How One Investor Built a $130M Multifamily Portfolio with Arn Cenedella | 028

In this episode of Accredited Investors Only, I’m joined by Arn Cenedella, founder of Spark Investment Group and a real estate veteran with more than 35 years of hands-on experience. Arn walks us through his journey from being a realtor in Silicon Valley to building a multifamily portfolio in Greenville, South Carolina, where he’s now a general partner in over 1,100 units and limited partner in another 500.We explore his transition from single-family homes to multifamily syndications, how he identified his strengths and weaknesses, and how building the right team helped him scale successfully. This conversation is packed with real-world insight on market selection, operational execution, capital raising, and staying aligned with your investment principles. Whether you’re new to multifamily or scaling your portfolio, Arn’s thoughtful approach will give you plenty to think about.EPISODE TIMELINE & HIGHLIGHTS[0:00] – Introduction[5:00] – Arn’s background in real estate and what drew him to multifamily investing[9:00] – Moving across the country and rebuilding his portfolio from the ground up[12:00] – Why finding the right operating partner was key to scaling effectively[14:00] – Understanding your strengths: visionary vs. integrator roles in real estate partnerships[18:00] – How Spark Investment Group finds and evaluates off-market deals[20:00] – The power of deep local market knowledge and why Greenville became their niche[23:00] – Watching for signs of gentrification and market momentum[26:00] – Arn’s perspective on migration trends and economic growth in South Carolina[29:00] – The impact of new development on rent growth and underwriting assumptions[33:00] – Value-add strategies ranging from cosmetic updates to operational overhauls[36:00] – How Spark structures their investor deals and focuses on long-term performance[41:00] – Raising capital in a noisy market and building trust through repeat investorsFIVE KEY TAKEAWAYSKnow your strengths – Arn identified early on that he was great at finding deals and building relationships, but needed partners strong in operations and systems to scale successfully.Go deep, not wide – Rather than chasing hot markets, Arn focused on becoming a local expert in Greenville, SC, where he leverages in-person insight and community relationships.Respect the power of partnerships – Arn’s business thrives because he aligned with people whose skills complemented his own. Together, they built a sustainable and high-performing team.Value-add is more than renovations – Whether through improving operations or light renovations, Arn tailors each strategy to the property—sometimes small changes deliver big results.Trust is your capital-raising advantage – Arn has built a strong base of repeat investors by doing what he says and putting their interests first. In his words, “if we don’t win for them, we don’t win at all.”LINKS & RESOURCESWebsite: https://investwithspark.com/CLOSING REMARKIf you got value from this episode, please take a moment to follow the show, leave a review, and share it with someone you know who’s on their real estate journey. Every share helps us build a stronger community of like-minded investors looking to live the accredited life.