Cody Leivas
Principal & Managing Partner, Bluebird CRE
Cody Leivas is Principal & Managing Partner at Bluebird CRE, the syndication platform acquiring value-add Midwest industrial real estate — small-bay, IOS, and single-tenant net-lease assets — for accredited investors and family offices. He underwrites every acquisition, leads the capital raise, and oversees asset management alongside Summit Real Estate Services.
He began his career underwriting commercial loans at Partners Bank of California before founding Leivas Real Estate Company in 2021 to invest as a principal. He has been involved in $750M+ of commercial real estate transactions, the majority in Midwest industrial.
Cody holds a Master of Science in Real Estate from Chapman University, a Master of Investment Management & Financial Analysis from Creighton University, and a B.S. in Finance from Azusa Pacific University.
His writing here is educational market commentary, not investment advice or an offer to sell securities.
Articles by Cody
Below Replacement Cost, Explained
What replacement cost means in industrial real estate, how we estimate it, and why buying under it caps downside — a St. Louis example.
Jul 13, 2026 Market ReportsSt. Louis Industrial Real Estate: Market Report
St. Louis industrial market: vacancy, rents, absorption, and why below-replacement small-bay product in the Earth City corridor stays mispriced.
Jul 10, 2026 Market ReportsMidwest Industrial Outlook — Q3 2026 Market Report
Midwest industrial outlook for Q3 2026: vacancy, rents, absorption, and cap rates across our five core metros, read through a below-replacement lens.
Jul 7, 2026 Passive InvestingAccredited Investor Requirements for Private Real Estate
Who qualifies as an accredited investor — the income and net-worth tests, why Reg D 506 deals require it, and what the subscription process involves.
Jun 25, 2026 Tax & StructureCost Segregation & Bonus Depreciation for Industrial Investors
How cost segregation and bonus depreciation can shelter passive income for limited partners in industrial real estate deals — the mechanics, explained.
Jun 15, 2026 Deal AnatomyAnatomy of a Small-Bay Industrial Deal
How Bluebird underwrites a sub-$10M small-bay industrial acquisition — basis, in-place vs. market rent, the value-add lever, and downside discipline.
Jun 13, 2026 Passive InvestingHow Industrial Real Estate Syndications Work
A plain-English guide to how real estate syndications are structured — GP/LP roles, the PPM, distributions, and the capital event — for accredited investors.
Jun 11, 2026 Market ReportsMilwaukee Industrial Real Estate: Market Report
A data-driven look at the Milwaukee industrial market — vacancy, rents, submarkets, and why below-replacement small-bay product is mispriced.
Jun 9, 2026Invest in Midwest industrial with Bluebird
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