Independent Advisory Services

Real Estate Investment Consulting for Private Investors and Family Firms

Services We Offer

Services are fully customizable, ranging from objective investment review to model audits, deal structuring, due diligence support, or complete outsourcing of the investment process, depending on each investor’s needs and internal capabilities.

Board/IC Level Review

Peer Review Services

After sourcing a real estate investment, a client may desire a second opinion from an independent expert team. Adzel Advisory will leverage its experience and expertise to provide the following services:

  • Review the Investment Committee or Board Materials provided by the client
  • Request additional information which might be required to deliver a comprehensive review.  Such requests might include:
  • The financial model and assumptions
  • A due diligence checklist 
  • Partner information/background (if applicable)
  • Certain due diligence information not included in the materials
  • Analyze the investment, deal structure, capital stack, and returns
  • Utilize industry leading software and automation tools (especially the proprietary Truss Software™) to provide robust scenario analysis and iterative insights

Strategic Review

Adzel Advisory can work with clients to clarify and focus investment strategy to determine how (and perhaps whether) direct real estate investment fits into the overall portfolio.  In this collaborative process, Adzel Advisory and the client, would:

  • Establish strategic objectives for direct real estate
  • Review the source of funding and implications for execution
  • Survey investment targets based on desired deal size, risk profile, and preferences
  • Deal sourcing – Adzel Advisory will generate a deal sourcing strategy designed to be be responsive to client objectives

Incremental Support Services

Reinforce Internal Resources

Adzel Advisory adjusts its service offerings to fit the investor’s internal staffing, moving along a gradient from passive review to active participation, as needed.  These incremental support services include performing tasks that would be served by internal management personnel in an institutional context. These supplemental services can include:

  • Create/review Argus File
  • Create/review Excel Proforma
  • Review leases (if applicable)
  • Investment Committee Materials Preparation and Review

Outsourced Execution

Deal Team for Hire

At its most comprehensive, Adzel Advisory could serve as the deal team for a client seeking to outsource its direct real estate investment function.  In addition to the supplemental services outlined above, Adzel Advisory would expand its services to include the following:

  • Execute strategy based on the results of the strategic review, described above
  • Create due diligence budget
  • Engage third party providers (if desired by client)
  • Assist in negotiation and documentation

Executive Team

Adzel Advisory is the collaboration of two-industry-leading professionals reuniting to deliver a unique, high impact service offering.

Clay Adams

Partner and Co-Founder

Clay Adams is a senior real estate investment executive with 35 years of experience, having led more than 300 transactions for a diverse group of U.S. and international investors, most recently for a prominent private, family-owned investment firm.

From 2014 to 2025, Mr. Adams served as President of Real Estate for Pacolet Milliken, where he led real estate strategy and execution for the newly formed investment holding company. During his tenure, Pacolet achieved a 21.0% weighted average IRR on fully realized investments across multiple asset classes, including industrial, multifamily, residential, office, retail, land, and medical. Under his leadership, the firm completed more than 100 transactions spanning merchant development, long-term cash flow acquisitions, and the development, contribution, or sale of legacy land holdings.

Prior to Pacolet, Mr. Adams was a Partner at Childress Klein Properties, where he led Childress Klein Investment Management, which evolved from MXA Capital, an advisory firm he co-founded in 2011. Earlier in his career, he held senior leadership roles at Jamestown Properties, WestWind Capital Partners, Wells Real Estate Funds, and Goddard Investment Group.
Mr. Adams earned his undergraduate degree from Davidson College and his MBA from Emory University.

Todd Zeldin

Partner and Co-Founder

Todd Zeldin is the CEO and Founder of ACG Professionals, a leading due diligence and analytical consulting firm he established in 1992. Under his leadership, ACG has advised more than 100 US and International clients and evaluates tens of billions of dollars in commercial real estate annually, processing thousands of leases each year. The firm provides critical transaction support across lease abstracting, financial due diligence, and advanced analytical services, with a particular focus on complex real estate investments.

In addition to ACG, Mr. Zeldin is a co-founder of Truss Software™, a technology company delivering Robotic Process Automation (RPA) solutions designed to improve speed, accuracy, and operational efficiency across real estate data workflows.

Mr. Zeldin is a frequent guest lecturer at leading academic institutions, including Harvard University, Emory University, Columbia University, UNC-Chapel Hill, Vanderbilt University, and Georgetown University. He has also presented at numerous professional organizations, including GSCPA, IREM, BOMA, NAIOP, REALCOMM, CoreNet, and ICSC, and is widely recognized as a thought leader in real estate analytics and due diligence.

He earned his undergraduate degree from Indiana University and his MBA from the Haas School of Business at the University of California, Berkeley.

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