Episode 158: Eugene Gershman Real Estate Partners in Development
Summary
In business, there is an atmosphere of respect when it comes to longevity, especially in an ever-changing world of money, employees, politics, bylaws, and so much more. Today a fellow real estate developer joins me as we navigate the trenches of real estate development and partners you may not have thought of. Eugene Gershman joins me as we discuss his business model of co-development with land owners who may not have the want or the skillset to successfully build on their property. Not only is he doing this in Washington State but he is expanding. Join me as Eugene and I discuss partnerships through co-development.
Listen to the full episode :
This Week’s Blog Post:
Introducing Co-Development
Hi friends! I’m Dr. Jen, and in this episode of My Life as a Landlord, I had the pleasure of talking with Eugene Gershman about his unique approach to real estate development: co-development. Instead of landowners having to sell their property or tackle complicated projects alone, Eugene partners with them to bring their vision to life. His model allows landowners to contribute their land to a joint venture while Eugene and his team handle the design, financing, permitting, construction, and eventual exit strategy. Whether owners want to be highly involved or take a hands-off approach, his process adapts to each deal.
From Family Business to Development Partnerships
Eugene’s journey into co-development began over 20 years ago, when his father’s construction company partnered with developers on a project. By contributing equity and contractor services, they joined forces in a way that sparked Eugene’s passion for collaboration. Since then, Eugene has shifted from construction into full-time development, focusing on scaling projects while helping solve the housing crisis. His goal is to bridge the gap between owners who think development is too easy and those who believe it’s impossibly hard. With the right expertise and partnerships, he shows that successful development is achievable.
Choosing the Right Projects and Partnerships
When I asked about what he develops, Eugene explained that his focus is residential—everything from apartments and condos to townhomes and subdivisions. Lately, he’s been studying the market closely and sees opportunity in smaller, more affordable units like micro-apartments and cottages. He stressed that every partnership takes time—sometimes nine months or more—to build trust and alignment between his team and landowners. Financing is often the biggest hurdle, and Eugene insists that landowners invest in feasibility studies to show commitment before moving forward.
Expanding Beyond Seattle and Navigating Challenges
Although his company started in the Seattle area, Eugene is now fielding calls from across the U.S.—from New York to Texas, Florida, and Idaho. He said the key to success is assessing local municipalities, since cities are essentially another partner in any development project. Some cities welcome growth with open arms, while others impose bureaucratic delays. Scaling, he noted, comes down to people: good consultants and staff make it possible to take on more projects, while poor fits create setbacks. Transparency and shared details are critical to avoiding red flags in any co-development.
Final Lessons and Parting Words
Eugene closed with powerful advice for aspiring developers: don’t go it alone. Find a mentor, a partner, or a team you can learn from, because mistakes in development are costly. And remember—profit alone shouldn’t be your motivator. Real estate can create enormous value, but only if you approach it with the right mindset and preparation. His motto sums it up perfectly: “Do not sell your land. Develop it.”
This episode was recorded while I was in Canada, and it reminded me once again—real estate takes you places. Where do you want real estate to take you? Join me next week for Episode 159, where I’ll share more landlord insights and stories you won’t want to miss!