Nov 2, 2022

They are real estate investors focusing on multifamily. They purchase/syndicate large multifamily properties in the Southeast and develop luxury multifamily condominiums in the Boston market. They also develop affordable housing and have experience with land entitlement.

Nick is the co-founder and managing principal of Winterspring Capital (winterspringcapital.com) and has over a decade of experience in all phases of commercial real estate, including asset management, sales, new construction development, and property management. While building his own portfolio, he has also guided many investors down the path of multifamily investment, management, or development. He is an expert on multifamily condominium development, underwriting, and asset management in the multifamily space and is also the author of the top-rated book “Making Millions through Multi-Family Development.”

Eric DiNicola, co-founder and managing principal of Winterspring Capital, has a strong financial background spanning over a decade. Eric understands the importance of investment diversification. He began working in public equity in 2010 and moved into the private equity markets where he worked on valuations and capital raising. Joining forces with Nick in 2015, he leveraged his investment experience and expertise to accelerate the growth of Winterspring's real estate business. Heading up our acquisitions team, Eric leans on his extensive broker network to keep Winterspring's deal pipeline full.

In this episode, Nick Earls and Eric DiNicola share their journey to becoming financially independent. They share how they shifted their focus to affordable housing after seeing a big market demand for it. They share that they offer educational resources on their website, including articles and a book about developing condos. To learn more about Nick Earls and Eric DiNicola and their work, listeners can visit Winter Spring Capital!

[00:01 - 01:44] Opening Segment

• Nick Earls and Eric DiNicola shares how they purchased and syndicated large multi-family properties and developed luxury multi-family condominiums in the Boston market
• They share how they met and decided to start their own company that focuses on real estate

[01:45 - 25:19] Developing Homes For People Who Want To Be Part Of The Community

• Nick Earls and Eric DiNicola describe what zoning codes are
• The demand for affordable housing in Boston
• Learning to navigate the city’s politics to get their projects approved
• Teamwork is key for any real estate development
• They recommend having a good zoning attorney
• Neighborhood groups can be a major obstacle for developers
• Developers must be patient and holistic in their approach to gain the support of these groups
• Zoning codes are outdated which limits the number of homes that can be built

[25:20 - 37:25] Closing Segment

• Nick Earls and Eric DiNicola discuss the origins of the company, where all units must be sold at an affordable price, and that there are different price brackets based on area median income
• Nick Earls and Eric DiNicola share where you can get in contact with them (links below)

Quote/s:

“You've got a supply restriction through the zoning code and developers like us. What we do is we go in and we entitle land and it's a very political process… And that barrier to entry allows you to get really profitable projects if you're able to get through kind of all those hoops of fire you got to jump through.” – Nick Earls

“People want to move here. It's not just this building that's going up, this is to house people who want to be part of this community, who want to live here, want to contribute to the community, who want to be friends with the neighbors and work. So that's, I think is the ultimate holistic way to look at it.” – Eric DiNicola 

You can connect with Nick Earls and Eric DiNicola through their:
LinkedIn: Winter Spring Capital

Instagram: Winter Spring Capital

Facebook: Winter Spring Capital

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