Doing well by doing good comes naturally to Alex Rozenfeld, Barry Cohn, and Alyona Doubrovina, founding partners at Freshwater Investments. Freshwater is a real estate investment company that owns 13 multi-family properties in five states, providing sound returns for close to 300 investors and comfortable, safe, and affordable homes for 1,400 individuals and families.
The company is built on a commitment to social responsibility that’s grounded in tikkun olam (repairing the world). Adding value to the lives of both their investors and residents is at the heart of everything they do.
Alex started the company in 2015, ten years after earning his MBA at Thunderbird Business School with the help of an interest-free student loan from Hebrew Free Loan. As a newly arrived immigrant from Ukraine — he came to the U.S. in his early 20s with his parents — his dream was to attend business school. But he wasn’t sure how he would afford it until he read about our interest-free loans in a Russian-language newspaper.
Freshwater’s first property was a 44-unit apartment building in Arizona, which Alex purchased with six other investors. His vision was to increase the building’s value through renovations and improved management, while also enhancing the quality of life for tenants and using green technologies to protect the environment. The project was a success, generating twice the promised returns, and Alex knew he was onto something.
He also knew he would need a partner to grow the business to scale. He turned to his friend and mentor, Barry Cohn, who was already working as a commercial real estate broker at Cushman and Wakefield.
Barry and Alex originally met as volunteers at the San Francisco Jewish Federation and Endowment Fund. Alex was joining the Federation’s finance committee, and Barry was asked to mentor this new member. Alex and Barry became friends, discovering many common interests, and Barry quickly agreed to partner with Alex and his wife, Alyona Doubrovina, in building Freshwater Investments.
Alex, Alyona, and Barry all talk about the importance of creating community. When they buy new properties, they take responsibility for the people who live there, finding ways to support residents in engaging more deeply with each other. Depending on the property and the residents’ desires, they might add a dog park or a playground, renovate a clubhouse, update a gym, or create a community garden.
At the end of the day, it’s a win-win strategy. If people are happy where they live, they stay longer, contributing to each property’s stability and adding value for investors. Alex, Barry, and Alyona all believe that there are enough resources to go around. By committing to community and collaborating instead of competing, all can be successful.
Joining the Hebrew Free Loan Business Circle was a natural next step for Freshwater. While all three of the partners are deeply engaged in the local Jewish community on a personal level, until recently their company’s charitable giving was focused on the locales where they own property (all of which are outside of California). Hebrew Free Loan is the first local Jewish organization they’re supporting as a business.
“We joined the Business Circle because we live here, and our own community is here. Supporting Hebrew Free Loan is a way for Freshwater to be part of strengthening our local community.”
Each of the partners has a deep personal connection to Hebrew Free Loan. The loan Alex received to attend Thunderbird Business School helped him launch his career. It’s also where he met Alyona, who had immigrated from Russia in her early 20s and was studying at Arizona State University for her master’s degree in information management. Alex is proud to be a member of our Full Circle Club, giving back in appreciation of the support he received. Both Alex and Alyona are grateful for how the community stood up for Soviet Jews and helped them build new lives here.
Barry doesn’t remember a time when he didn’t know about Hebrew Free Loan. His father, Len Cohn, z”l, was a longtime member and past president of our Board of Directors. Although Hebrew Free Loan was only one of many Jewish organizations Len was involved with, Barry remembers it as among his father’s favorites. Today, Barry serves on our Advisory Council and sees his connection to us as an important way to honor his father’s memory.
One of Alex, Barry, and Alyona’s goals with Freshwater Investments is to make the benefits of owning real estate accessible to more people. Investing with Freshwater allows individuals and families to reap the benefits of owning real estate with a modest capital investment and without the responsibilities of managing it themselves. It offers a way for people to diversify their retirement accounts and build wealth for the next generation.
Each of the partners has invested their own capital in Freshwater, and they’re always eager to talk with others who are interested in joining them. Alex, Alyona, and Barry have personal relationships with each of their investors, and they take seriously the trust on which those relationships depend.
“Freshwater is risk averse. We make sure that our investments are sound and not over-leveraged. We want to do right by our investors. We don’t want them to be harmed in any way, and we want to deliver the returns we’ve promised.”
Freshwater’s mission is to care about people: investors, tenants, employees, and the broader community. We’re proud to count them as a member of our Hebrew Free Loan Business Circle.
