Evan Polaski is the Director of Capital Raising at Black Gate Partners, where he leads investor relations and capital strategy for multifamily real estate syndications. With 18 years of commercial real estate experience—including roles in retail development, multifamily investments, and investor communications—Evan brings a rare blend of institutional perspective and hands-on execution. He has invested as both a general and limited partner and is known for his candid approach to alignment, underwriting scrutiny, and investor education.

 

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Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.

 

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Key Takeaways

• Great deals and abundant capital rarely align—it's always a pendulum

• A conservative deal today may have felt aggressive just 24 months ago

• True GP-LP alignment is nuanced and difficult to achieve—acquisition fees often skew incentives

• Passive investors should study sponsors' fee structures, co-investments, and transparency

• The best investor relations approach isn't sales—it's expectation management

 

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Topics

Falling in Love with Real Estate Early

• Evan's fascination with real estate began as a child watching shopping centers being built in Atlanta

• Studied finance and real estate at the University of Cincinnati, and started in retail REIT investor relations

• Has worked across roles in capital raising, investing, and ownership

The Market's Capital-Deal Imbalance

• Capital and deal quality are rarely in sync—one is always scarce

• 2021–2022 saw capital flood the market, but often into weak deals

• Today feels like 2009 again, with conservative investors and fewer phone calls returned

Lessons from the Downturn

• Floating-rate loans and short-term debt—not real estate quality—are behind many failed deals

• Evan cautions that "safe" real estate only stays safe with proper structure and conservative assumptions

• Overly optimistic IRRs, misaligned capital stacks, and loose underwriting have been exposed

On Alignment and Fees

• Evan focuses on age and experience as critical factors when evaluating GPs

• Acquisition fees deserve close scrutiny—especially when they exceed co-investment amounts

• Sponsors who transact just to earn fees raise red flags around long-term alignment

Managing Investor Expectations

• Great IR is about setting, managing, and exceeding expectations

• LPs who receive clear, accurate communication—regardless of performance—stay engaged longer

• Sales-driven approaches often lead to mismatches in trust and long-term relationships

Navigating Growth and Team Building

• Scaling a syndication business brings team demands—growth isn't always about ego

• Even small increases in payroll or promotions require deal flow and capital

• Balance between investor returns and internal sustainability is delicate and evolving

Track Record and Debt Structure

• IRR isn't enough—investors should ask how much of a return came from NOI growth vs. cap rate compression

• Evan favors sponsors who have survived downturns and learned from risk exposure

• Floating debt creates the illusion of strong deals—fixed-rate debt demonstrates stability

 

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📢 Announcement: Learn about our Apartment Investing Mastermind here.

 

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Round of Insights

Failure that set Evan up for success: Getting laid off in 2009 opened his eyes to how macroeconomic shifts and capital structure can impact everything, including LP returns and employment.

Digital or mobile resource: LinkedIn. When curated well, it can be a source of valuable insights and perspectives from across the investing world.

Book recommendation: The JOLT Effect by Matthew Dixon & Ted McKenna, a tactical guide to overcoming objections and improving sales communication.

Daily habit: 6 a.m. CrossFit workouts. This anchors his morning routine, clears mental clutter, and helps structure the rest of his day.

#1 insight for selecting great operators: Follow them for at least 6–12 months before investing. Pay attention to how they communicate, especially when you tell them you're not ready to write a check.

Favorite restaurant in Cincinnati, OH: For date night: Losanti. For casual family dinners: Northstar Café in Kenwood.

 

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Next Steps

• Connect with Evan on LinkedIn

• Learn more at GoBlackGate.com

 

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