How we help
Advice for every stage of the investment cycle, grounded in real deal experience and backed by the numbers.
Acquisitions
Acquisition strategy, sourcing criteria, and underwriting review for conventional and affordable/workforce multifamily.
Asset Management
Operational reviews and business plan resets that improve performance and protect value.
Dispositions
Exit timing, pricing strategy, and buyer positioning to get the best result at sale.
Market Selection and Portfolio Construction
Risk-adjusted market ranking and allocation, so your portfolio is built on purpose rather than by accident.
1031 Exchanges
Identifying, assessing, and adding replacement properties, with backup options ready before the clock starts.
Investment Committee and Board Advisory
An experienced seat at the table to review investments, sharpen strategy, and pressure-test assumptions.
Fintech Advisory
Underwriting logic, ROI models, and portfolio valuation tools that match how real deals get done.
Experience that comes from the principal's chair
Bluewater was founded in 2020 by Stephen Zaleski, a cycle-tested multifamily executive with 38 years of experience who has sourced, originated, and closed $15 billion in acquisitions, development, and dispositions. His career includes fundraising for 11 value-add institutional funds and building and leading investment teams at CBRE Global Investors and Berkshire.
Today, Bluewater serves as strategic advisor to a family office building a U.S. multifamily platform, helping revise its strategy and reposition a $500 million portfolio.
Who we work with
- Family offices
- Institutions
- Private clients
- Proptech firms
- Strategic advisor and Investment Committee member, family office (2025 to present)Advising a family office establishing a U.S. multifamily platform: revising its strategic vision, reviewing every investment, and repositioning a $500 million existing portfolio.
- Principal, Head of Multi-Housing Group, CBRE Global Investors (2008 to 2018)Founded the U.S. multifamily platform with full P&L responsibility. Led a team of fourteen, sat on the Investment Committee and Americas Leadership Board, and executed $10 billion in transactions. Exceeded target returns on 95% of realized investments.
- Board and Investment Committee member, Wood Partners (CBRE investment)Helped recruit the CEO and expand the developer into seven new offices across the West Coast, Midwest, and Northeast, and reviewed all of its developments.
- Partner, Head of U.S. Acquisitions, Berkshire Property Advisors (2003 to 2008)Rebuilt the acquisition team with offices in Boston, Atlanta, Dallas, and San Diego, growing to $1 billion in annual volume. Introduced the firm's first institutional investor and helped raise its first two value-add funds.
Industry involvement includes NMHC, NCREIF, NAIOP, and PREA. Stephen is also a past lecturer in the Real Estate Program at Boston University.
Let's talk about your portfolio
Launching a platform, repositioning a portfolio, or planning a 1031 exchange? Send a note and I'll reply within one business day.
Stephen Zaleski, Managing Partner · Boston, MA