Two brothers from Syracuse, New York, have built a commercial real estate portfolio valued at over $200 million, a venture that began with purchasing and renovating $1 homes. Greg and Colin Cleghorn, founders of IronHorn Enterprises, now control a vast network of warehouses and industrial facilities across 17 states.
Their journey started in 2014 with a focus on distressed residential properties. After achieving significant success in the housing market, they strategically pivoted to industrial real estate, capitalizing on the rising demand driven by e-commerce.
Key Takeaways
- Greg and Colin Cleghorn started by buying $1 foreclosed homes in Syracuse in 2014.
- They built a residential portfolio of 120 properties with 200 apartments over six years.
- The brothers sold their residential holdings for $15 million to pivot to commercial real estate.
- Their company, IronHorn Enterprises, now owns over 1 million square feet of industrial space valued at over $200 million.
- Their core strategy involves buying undervalued properties, renovating them, leasing to long-term tenants, and refinancing to fund new acquisitions.
From Distressed Housing to a Residential Portfolio
The Cleghorn brothers' entry into real estate was grounded in a simple, effective strategy. Beginning in 2014, they targeted run-down, single-dollar homes, many of which were acquired through foreclosure auctions. Their hands-on approach involved remodeling these properties and converting them into rental units.
Over a period of six years, this method allowed them to accumulate a substantial portfolio. According to their company website, they grew to manage 188 residential units spread across more than 100 different properties. This initial phase provided the capital and experience necessary for their next major move.
Syracuse Market Conditions
The brothers' initial success was bolstered by favorable conditions in the Syracuse residential market. In the first quarter of 2025, the city's median home price increased by approximately 18% year-over-year to $234,300, marking the largest annual price gain in the United States, according to the National Association of Realtors®. This rapid appreciation created a fertile ground for their renovation-focused business model.
The significant growth in local property values, combined with a sharp decline in housing inventory, amplified the returns on their investments. Realtor.com® analyst Hannah Jones noted that housing inventory in Syracuse fell from 1,500 homes in 2019 to just 560 in early 2025, creating intense demand.
A Strategic Shift to Industrial Real Estate
As their residential business thrived, the brothers identified a more lucrative opportunity in the commercial sector. Colin Cleghorn, who had a background as a commercial real estate agent, observed the explosive growth of e-commerce and the corresponding surge in demand for warehouse space.
This insight prompted a major strategic pivot. They sold their entire residential portfolio for $15 million, using the funds to enter the industrial real estate market. The transition was driven by a desire for a more scalable and less management-intensive business model.
"These guys were making the most money,” Colin explained in an interview with NYC Empires. "They buy these big box buildings, lease them out, and when a tenant leaves, they just put in another one."
The brothers found that commercial tenants offered greater stability. Unlike residential renters, industrial clients typically sign long-term leases of five to ten years and handle their own property maintenance. This eliminated common landlord issues like late-night calls for repairs, allowing the Cleghorns to focus on acquisitions and growth.
Building the IronHorn Enterprises Portfolio
With their new focus, the Cleghorns established IronHorn Enterprises and began acquiring commercial properties. Their first purchase was a vacant building for $1 million, which they successfully leased to an electrical contractor after renovations.
This initial success validated their new strategy, which they replicated on an increasingly larger scale. The company's growth has been rapid, fueled by what they describe as a "hands-on, aggressive acquisition culture." Their team reportedly makes over 200 cold calls daily to find off-market properties across the country.
Rapid Asset Growth
- 2018: Expanded into the commercial market.
- May 2023: Reached $100 million in total assets.
- Current: Portfolio valued at over $200 million, with more than 1,000,000 sq. ft. of commercial space.
IronHorn Enterprises now employs over 60 people and continues to expand its footprint. The company's website highlights its growth, stating they have repeatedly "broken growth barriers."
Major Acquisitions and Future Outlook
The company's strategy has led to several high-profile acquisitions in the Syracuse area, which is experiencing an economic revival. A key factor is the planned $100 billion semiconductor plant by Micron Technology, which is expected to bring thousands of jobs and attract national companies to the region.
Greg Cleghorn commented on the changing landscape to Syracuse.com.
"All of a sudden, Syracuse has kind of hit the radar with Micron coming. You’ve got national tenants coming into the market fighting over industrial space that’s in limited supply.”
Capitalizing on this, IronHorn made its largest acquisition to date, purchasing the former Rite Aid distribution center in Clay, New York, for $27 million. The facility's proximity to the future Micron plant makes it a strategic asset.
In another significant deal, they bought an 80,000-square-foot warehouse on Hiawatha Boulevard East for $2 million. True to their model, they immediately began renovations, including a new roof, and secured Beak & Skiff Apple Orchards as a tenant.
The brothers' formula remains unchanged: buy properties at a low cost, improve them, secure long-term leases, and then refinance to pull out capital for the next acquisition. This cycle of investment and reinvestment continues to fuel the expansion of their $200 million empire, which started with a few $1 homes.
