Jeff Bernstein and Laurence Elbaum

What began as Elbaum and Bernstein’s office brokerage has steadily turned into something closer to a full-spectrum real estate operating company.

As office leasing slowed, Bradford Allen accelerated its shift toward principal activity. In 2022, the firm formally launched a hospitality investment arm, and has since leaned into multifamily and hotels.

In suburban Chicago, Bradford Allen secured financing in 2024 for new apartment development and has continued assembling land in Arlington Heights, betting on long-term residential demand even as capital markets tightened. Outside Illinois, the firm bought a 100-room hotel outside Phoenix for $24 million and later sold a Florida apartment complex in Palm Beach County to industry giant Steve Ross.

The expansion hasn’t been seamless. In 2025, Bradford Allen sued CRG over a collapsed Chicago apartment sale, underscoring the execution risk that comes with transitioning from advisor to principal. The firm’s growing ownership footprint also exposes it to refinancing pressure that pure-play brokerages avoid.