‘08 for different reasons, but it’s part of the journey. It’s what keeps me going. You never know what tomorrow’s email or phone call will bring. That’s the excitement.

Adi Soozin:
And the insomnia.

Grant Horwitz:
Also true.

Adi Soozin:
Can you share an example of an off-market opportunity that reflects the kinds of deals we’re looking at with this fund?

Grant Horwitz:
Sure. There was a 100,000 sq. ft. building taken back by a lender who didn’t want to take it to market. It had cycled through multiple unsuccessful owners. A life insurance company from the Northeast reached out to me—an old relationship—and said, “We need out. There’s upside, but we don’t know how to unlock it.” That’s not their thing.

Adi Soozin:
So they handed you a five-times-rejected corpse and said, “Fix it.”

Grant Horwitz:
Basically, yes. There was one tenant occupying 23,000 sq. ft. on the first floor. During the tour, they kept us on the first floor—and we soon found out why. We went upstairs, and it was literally raining inside the building. Water pouring through the ceiling, down the walls—it was a mess. But the location was strong. I partnered with two others and we said, “We can do this.”

We worked with the existing tenant to ensure they stayed—that covered our costs. Meanwhile, we found out the city of Boynton Beach needed temporary space while building a new city hall. They leased another 25,000 sq. ft. on the first floor, taking us to 50% occupancy.

We then completely rebuilt the second floor—new roof, new HVAC, new elevators, everything. Then NYU Langone came in. First for 25,000 sq. ft., then the rest of the second floor. So we ended up 100% leased—and now they want more space.

Grant Horwitz: We knew the city wanted to put a park in that location—they’d been trying to do it for 15 years. So we approached them and essentially created a public-private partnership. We told them, “You can build the park, and we’ll provide all the parking you need. But in return, we’ll need to build a larger parking lot than what the park would typically require.”

They agreed. So we built out enough parking to support the park across the street. The City of Boynton Beach got a beautiful new park—one they hadn’t been able to figure out how to build—and we got the parking we needed to lock in NYU as a tenant for the last quadrant of our building.

NYU signed on for over 10 years. The building is 100% occupied, and we secured a great tenant—high quality people to work with.

Adi Soozin: Ladies and gentlemen, that right there is the la crème example of a win-win deal. Textbook. That’s what people dream about structuring.
Mic drop.

Grant Horwitz: It was really about understanding the audience. The City of Boynton Beach had a desire to build a park for their residents. They ended up creating a beautiful passive park, complete with turtles and native species. NYU needed parking. We found a way to bring those two needs together.

Adi Soozin: That’s amazing.

Let’s pivot. Do you have a more classic value-add example? Something a bit less like rebuilding Frankenstein and more like a clean acquisition?

Grant Horwitz: Sure. So a lot of the deals we’re targeting in this fund are going to be core-plus—deals where we have a clear capital preservation strategy and a defined growth path.

There was a recent opportunity in Weston. It wasn’t being publicly marketed. There were two sister buildings, but I only wanted one. The other one didn’t fit our profile. So I went to the ownership group and said, “Look, I know you want to sell both, but I’m only interested in one. Here’s how we can structure this so you can still report a good outcome to your investors.”

We ended up slightly overpaying for the asset in Weston, Florida. But it made sense. It’s close to where I live—ideal location. There won’t be another office building built in Weston for the foreseeable future.

The tenancy is all professional users—doctors, attorneys, insurance agencies—all local decision-makers. It’s been five years now, and the building has consistently delivered double-digit cash-on-cash returns. Even at the height of COVID, the building remained fully leased, and tenants continued to use their spaces. It just made sense. Great location, stable asset class, high-quality tenants, and strong long-term outlook.

We’ve had unsolicited offers well above what we paid for it, but I’ll likely hold onto it long-term.

Adi Soozin: Yeah, and then there’s that gorgeous property you picked up in Hollywood—next to not only the police station, but also a country club and golf course, right?

Grant Horwitz: Yes. That one’s in Hollywood, right next to a municipal golf course. Historically, it was the last stop for golfers—very affordable, very casual. But we knew the property was going out for a public-private partnership bid, and that it was only going to improve from there.

Now it’s owned by a developer working with the city. They’re redeveloping the entire area—revamping the golf course, adding multifamily housing, a banquet space—it’s becoming a semi-private club where people actually want to spend time.

Across the street, the Hollywood Police Department is constructing a brand-new station. And where the current station sits? That’s another city-owned parcel slated for redevelopment. No developer has been selected yet, but that’s arguably the best corner west of I-95 in Hollywood.

Our property is about 253,000 square feet. It made sense as-is, but there’s also a major upside—we can build several hundred thousand more square feet of build-to-suit office space. We’re actively exploring how to unlock that value now.

Adi Soozin: And on that site, you’ve also got a strategic relationship with the local hospital, right? Aren’t they expanding and taking up more and more space?

Grant Horwitz: Yes, we’ve developed a strong relationship with the local hospital. We’ve always delivered what we promised—on time, high quality, fair terms. We give them reasonable tenant improvement packages, fair rents, and manage the building to the same standard they manage their own facilities.

So, over time, we’ve become something of an extension of their hospital. That relationship has been mutually beneficial. We’re building out spaces for their administrative teams, outpatient services, and more—all to their first-class standards.

Adi Soozin: And for those who might not know: medical tenants are among the best you can have. They stay for years, bring in high-quality visitors, and treat the space with respect. Can you talk a little about why that matters to investors?

Grant Horwitz: Absolutely. When we took over, one of the key parts of our business plan was to build a relationship with the hospital. They’re the largest user of office space and the biggest employer in the area—it just made sense.

It was surprising to me that none of the prior owners had established a relationship with them, despite owning the property for nearly 40 years. But we made it a priority, and now it’s a solid, mutually beneficial partnership.

Medical tenants are extremely “sticky”—they don’t move. Think about your own doctor. Has their office moved since you started seeing them? Probably not. Patients know where to go, and once a practice is established, they stay put.

They also value clean, professional environments. That elevates the overall condition and perception of the building. And third—doctors pay rent. On time. They want a place they can be proud of, and they treat it that way. That’s rare in the office space world.

Adi Soozin: Absolutely. I tell people all the time—one of the secret sauces in real estate, even back when my father was investing in the ’80s, was medical office space. When people ask, “How did your family survive the downturns back then?” The answer is: medical office. No matter what’s going on in the economy, people still need doctors.

Grant Horwitz: Exactly. And you can see that theme running through a lot of what we’ve done—Boynton Beach with NYU Langone, Hollywood with the local medical group, Weston with a different one. We’ve built strong partnerships in every case. But it only works if you’re a hands-on operator. Medical tenants expect a lot, but if you deliver, they’ll stay for the long haul.

Adi Soozin: 100%. People ask me, “Why do you go to all these biotech events when you don’t invest in biotech?” And I tell them: That’s where the tenants are.

Grant Horwitz: They are all right. It’s great to have law firms and insurance companies and…

Grant Horwitz: But yes, you’re entirely correct that if you can find a niche into the medical world, it’s a nice, stable group of tenants.

Adi Soozin: Yeah…

Adi Soozin: Some people have questions about how we on the GP side are personally investing alongside the LPs in this fund. That is something we do disclose in the pitch deck and in the other private information we provide to our investors. It’s not something we disclose on a public platform. But the next question is, Graham, why do you think it’s important to maintain this level of alignment with investors? I mean, obviously, we’re putting skin in the game alongside them.

Adi Soozin: We’re not only dedicating the next 25 years to this, we’re putting our money where our mouth is. But what else do you think?

Grant Horwitz: So, I think it’s inherently important to have your interests aligned.

Grant Horwitz: I think if the intentions are the same — and that’s really to grow value — you have to be mutually aligned so it works for both sides. From a GP perspective, we’re going to dedicate the time and effort to make sure we find the right opportunities. We’re going to make sure we operate the properties as efficiently and as well as we can. But as LPs, we also want to make sure our interests grow.

Grant Horwitz: That’s an important part of this: for every dollar we put in, we’re treated exactly the same as every other investor on the LP side.

Adi Soozin: I think you also brought up something on the phone earlier today about…

Adi Soozin: how the management fees we get with the typical fund structure are fine, but the real value-add work comes from the hard work we put in for seven years with each fund, to get the prize at the end of the race — to get the trophy at the end of it.

Grant Horwitz: Yeah, I think as a GP/LP fund, the GP is always incentivized to create value. In any fund environment or investment, the end goal is always to make money off the investment.

Grant Horwitz: The way we’re aligned and set up is that we return a preferred return first, and every LP dollar is treated exactly the same — no matter if it’s you, me, or any other LP putting money in.

Grant Horwitz: We’re incentivized to exceed the proforma numbers we put out there because that’s where, from a GP perspective, we get a disproportionate share of the returns above the preferred return.

Grant Horwitz: But the only way we’re truly successful is if the investors are successful. That’s the primary goal: we are investors in the fund, and we want to be successful alongside them.

Adi Soozin: Yes. Okay.

Adi Soozin: If you have any more questions on that, you can call either of us or email or text. So, where do you see the greatest opportunity for growth over the next 5 to 10 years? I know we spoke about how 2008 was the last time you saw inventory crash to the prices we’re seeing dip to now, and we included two slides on that in the deck. But do you want to talk about that a little more — how this is one of those rare opportunities where we…

Adi Soozin: Because of our backgrounds spanning decades, we know when it’s the right time to jump in, while new players are like, “Don’t jump in yet,” and then they jump in when it’s already too late.

Grant Horwitz: Yeah, I think opportunity is sometimes created in hard times.

Grant Horwitz: When you look at it, we’re not vultures. We’re not trying to take people’s houses away or kick people out of apartments. The opportunity really sits in office, industrial, and retail spaces. Industrial money has flowed, but retail and…

Adi Soozin: Jesus.

Grant Horwitz: Office money has not flowed nearly as quickly into those asset classes over the last five years. There’s actually been an exflow rather than an inflow in those sectors. That’s really where I think the opportunity exists.

Grant Horwitz: I think the return to office is real. People want to be in office spaces.

Grant Horwitz: To grow the next generation of workers and executives, people have to be together. The only place you can really do that is sitting in an office, teaching people how to do it. Maybe that’s because my background came from sitting and learning from others, which is enormously important.

Grant Horwitz: The return to office may not be five days a week — it may be three days — but the need for office space isn’t going away. In fact, it’s growing.

Grant Horwitz: The opportunity for people to congregate and learn from one another is crucial, and it will continue to thrive. I also don’t see a lot of new office development in the markets we’re targeting. If anything, lower-end Class C office buildings are being torn down and replaced with apartments, which narrows office supply and leads to opportunity.

Grant Horwitz: Likewise, in retail, people still need to shop.

Grant Horwitz: Amazon does a lot of great things, and you can get almost anything you need online, but the need to go out to a store and pick something up—

Grant Horwitz: —that tangible, immediate satisfaction is something some people will always want.

Adi Soozin: I would argue that, or…

Adi Soozin: To support that point, what Grant’s saying about Class C office space disappearing, if we zoom out over the past hundred years in real estate, what we’re seeing now is when people leave their homes to do something, they want it to be an experience.

Adi Soozin: If they’re going into an office, it’s going to be a nice experience. The tenants we’re targeting are mostly Class A — white collar professionals: doctors, lawyers, and others where you want to meet in an office. Those offices aren’t going away.

Adi Soozin: I don’t know any lawyer I’d be comfortable meeting at their dining room table — maybe some consultants or programmers working remotely — but I would never expect to meet my doctor, attorney, or accountant at their home. That would just be weird.

Grant Horwitz: Yeah, if a doctor asks me to come to their home, I think something’s off.

Grant Horwitz: Even replacing office space today, if there is demand to build new office, construction costs are astronomically higher than what you can buy office buildings for in today’s market.

Grant Horwitz: So you’re buying an opportunity well below replacement cost, with cash-flowing collateral.

Adi Soozin: And the other thing with luxury retail — people say, “Amazon’s replacing everything.” But if you notice, Amazon can’t replace experiences.

Adi Soozin: What we’re seeing in retail is a shift. Luxury retail isn’t going away. Worth Avenue in Palm Beach—go visit and walk down that street. It’s not going to be replaced by Amazon. It just won’t happen.

Adi Soozin: Maybe no one really goes to Walmart anymore because everything’s delivered, but luxury retail thrives on the experience. Half the point of buying from Gucci or Hermes or Burberry is the in-store experience, the pampering, and personal service.

Adi Soozin: So when we say we’re looking at these asset classes and others say those asset classes are dead, keep in mind they’re looking at the wrong type within that asset class — like Class C or something that is actually dead.

Adi Soozin: When they say it’s dead, believe them. But when we say it’s alive and we’re getting great ROI, it’s because we know something they don’t.

Adi Soozin: Alright. What excites you most about the future of Heritage? This is our first fund together. What excites you about it?

Grant Horwitz: So look…

Grant Horwitz: The opportunity in this market is unique. Leveraging years of experience from your family is obviously a very unique indicator of what the future will bring. Your family, over four…

Adi Soozin: Yeah, yeah.

Grant Horwitz: Five, six generations now have seen every cycle that’s going to come and go. They’ve seen every upturn and downturn. They understand what’s happened. Likewise, over the last 24-25 years I’ve been in the workplace doing this, I’ve seen a lot — obviously not hundreds of years’ worth of data points.

Grant Horwitz: But I think the future is really bright for people who understand real estate and can identify the right opportunities. Going back to it, not every opportunity is the right opportunity. You have to be very selective. You have to pinpoint and target what you want to do and be disciplined in your approach.

Grant Horwitz: So, if you think a property’s value is $100, don’t pay more than $100 for it. Another opportunity will come along, but you have to be disciplined and stick to the approach that’s made you successful.

Grant Horwitz: Between your family’s long-term experience and leveraging opportunities, plus my own 20-plus years, I think there’s a really interesting long-term niche here to be super successful…

Grant Horwitz: And do it the right way.

Adi Soozin: Yeah, absolutely. I had a mentor who really understands my family’s chessboard—our assets and relationships. He said, “With the right co-founder, you can own the chessboard. But with the wrong co-founder, you’ll stagnate.” That’s why it took me two years of interviewing people everywhere to find someone with Grant’s uniquely valuable background. An asset is only as valuable as the people who know how to add value to it. If you look at his track record, we included three case studies in the fund deck to show exactly how he’s consistently created massive success.

I’m genuinely excited about what we can achieve with the next three to five funds over the coming 25 years. Combining your superpowers and contacts with my family’s is going to be something special.

Grant Horwitz: It’s an exciting time. I hope anyone watching or considering joining us will reach out and ask questions. Trust is everything in this business, and I believe our track record shows how that trust is earned.

Adi Soozin: Definitely. Track record matters—a lot. There are many new funds out there promising the moon, but you have to ask: what have they actually done? What is their network? How responsive are they? If you don’t know Grant personally, I do—and I have people in my contacts who can literally influence local economies, even foreign ones. Having that kind of power in our back pocket gives us a truly asymmetrical advantage. I’m skeptical that anyone else can promise that and actually deliver.

So, let’s talk about what an investor stepping into this fund can expect. We said the fund will have a seven-year hold period.

Grant Horwitz: That’s right. The plan is to execute on the business plan in about two to three years. Then we allow four to five years for the properties to mature and create value. We do have an option to extend the fund slightly to make sure we exit at the optimal time. The last thing we want is to rush a sale before value has fully materialized. However, if an early exit opportunity arises, we’ll harvest the gains opportunistically.

Adi Soozin: Exactly. Look at the current real estate market — prices are falling. If we sold right now, returns would be disappointing. But if we hold a bit longer, waiting for the market to rebound, returns will improve dramatically. Our goal is to deliver the best returns possible while being responsible stewards of your capital.

What else do you think sets Heritage apart—not just as an investment platform, but as a long-term steward of capital?

Grant Horwitz: First, we find good opportunities, as we’ve discussed. But more importantly, we’re always available for our investors—good times and bad. Pick up the phone anytime; we’ll answer your questions. Transparency is key. Unlike many funds where you just wire money and wait for checks, we foster ongoing relationships. You can visit our properties, get regular updates, and truly understand what we’re doing. That level of access and openness is rare.

Adi Soozin: I agree. Another big difference is our highly selective approach to investors. We want to work with people who genuinely enjoy engaging with each other. Many funds accept anyone with money, which leads to distant relationships. We’re building a community—people who take pride in their connection to the fund and each other. It’s like the book I published: out of 65,000 opportunities, only 20 people were selected, and they all value their association and enjoy connecting.

If you’re seeing this message or our pitch deck, it’s because you or your gatekeeper was chosen as a great fit for the Heritage family.

Grant Horwitz: I couldn’t say it better.

Adi Soozin: For those hearing about us for the first time, what would you say if they’re considering joining?

Grant Horwitz: I’d strongly encourage you to pick up the phone and talk with us. Get to know who we are and ask any questions. Investing is a serious decision, and you should be fully informed about our strategy. We want you to feel confident and comfortable entrusting us with your capital.

Adi Soozin: And we genuinely care about building long-term relationships.

Grant Horwitz: Absolutely.

Adi Soozin: We’re seeking strategic partners for the long haul. Thank you all for joining us today. I hope we answered your questions and you enjoyed meeting Grant, whether this is your first time or you already know him. If you have questions, reach out to me directly—I can connect you with Grant. We don’t post personal contact info publicly; you have to go through gatekeepers, and my social media is managed by virtual assistants, so they filter out the noise.

Grant Horwitz: Thanks for having me. This was a unique and enjoyable conversation—I don’t do this often, but I really appreciated it.

Adi Soozin: Me too. Most of you will see me at Apex in the fall or the family office event at the end of May. For now, this is a rare chance to hear Grant speak publicly. Maybe we’ll get him on stage at Apex. Thanks again, everyone!

Grant Horwitz: Take care, everyone.