Seasoned multifamily investors Sean Belfi, Craig Boyarsky, and Brendan Glavin have launched Cold Spring Capital (CSC), a private investment and operating firm targeting more than $1 billion in acquisitions over the next five years, with Belfi serving as managing principal.  

CSC will focus on middle-market, value-add suburban workforce housing, with an initial emphasis on individual assets and portfolios of 100-plus units, primarily 1960s-vintage-or-newer properties across the Northeast, Mid-Atlantic, and Midwest. 

The firm’s first transactions will be capitalized by Twin Spruce Capital, a New York–based investment affiliate, alongside a close syndicate of high- and ultra-high-net-worth investors making their first move from preferred equity into traditional multifamily equity. CSC aims to acquire 10,000 apartment units over the next five years through direct acquisitions and joint ventures. 

“Our team has spent almost a decade working together in the weeds, cutting our teeth on all aspects of multifamily acquisitions, asset management, capital markets, and dispositions,” Belfi said. “We are ready to hit the ground running in 2026 to source deals and scale operations in what we view as a favorable market environment for conventional, market-rate workforce housing.” 

Belfi added that CSC sees a steady pipeline of non-institutional sellers: “We believe that there will always be a continued drip of private owners that look to sell for non-market reasons, like estate-planning or disposition of non-core assets,” creating “an operational arbitrage opportunity” where under-managed assets can be repositioned.  

The team previously helped grow a national, vertically integrated apartment platform to 20,000 units, with Belfi departing as principal and Boyarsky and Glavin as VPs.