Elkhorn Capital Partners is celebrating its 15th anniversary, a milestone that reflects the firm’s commitment to disciplined investing, strategic growth, and long-term community value. Founded in 2010, Elkhorn has grown into a respected operator in the multifamily real estate sector, with a portfolio focused exclusively on fixed-rate, income-generating apartment communities across the South and Midwest.
“From day one, this has always been about taking a long-term, thoughtful approach to where we allocate our capital and time,” says Bruce Fraser, Managing Partner at Elkhorn Capital Partners. “Multifamily real estate offers what we believe to be one of the most resilient asset classes, and it allows us to have a real, visible impact on the communities we serve.”
While Elkhorn’s origins lie in Fraser’s macroeconomic outlook, anticipating inflationary pressures and seeking hard assets as a hedge, the firm’s methodology has consistently remained rooted in caution and discipline. Unlike many of its peers, Elkhorn works exclusively with “fixed-rate debt”, a strategy Fraser calls “a more conservative position” that mitigates the risk of rising interest rates.
“When you can borrow at 3% and lock that in for 10 years, it just doesn’t make sense to go floating,” Fraser explains. “We want to avoid asymmetrical risk, limiting the downside, with more potential upside. It’s not the trendiest strategy, but it’s one that works.”
Over the last 15 years, Elkhorn has also established itself as a preferred buyer of distressed assets, apartment properties affected by high vacancy, poor management, or deferred maintenance. These acquisitions are more than just investment opportunities. They offer the firm a way to add meaningful value to tenants and surrounding neighborhoods.
“These are often properties where the lights don’t work, security is an afterthought, and maintenance requests go unanswered,” says Fraser. “When we come in, we are not just slapping on new paint. We are rebuilding the property’s foundation, sometimes literally, and bringing dignity back to the living experience.”
The firm’s in-house property management arm, established just over two years ago, has played a key role in this mission. Bringing operations under one roof led to a remarkable increase in portfolio revenue in the first year alone, a move that Fraser describes as both operationally sound and strategically aligned.
“We have grown the team significantly,” he says. “The level of skill they bring to Elkhorn gives us a real competitive advantage. It gives us control, responsiveness, and ultimately, the ability to scale efficiently as we expand.”
Looking ahead, Elkhorn has ambitious goals. The team plans to double its portfolio within the next two years, backed by both strong internal systems and a reputation for successfully navigating troubled properties.
“We are in a strong position because we are not scrambling to fix problems in our current portfolio,” Fraser says. “And we’re getting calls from lenders with assets they want off their books. That puts us in a good spot, but we still stay picky. Just because it’s distressed doesn’t mean it’s a good deal.”
Even with a bottom-line focus, Fraser doesn’t shy away from acknowledging the firm’s positive social impact. Whether it’s improving lighting and security, replacing broken infrastructure, or simply responding to maintenance tickets, Elkhorn’s renovations raise the standard of living for existing and future tenants.
“A lot of people live in substandard conditions simply because no one’s taken responsibility,” Fraser says. “When we step in, we’re not just fixing buildings, we’re stabilizing communities.”
One recent innovation highlights this approach: adding washer-dryer connections in older units. Though small, this upgrade has proven both financially smart and socially impactful.
Elkhorn’s success over 15 years is a testament to its ability to apply data-driven investment logic with boots-on-the-ground execution. In a market crowded with short-term thinkers, the firm’s commitment to steady, long-term growth and to the communities that house their investments sets it apart.
“Fifteen years in, and we still feel like we are just getting started,” Fraser says. “We have built a strong foundation. Now it’s about scaling smart, staying disciplined, and continuing to position accordingly.”
