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Investing in Walkable, Neighborhood-Oriented Real Estate
An investment process built on finding a specific, quantifiable edge through targeted sourcing and fundamental research.
A hands-on approach to operations grounded in responsiveness, attention to detail, and finding small ways to improve our tenant experience.
Optimizing for the long term, knowing good decisions and a good reputation compound over time.
Phio Partners LLC (“Phio”) is a real estate investment and operating firm focused on multifamily and mixed-use properties in walkable, neighborhood-oriented locations supported by durable, everyday demand.
The firm pursues both debt and equity opportunities with actionable business plans, seeking to create value through a targeted, systematic acquisitions process, a hands-on operating approach, and right-sized capital structures.
Phio combines an investment process built on finding a specific, quantifiable edge with a tenant-first operating philosophy. The firm invests with a long-term ownership mindset, emphasizing disciplined, steady execution over isolated outcomes.
Nick Berman founded Phio Partners in 2024 after serving as Chief Investment Officer at 60 Guilders, a New York City–based owner-operator with a $3.0 billion portfolio across multifamily, office, retail, student housing, and industrial assets. At 60 Guilders, he led sourcing, underwriting, and execution across equity and distressed debt investments alongside institutional capital partners. He began his career as an Analyst at Eastdil Secured on the institutional real estate investment sales team.
We invest only where we can improve the tenant value proposition while offering investors a compelling return. We avoid situations where value creation depends on misaligned incentives with either party.
We base decisions on current cash flow, asset quality, and observable fundamentals, rather than speculative future outcomes. We emphasize capitalizing on the value within our control, not counting on an unknown future to close the gap.
We invest only where we have a clear, defensible advantage, whether through sourcing, structuring, or execution, even when that discipline limits deal flow.
We prioritize downside protection over outsized outcomes, focusing on investments with multiple paths to success and limited paths to permanent impairment.
We approach ownership with a long-term mindset, believing that patience, operational follow-through, and incremental improvement compound more reliably than financial engineering.
We focus on operating buildings well day-to-day by doing the ‘little things’ — responding quickly, addressing issues before they become problems, and finding small ways to differentiate and improve our tenant experience.
We manage investor capital as if we have to re-earn that trust every day. We communicate consistently and clearly, and we recognize long-term partnerships are built by being straightforward about what’s working, what isn’t, and what we’re doing about it.
We recognize that reliable execution depends on setting clear expectations and treating our vendors with the utmost respect. That’s how long-term partnerships are built.
We strive to be an exemplary counterparty, standing by our commitments and timelines. We understand our reputation compounds over time and we treat counterparties with that perspective in mind.
Phio (fie-oh) is derived from ‘Figure It Out’ — a mindset centered on resourcefulness, accountability, and constant problem-solving. It was the recurring phrase heard growing up in a competitive household of six kids. The name reflects how we approach real estate: focus on the problem in front of us, work from first principles, and constantly seek better solutions over time. The ‘Ph’ is a nod to Philadelphia, where the firm is based and where its initial investments have been concentrated.
Phio Partners is a member of the 1% Pledge.
Phio targets secondary cities with resilient multifamily fundamentals, favorable rent-to-income dynamics, and durable demand drivers. It is particularly focused on markets with limited new construction that provide a lower-cost alternative to gateway markets.
Phio’s investments are currently concentrated in Philadelphia as it evaluates select markets with similar characteristics.
