How a Family Office Really Analyzes Real Estate Deals (From $1B of Experience) with Jason King, Director of Real Estate and Impact Investing for Lewis and Clark Holdings

Jason King is the Director of Real Estate and Impact Investing for Lewis and Clark Holdings, the Hillman family office, where he oversees investments across real estate, clean energy, affordable housing and tax-related strategies. Over his career, Jason has invested close to $1 billion across more than 4,000 multifamily units, student housing, industrial, and medical office properties. He shares how his path from rural Michigan to urban planning, affordable housing development in Chicago, and ultimately landing in St. Louis shaped his empathetic, community-focused approach to capital allocation.In this conversation, Jason and Raj dive into how family offices think about risk, partners, and long-term holds; why tax credits and clean energy are powerful but complex tools; and how Lewis and Clark evaluates deals across multifamily, industrial, senior housing and solar. Jason unpacks a case study in innovative skilled nursing (“cottage” model vs legacy facilities), explains why reputation and alignment with partners are non-negotiable, and talks candidly about the challenges and opportunities in St. Louis—transit, density, regional collaboration, and downtown perception. They also explore where development still pencils, which asset types look compelling over the next 10–20 years, and Jason’s “hole in one” advice: there’s no such thing as a good deal with a bad partner.Connect with the HostTwitter: ⁠twitter.com/ItsRajTut⁠LinkedIn: ⁠https://www.linkedin.com/in/rajtut/Instagram: ⁠instagram.com/ItsRajTut⁠TikTok: ⁠https://www.tiktok.com/@itsrajtutConnect with our GuestLinkedIn: https://www.linkedin.com/in/jason-king-1239244/Timestamps for Key Segments00:00:00 How Jason approaches research, expertise, and networking when entering new asset classes00:01:03 Jason’s background: rural Michigan, urban planning, affordable housing, and career path before St. Louis00:07:05 Early real estate lessons: managing zoning hearings and navigating diverse stakeholder interests00:10:19 Jason’s perspective on St. Louis: strengths, challenges, and regional collaboration00:14:32 What Lewis & Clark Holdings is and how a family office operates00:16:09 Understanding tax credits, affordable housing finance, and the move into clean energy00:23:35 Real estate strategy: acquisitions vs development, long-term holds, partner selection, and risk00:27:17 Case study: the “cottage model” skilled nursing investment and how COVID validated it00:38:34 Asset classes for the next decade: multifamily, shallow-bay industrial, data centers, and solar00:56:29 Jason’s hole-in-one advice: there’s no such thing as a good deal with a bad partnerThis podcast is brought to you by Storyboard Living. If you're looking to sell us a 40+ unit multifamily property in the St. Louis region, or another part of MO/IL, please email [email protected] Connect with us at our Website: https://storyboardliving.com/LinkedIn profile:  https://www.linkedin.com/company/storyboard-living/