The Journey of a CRE Entrepreneur with Alex Zikakis Part I - S2E9

Listen to More Adventures in CRE Audio Series Episodes

About this Episode – The Journey of a CRE Entrepreneur with Alex Zikakis Part I

Welcome to the A.CRE Audio Series! On this episode, I am here once again with the creators of the Adventures in CRE website, Spencer Burton and Michael Belasco. Today we are joined by an awesome guest, Alex Zikakas.

Alex is the president and founder of capstone advisors, launched in 1996. Capstone is a diversified asset development and asset management company that has served as advisor and asset manager for some of the world’s largest financial institutions and hundreds of complex real estate investment and development projects.

During our time today we are diving into some great topics. You can expect to learn more about Alex, how he got started in this industry and his process in getting started as an entrepreneur. We also talk about making a deal, how to figure things out and the best ways to execute strategy.

Show Notes – S2E9: The Journey of a CRE Entrepreneur with Alex Zikakis Part I

Who is Alex [1:28]
How Alex got started in the industry [3:35]
- Alex’s path into this industry started after graduating with his undergrad.
- He got a job working on wall street as a commercial banking analyst for Meryl Lynch. He worked a variety of roles in that job.
- Once he was there, he realized he didn’t like it much at all.
- Because of that he thinks he probably didn’t do a phenomenal job because his heart wasn’t really in it.
- He became more and more drawn to the real estate industry.
Alex’s process and taking the leap as an entrepreneur [8:48]
- For him, he had a great first stop in the industry.
- Some of the projects were fairly complex.
Deal making [13:20]
- He learned how to underwrite, package big portfolios, etc.
- When he traded mortgages, it was about how do you put a deal together to make money.
What led to that moment [15:31]
- He had a lot of confidence that he would make his way.
- He was recently married and a 2-year old son, another child on the way, student loans and lots of payments.
- He thought life wasn’t going to get any cheaper the longer he would wait.
- He was ready to go and give things a shot. If things didn’t work out, it wasn’t the end of the world.
- The upside was greater than the downside.
Marketing of assets [21:40]
- It’s a different world today than it was in the past.
- It’s important to be really curious about a wide variety of things. Really spend time devouring information.
Executing strategy [29:30]
- Assets hadn’t been actively managed.
- If you could deliver capital and do what a good firm does, you could ride the recovery.
- Once he had that framework, it was sort of easy to execute at the asset level in that environment.

Resources from this Episode

Adventures in CRE: https://www.adventuresincre.com/
A.CRE Accelerator: https://www.adventuresincre.com/accelerator
Learn more about Alex Zikakis: https://capstoneadvisors.com/team/team-1/

Frequently Asked Questions about The Journey of a CRE Entrepreneur with Alex Zikakis Part I – S2E9

Who is Alex Zikakis?

Alex Zikakis is the President and Founder of Capstone Advisors, a diversified development and asset management company launched in 1996. Capstone has advised major financial institutions and managed hundreds of complex investment and development projects.

How did Alex get started in the industry?

After graduating from college, Alex worked on Wall Street as a commercial banking analyst at Merrill Lynch. Although he didn’t enjoy banking, the experience exposed him to real estate and deal-making, which ultimately drew him into the industry.

What was Alex’s first stop in real estate?

His first role in real estate involved working on fairly complex projects, where he learned the fundamentals of underwriting, packaging portfolios, and structuring deals that could make money.

What gave Alex the confidence to leap into entrepreneurship?

Despite student loans, family responsibilities, and financial obligations, Alex felt strongly that the upside of starting his own firm outweighed the downside. He believed that waiting would only make it harder and that failure would not be the end of the world.

What did Alex learn about deal-making early on?

He learned that deal-making is about more than numbers—it’s about structuring opportunities in a way that generates value, whether through trading mortgages, underwriting, or packaging large portfolios.

How has asset marketing changed since Alex began his career?

The world of marketing assets has evolved significantly with new technologies and data. Alex emphasizes the importance of staying curious, devouring information, and continuously learning about a wide range of factors influencing real estate.

What was Alex’s approach to executing strategy?

He recognized that many assets had not been actively managed. By delivering capital and applying disciplined management practices, he could position properties to ride broader market recoveries effectively.

What mindset does Alex recommend for aspiring CRE entrepreneurs?

He encourages confidence, curiosity, and a willingness to take risks when the upside outweighs the downside. Execution, persistence, and learning from each stage of the process are key to long-term success.