About
We built an institutional-quality portfolio for small multifamily investors.
Many small multifamily investors have spent years building a concentrated real estate position and kept managing it themselves because no institutional-quality structure for that equity existed. Middle Door Homes was built to change that: contribute your building and receive a passive stake in a diversified, professionally managed portfolio, with no taxable event at contribution.
The 721 exchange
A contribution, not a sale
How it works
A 721 exchange is an IRS-approved strategy that allows you to contribute your building to a professionally managed portfolio in exchange for a passive ownership stake, with no taxable event at closing. No capital gains. No depreciation recapture.
Why it matters
Long-term owners carry decades of appreciation. Selling means a large, often unexpected tax bill, typically 30-40% of the building's value. A 721 exchange defers that entirely. Your equity rolls forward intact.
What you receive
You own a stake in a diversified, professionally managed portfolio. You receive regular distributions from the portfolio. Our team manages everything. No tenant calls. No maintenance coordination. Truly passive income.
Who it is for
Multifamily investors with 2-49 unit holdings who have built meaningful embedded gains, want to exit active operations, and are looking for a tax-efficient way to reallocate their capital into passive income.
Why Middle Door
Experience managing at scale
Many small multifamily investors spent decades building a concentrated real estate position, and continued managing it themselves because no institutional-quality exit existed. We built Middle Door to change that.
Our team has operated at 30,000+ units of institutional scale. We know what we're acquiring and what it takes to run it well. We bring that same operating playbook to small multifamily buildings, for the first time making it accessible to owners who built their positions outside the institutional market.
That depth of experience drives real NOI improvement through expense reduction, rent optimization, and capital allocation, the same playbook applied across tens of thousands of homes.
How we work
What to expect from us
We start with a conversation
Not every owner is a good fit, and we will tell you that clearly. We want to understand your building, your financial situation, and your goals before recommending anything.
You transition out of operations completely
Once your building joins the portfolio, our team handles everything: tenants, maintenance, leasing, compliance. You receive quarterly distributions. That is the entire job.
Your returns should improve
Institutional management unlocks NOI that most individual operators leave on the table. Expense reduction, rent optimization, and capital efficiency work in your favor from day one.
We hold for the long term
We are not a fund with a clock running. We are building a durable housing business designed to generate growing passive income for owners over time.
Our team
Investors & operators who have done this at scale
Team experience from
Jack Elzinga
Managing Partner
Jack built Middle Door after a decade inside institutional real estate platforms and other leading companies. He helped lead the integration of the 30,000+ home Home Partners of America portfolio through the Blackstone/Tricon merger and drove $120M+ in annualized NOI growth. That work shaped a clear view: the institutional playbook for residential operations had never been packaged in a structure that worked for individual multifamily owners. Harvard BA in Economics, Stanford MBA.
Jose Torres
Chief Executive Officer
Jose has operated inside two of the most significant scattered-site residential portfolios built in the last decade. He led portfolio management at Home Partners of America through the Blackstone acquisition and Tricon merger, overseeing 30,000+ homes, and ran asset management and capital markets at Invitation Homes through its IPO. He knows exactly what institutional-quality residential management looks like from the inside. Prior experience at CBRE and RealFoundations.
Mike Rozovics
EVP, Operations
Mike started his career working residential construction on the south side of Chicago. He went on to run asset management and capital programs for a $10B+ residential portfolio at Home Partners of America, directing renovation, construction, and NOI improvement across dispersed portfolios at scale. That range, from individual units to institutional infrastructure, is the operational core of what Middle Door brings to every contributed building.
See exactly how this works for you.
The full owner overview covers the 721 exchange step by step, what you receive, and what your income looks like going forward.