Marble Capital Taps Hines Veteran to Helm New Open-End Fund Strategy

HOUSTON, TX – February 24, 2026 – Houston-based investment firm Marble Capital is making a significant strategic push, announcing the hire of industry veteran Doug Goff to spearhead a new open-end investment strategy. The move signals the firm's ambition to expand its platform and diversify its offerings, even as the broader real estate market navigates a period of uncertainty marked by interest rate volatility and shifting capital flows.

Goff, who joins as a portfolio manager, brings over 18 years of real estate investment and portfolio management experience, most recently from global real estate giant Hines. There, he served as a senior managing director of investment management, overseeing strategic separate accounts from both London and Houston. His extensive background includes managing strategies for non-traded REITs and institutional funds, making him a key asset for Marble Capital's latest venture.

"Doug is an industry veteran with deep investment experience and a strong track record in portfolio management," said Adam Allen, Co-Founder and Managing Principal at Marble Capital. "We believe that our platform is well-positioned to deliver outsized returns for our investors through up and down cycles, and Doug's hire will help us execute on this goal."

For his part, Goff expressed enthusiasm for the new role, citing the firm's unique market position. "Joining the team at Marble Capital is a rare opportunity to join a best-in-class real estate investment manager and partner with an exceptional team with shared values," Goff stated. "Marble is unique in offering a differentiated investment strategy with the ability to create value throughout cycles."

A Strategic Pivot to Open-End Investing

The launch of an open-end fund marks a tactical evolution for Marble Capital, which has historically focused on closed-end private equity funds. Unlike closed-end funds that have a fixed lifespan and raise a set amount of capital, open-end funds are perpetual vehicles that can continuously accept new investment and allow investors to redeem shares periodically. This structure offers greater liquidity and flexibility for investors seeking long-term exposure to real estate with the potential for steady income.

By introducing an open-end strategy, Marble Capital is positioning itself to attract a different profile of investor—one that may prioritize long-term holds, consistent cash flow, and portfolio stability over the fixed-term, higher-risk/reward profile of traditional private equity. This move is particularly astute in the current economic climate. The perpetual nature of an open-end fund allows managers to navigate market cycles without the pressure of a forced exit, rebalancing the portfolio as conditions change. Goff's experience with non-traded REITs, which often share structural similarities with open-end funds, makes him uniquely qualified to build and manage this new platform.

This strategic diversification allows Marble to offer a more comprehensive suite of products, catering to varying investor appetites while providing a more resilient and streamlined vehicle for managing its growing portfolio of assets.

Defying Headwinds in the Sunbelt

While expanding its fund structure, Marble Capital remains firmly committed to its core investment thesis: multifamily properties in high-growth Sunbelt markets. Despite a national real estate recovery that has been described as uneven, the firm has experienced robust growth, recently surpassing $3.3 billion in assets under management. It has invested in the development or acquisition of approximately 60,000 multifamily units, capitalizing on what it sees as powerful, long-term demographic trends.

The Sunbelt multifamily market, however, is not without its challenges. Many markets are currently grappling with a near-term oversupply of new units, a hangover from the construction boom of recent years. This has led to rising vacancy rates and a moderation in the rapid rent growth seen post-pandemic, with some analysts predicting a slow recovery extending into 2026.

Yet, Marble Capital's strategy appears focused on the long game. The firm's leadership believes that strong underlying fundamentals—including sustained job creation, population growth, and the persistent unaffordability of single-family homes—will ultimately drive strong renter demand and absorb the current supply glut. A construction slowdown, with starts now well below their 2023 peak, is also expected to help the market rebalance over time.

The firm’s confidence is backed by significant institutional capital. In 2025, Marble secured a $300 million commitment from one of the nation's largest university endowments for its flagship strategy, a clear endorsement of its approach. The new open-end fund, led by Goff, will likely serve as another powerful tool to execute this long-term Sunbelt strategy, allowing the firm to acquire and hold assets through the current period of market softness and capitalize on the eventual recovery.

Expanding Horizons into Opportunity Zones

In addition to launching its open-end strategy, Marble Capital is also finalizing a new initiative focused on Qualified Opportunity Zone (QOZ) investments. This move is exceptionally timely, coming on the heels of major federal legislation that has reinvigorated the QOZ program.

The "One Big Beautiful Bill Act," signed into law in July 2025, made the QOZ program permanent, eliminating its original 2026 sunset date and establishing a recurring 10-year process for designating new zones. More critically for real estate developers, the legislation introduced powerful new incentives, particularly for investments in designated rural areas. These include a reduction in the "substantial improvement" threshold from 100% to 50% for properties in rural QOZs, making redevelopment projects more financially viable.

By developing a dedicated QOZ strategy, Marble Capital is positioning itself to leverage these enhanced tax benefits for its investors and development partners. The program's focus aligns well with the firm's expertise in multifamily development and could unlock new projects in previously overlooked communities, particularly those benefiting from the new rural incentives. This expansion into QOZs demonstrates a multi-pronged growth strategy, diversifying not just by fund type but also by leveraging specialized, tax-advantaged investment programs.

"We believe this is an exciting time, both in the market cycle and for our firm's growth," said David Oelfke, co-founder and managing principal. "Our goal is to deliver investors consistent, high-quality returns by capitalizing on strong demographic tailwinds. People are what really matter and the bedrock of our platform is decades of investment and management experience."

This focus on experienced leadership is evident in Goff's hiring and the firm's broader growth. Over the past decade, Marble Capital has expanded its team to 40 professionals and earned recognition as one of the top 100 largest private equity real estate firms in the world by PERE in 2025, underscoring its rapid ascent and strategic positioning in a complex and evolving industry.