Private Real Estate Investment · Florida & the Sunbelt
We buy apartment buildings below the cost to build them.
Nivora Capital is a private real estate investment firm. We buy apartments and the debt behind them across Florida and the Sunbelt.
Record of Nivora's principals across prior firms & current holdings
01
Direct from lenders
Non-performing loans and foreclosed apartments, bought straight from the banks that hold them — before they reach the open market.
02
Run by operators
Each asset runs to a playbook proven across 1,700+ units, built by principals who ran the buildings themselves.
03
Margin bought, not modeled
We buy below what it costs to build the same property today — the margin is in the purchase price, not the projections.
Operator-led · Realized net, not projected
We didn't model these returns. We earned them.
Before Nivora, its principals held senior operating roles repositioning distressed multifamily portfolios across Tampa Bay. They rebuilt on-site teams, ran multimillion-dollar capital programs, and returned broken assets to performance.
Units & beds led or operated
Aggregate transaction value
Avg. realized net IRR, prior investments
Avg. NOI growth on stabilized assets
Record of Nivora's principals across prior firms and current holdings
Selected operating record — executed by Nivora's principals in senior roles at prior firms
01 · The Vintage
2021–2023 was the most expensive window on record to buy or build apartments.
Record purchase prices, record construction costs, floating-rate debt. A generation of deals that traded hands or broke ground in that window, underwritten as if nothing would change.
Illustrative — not to scale
Why Now
01 · The Vintage
2021–2023 was the most expensive window on record to buy or build apartments.
Record purchase prices, record construction costs, floating-rate debt. A generation of deals that traded hands or broke ground in that window, underwritten as if nothing would change.
02 · The Break
Rates doubled. The debt behind those deals is breaking.
Loan maturities are hitting sponsors who can't refinance. The asset didn't fail — the balance sheet did.
03 · The Entry
We buy the debt, direct from lenders.
When those deals get into trouble, we negotiate directly with the lenders and banks we know — buying bank-owned buildings (REO) and mid-foreclosure debt at a deep discount, before it reaches the open market. We finish the foreclosure and take the keys.
04 · The Reset
A reset basis — new construction below the cost to build it.
Eagles Landing, Lakeland: 160 brand-new units. We're acquiring the loan at 80% of its balance — which works out to roughly 65% of what the project cost to build.
of loan amount
our note basis
of build cost
effective basis
brand-new units
Eagles Landing
Illustrative — not to scale
Current Portfolio
We're not done here.
Fountains at Pinellas Park
92 units · Pinellas Park, FL · Acquired Nov 2025
A stabilized, cash-flowing community in the heart of Pinellas County, renovated unit by unit. The plan is simple: light upgrades, tighter operations, lower expenses.
- → Operating expenses cut 15% since takeover
- → Rents +$50/unit · 96% stabilized occupancy
- → Hands-on oversight by Nivora principals
Eagles Landing
160 units · Lakeland, FL · New construction
Our first note purchase, under contract. A brand-new, 160-unit community whose loan we're acquiring directly from the lender at roughly 65% of what it cost to build. No renovation scope, no deferred maintenance: new product at a reset basis.
80%
of loan amount
~65%
of build cost
Principals
The operators behind the numbers.
Liel Cohen
Co-Founder & Chief Executive Officer
A full-cycle sponsor and operator, from acquisition through disposition. Liel has led or executed transactions totaling 1,700+ units and beds and roughly $290M in aggregate value, with a 38.1% average net IRR and 40% average NOI growth on stabilized assets. At Nivora he leads acquisitions, capital strategy, investor relations, and asset management.
LinkedIn ↗
Bar Mansherov
Co-Founder & Chief Operating Officer
Bar underwrites the deals, then runs them. Before co-founding Nivora Capital he held senior operating roles at Tampa Bay multifamily investment firms — directly involved in 1,100+ units and $220M+ in transactions, with a 38%+ average realized net IRR.
LinkedIn ↗Partners & Board
Nivora's day-to-day — sourcing, underwriting, and capital — is led by Bar and Liel. The firm's partners serve on its board and bring their own track records to the table.
Tom Cummins
Partner · Board
Founder & CEO of Cummins Worldwide, a corporate advisory firm that has helped launch and scale companies across the energy, financial, health, and nonprofit sectors. At Nivora, Tom advises on firm-level strategy and business development.
Daniel Barram
Partner · Board
Co-founder and CEO & Chief Investment Officer of Prosperity Advisers, a fiduciary wealth-management and retirement-planning firm (RICP®, WMCP®). At Nivora, Daniel advises on capital markets, investor structuring, and tax strategy.
Sean Noll
Partner · Board
Founder & CEO of iEnjoy Home, a home-textiles company spanning e-commerce, wholesale, and private-label programs. At Nivora, Sean guides internal systems and operations.
Lisa Barram
Partner · Board
President and co-founder of Prosperity Advisers and creator of its Retirement Prosperity Roadmap™ planning process. At Nivora, Lisa leads investor relations and marketing.
Alexander Figueroa
Partner · Board · Licensed Contractor
A large-scale general contractor with more than a decade of value-add construction projects behind him. At Nivora, Alexander oversees construction and budgeting across the portfolio.
Partner With Us
Built for this part of the cycle.
We work with investors, lenders, and brokers on multifamily acquisitions and note purchases across high-growth U.S. markets.