About
A better next step for multifamily owners.
Many multifamily owners have spent decades building equity and kept managing because there was no good way out: selling meant a large tax bill, and a 1031 meant another building to run. We built Middle Door Homes to change that.
The 721 exchange
A contribution, not a sale
How it works
A 721 exchange is a long-established part of the tax code 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 your gains. 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
We know what it takes to run residential real estate well, because we have done it at scale.
Our team has operated 30,000+ homes at institutional scale, across some of the largest residential platforms in the country. We bring that same operating playbook to every multifamily building we own.
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
Experienced, full-time management finds income most individual owners leave on the table: lower operating costs, rents set to the market, and capital spent where it pays back.
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 annual net operating income 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
Partner & CEO
Jose has operated inside two of the most significant scattered-site residential portfolios built in the last decade. He was head of asset management at Home Partners of America through the Blackstone acquisition and Tricon merger, overseeing 30,000+ homes, and served as chief of staff within Invitation Homes' finance organization through its IPO. He knows what well-run residential platforms look like from the inside, both operationally and financially. Prior experience at CBRE and RealFoundations.
Mike Rozovics
Partner & 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 income growth across dispersed portfolios at scale. That range, from individual units to portfolio-wide systems, is the operational core of what Middle Door brings to every contributed building.
Bob Sievewright
Principal, Acquisitions
Bob spent nearly fifteen years advising high-net-worth clients on their investments: as a financial advisor at Smith Barney, Vice President of Private Client Services at Bear Stearns, and Senior Vice President of Investments at Morgan Stanley. He went on to found Wright Advisory Group, a sales and business development consultancy. At Middle Door he leads owner, broker, and advisor relationships, bringing long-term owners a way out of active management that keeps their equity working.
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.