Rally Realty Group
Sports-related real estate

We buy the buildings where people come to play.

Rally Realty Group invests in overlooked real estate where sports demand can turn ordinary property into busy, higher-value destinations: flex-industrial buildings with good bones, tennis and racquet clubs ready to be modernized, and sites for purpose-built facilities.

Rally is a subsidiary of Gould Investors L.P., a real estate firm investing since 1962.

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Indoor tennis courts at Maywood Racquets Club seen from the clubhouse viewing area
Maywood Racquets Club, Maywood, NJ51,600 SF · 8 indoor courts
How we invest

Real estate first, with the upside of the sport.

Ownership

We own the real estate

Our position starts with the land and the building. Where it makes sense we pair that with a stake in the operating business, so we share in what the courts earn and not just the rent.

Sourcing

We buy what others overlook

Racquet clubs and flex buildings are mostly held by small, local owners. That fragmentation lets us buy at going-in cap rates above 8% and add value most buyers never underwrite.

Operators

We back proven operators

We partner with people who already fill courts. Padel conversions, programming, hospitality and community uses drive lease-up, and a long-term owner gives operators room to build.

Why now

More demand for places to play than places to play it.

250M

Americans played at least one sport or fitness activity in 2025.

81M

Americans belonged to a gym, studio or fitness facility in 2025, an all-time high.

78%

of remote-capable U.S. employees worked hybrid or fully remote in May 2026.

30K

U.S. padel courts projected by 2030, up from about 1,200 in 2026 and fewer than 30 in 2020.

Sources: SFIA 2026 Topline Participation Report; Health & Fitness Association 2026 U.S. Consumer Report; Gallup Hybrid Work Indicator; The Padel State / USPA projection.

Current investments

Our first two investments, both in New Jersey.

Indoor courts at Maywood Racquets Club
263 West Passaic Street · Maywood, NJ

Maywood Racquets Club

51,600 SF indoor tennis and padel club 12 miles from Midtown Manhattan. Three indoor padel courts opened in September 2026.

OwnedReal estate + operating stake
Aerial view of 605 Glen Avenue in Moorestown
605 Glen Avenue · Moorestown, NJ

605 Glen Avenue

52,000 SF multi-tenant flex-industrial building on 8.78 acres, with indoor padel open now and land held for an outdoor expansion.

OwnedFlex-industrial conversion
Our affiliates

Backed by six decades of real estate investing.

Rally draws on the Gould organization's people and infrastructure: about 65 affiliate employees and roughly $2.5 billion of affiliate assets under management, with shared accounting, legal, billing and in-house property management.

Gould Investors L.P.Founded 1962
One Liberty PropertiesNYSE: OLP
BRT ApartmentsNYSE: BRT
Rainbow Realty GroupFunds I–IV since 2019
Majestic Property ManagementIn-house management
Work with us

Own a racquet club, flex building or sports site?

We look at racquet facilities, flex buildings and land for new clubs. Owners, operators, brokers and investors can reach us directly.

Contact Rally
Where we come from

The Gould organization has backed new real estate trends since the early 1960s.

Gould Investors L.P. began as Gould Properties Inc. in 1962. Over the following decades it took over BRT Realty Trust and One Liberty Properties, both now listed on the New York Stock Exchange, and turned BRT into a multifamily REIT.

In 2013 Gould moved into cannabis real estate, and since 2019 its affiliate Rainbow Realty Group has raised four funds and deployed about $225 million in cannabis-related real estate financing.

Rally Realty Group is the next step. We formed Rally in 2025 to invest in sports-related real estate and made our first investments in 2026 on Gould's balance sheet.

  1. 1962Gould Properties Inc. is founded with a public offering
  2. 1983Gould takes over BRT Realty Trust
  3. 1986Gould Investors L.P. converts into a master limited partnership
  4. 1989Gould takes over One Liberty Properties
  5. 2012BRT Realty Trust becomes a multifamily REIT
  6. 2013Gould enters cannabis real estate
  7. 2019Rainbow Realty Group raises the first of Funds I–IV
  8. 2025Rally Realty Group is formed
  9. 2026Rally makes its first investments in Maywood and Moorestown, NJ
65

affiliate employees across the Gould organization

$2.5B

approximate affiliate assets under management

200+

combined years of investment committee real estate experience

6

decades of niche real estate investing

The platform

What Rally gets from the Gould organization.

Gould Investors L.P.

  • Founded in 1962; a master limited partnership since 1986
  • Controlling shareholder of One Liberty Properties and BRT Apartments
  • General and managing partner of Rainbow Realty Group

Operating affiliates

  • One Liberty Properties (NYSE: OLP), a net lease sale-leaseback platform in 44 states
  • BRT Apartments (NYSE: BRT), with a 40-year record investing for Gould and outside investors
  • Majestic Property Management, in-house property management

Shared services

  • Accounting, billing, legal and property management
  • Access to personnel through a shared-services agreement
  • Underwriting support from Gould-affiliated investment committee members
What we buy

Four kinds of property, one thesis.

Flex-industrial buildings

Clear-span buildings with strong bones and adaptive-reuse potential, where courts and fitness tenants can sit alongside conventional users.

Existing racquet clubs

Tennis, racquet and indoor sports facilities that can be modernized, reprogrammed or partly converted to padel.

Land for ground-up clubs

Vacant sites for purpose-built indoor racquet and multi-sport facilities designed around how people play now.

Real estate with operating upside

Ownership of the property paired with a stake in, or a profit share from, the business that runs it.

How we add value

The levers we pull after closing.

Fragmented, mom-and-pop ownership lets us buy at going-in cap rates above 8%. From there we create value through:

Lease-upPadel court conversionsProgramming and coachingHospitality and food & beverageCommunity and event usesOutdoor expansions on excess land
Why padel

The fastest-growing racquet sport needs buildings.

Padel is a doubles game played on an enclosed court smaller than a tennis court, with glass back walls that stay in play. Three padel courts fit in the space of two tennis courts, which makes existing tennis buildings a natural fit.

The U.S. had fewer than 30 padel courts in 2020 and more than 1,200 in 2026. Industry projections call for about 30,000 by 2030. Courts need covered, clear-span space near dense suburbs, which is exactly what aging tennis clubs and flex buildings offer.

Court size
20 m × 10 m playing area
Footprint
About three padel courts in the space of two tennis courts
Format
Doubles, enclosed by glass and mesh walls
U.S. courts
<30 (2020) → 1,200+ (2026) → ~30K (2030 proj.)
20 m 10 m 6.95 m net glass
Padel court, top-down. Light blue edges mark the glass back walls, which stay in play.
Indoor tennis courts at Maywood Racquets Club viewed from the clubhouse
The indoor courts, seen from the clubhouse.
263 West Passaic Street · Maywood, NJ

Maywood Racquets Club

A three-building indoor racquet facility about 12 miles from Midtown Manhattan. The club converted two of its tennis courts into three indoor padel courts, which opened to the public in September 2026, alongside new lighting, resurfaced courts and a rebuilt coaching and adult program.

Building
51,600 SF across three buildings
Site
±1.9 acres
Courts
5 indoor tennis, 3 indoor padel, plus clubhouse
Structure
Stake of about 25% in the business and real estate
Status
Owned
Aerial view of the flex-industrial building at 605 Glen Avenue
605 Glen Avenue from above.
605 Glen Avenue · Moorestown, NJ

605 Glen Avenue

A multi-tenant flex-industrial building that already housed sports and wellness users when we bought it. We added three indoor padel courts inside the building and opened them quickly with an operating partner. About 3 acres of excess land are held for a larger outdoor padel expansion, and the site carries brewery entitlement upside.

Building
52,000 SF flex-industrial
Site
8.78 acres
Sports tenants
3 indoor padel courts (HiPadel), Players Courtyard Pickleball, Ninja Fitness Zone, Strive Physical Therapy
Upside
Outdoor padel on excess land, subject to approvals
Status
Owned

More in the pipeline

Additional racquet club investments in the New York metro area are in process. If you own a facility, building or site that fits, we want to hear about it.

Submit a property
Matt Gould

Matt Gould

Chairman & CIO
  • Chairman & CEO of Gould Investors L.P.
  • Chairman of One Liberty Properties
  • Director and Senior Vice President of BRT Apartments Corp.
Kyle Shenfeld

Kyle Shenfeld

Chief Executive Officer
  • Associate General Counsel of Gould Investors L.P.
  • Founder and CEO of Rainbow Realty Group
  • Formerly in the real estate department of Herrick Feinstein LLP
kyle@rallyrg.com Playtomic 3.3
Zach Gould

Zach Gould

President
  • Associate General Counsel of Gould Investors L.P.
  • Leasing Director at Gould Investors L.P.
  • Strategic advisor to Rainbow Realty Group
zach@rallyrg.com Playtomic 3.5
Ben Bolanos

Ben Bolanos

Chief Operating Officer
  • Former Vice President of Acquisitions at One Liberty Properties
  • Former Associate at Panther Properties Investment LLC
ben@rallyrg.com Playtomic 3.4
Tyler Gilliam

Tyler Gilliam

Vice President
  • Former Acquisitions Analyst at Alliance Manufactured Homes
  • Former EVP of Business Development at Realogy Title Group
  • MS in Real Estate Development, New York University

Got a club that needs a partner?

We're always looking for operators and owners to build with.

Say hello
Properties & partnerships

Selling a club, building or site?

Send us the address, size and a few photos. We look at existing racquet and indoor sports facilities, flex-industrial buildings and land for purpose-built clubs. We also partner with operators looking for a long-term real estate owner.

zach@rallyrg.com

Zach Gould, President

Send us a note

Tell us about your property or question.

Messages go straight to our team.

Reach the team

Talk to us directly.

Zach Gould
Zach GouldPresident
zach@rallyrg.com
Kyle Shenfeld
Kyle ShenfeldChief Executive Officer
kyle@rallyrg.com
Ben Bolanos
Ben BolanosChief Operating Officer
ben@rallyrg.com
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