Holistic, Thematic, Dynamic, Fundamental

GEM Realty Capital is a Chicago-based, strategically integrated real estate investment firm that invests in private-market real estate assets through GEM Realty Properties, publicly traded real estate securities through GEM Realty Securities, and non-controlling interest in private real asset and infrastructure companies through GEM Realty Special Situations.

Through our diversified investment platform, which combines differentiated perspective, valuable relationships, and real-time data, we seek to identify and capitalize on secular trends, market inefficiencies, and price dislocations.

Our team has significant real estate investment experience spanning multiple economic and capital market cycles.

Thoughtfully Investing Through All Market Environments

Three decades of investing defined by nimble creativity, thoughtful product expansion, and strategic leadership development.


  • GEM Realty Capital founded by Norman Geller, Michael Elrad, and Barry Malkin, marking the inception of GEM Realty Properties (“GRP”), with a focus on opportunistic and value-add real estate investments


  • Launch of GEM Realty Securities (“GRS”), a long-only public equity real estate fund


  • GRS pivots from long only to hedged
  • GRS Flagship hedge fund established


  • Launch of Diamond Real Estate Fund, GRP’s first commingled fund


  • Launch of GEM Realty Fund III


  • Launch of GEMC3, GEM’s charitable giving arm


  • Launch of GEM Realty Fund IV


  • Launch of GEM Realty Fund V


  • Launch of Evergreen Real Estate Fund; GRP’s first perpetual-life, core-plus fund
  • Launch of GEM’s Sustainability Initiative


  • Launch of GEM Realty Fund VI


  • Launch of GEM’s D&I Initiative


  • Launch of GEM Realty Special Situations (“GRSS”), GEM’s first non-controlling, illiquid investment vehicle
  • Launch of GEM Realty Fund VII
  • Creation of GRS’s Managed Account Platform to pursue investor-specific hedged and long-only mandates


  • Issuance of GEM’s first Impact Report


  • Founders named Executive Chairmen, Derek Lopez named CIO of GRP, Brad Caldwell & Michael Geller named Co-CIOs of GRS

Our Investment Philosophy

We seek to be trustworthy stewards of capital, purposefully evolving our real estate investment strategy and business to create significant, long-term value. We prioritize diversity of thought and experience in our investment philosophy, which is grounded in our platform, our process, and our people.




Our platform facilitates differentiated idea generation and a consistent flow of shared knowledge, relationships, and market insights.

We endeavor to execute a fundamentally driven process that focuses on balancing compelling investment ideas with active risk management.

Our experienced and dynamic team aims to combine purposeful investing with creative problem-solving through all stages of ownership.

Our Mission

Our mission is to be a trusted, innovative real estate investment firm striving to create value for our investors over the long term. In pursuit of our mission, we embrace the following core values: integrity, innovative thinking, community impact, collaboration, and relationships.

These values support our commitment to maximizing returns while acting as responsible corporate citizens and seeking to make a positive impact through sustainability, social, and governance initiatives.