Durable Value: An Investor's Podcast

Hosted by Graceada Partners

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Latest episode

Jul 2026

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EN-US

About the show

Commercial Real Estate Veterans, Joe Muratore and Ryan Swehla, demystify Commercial Real Estate Investing with an inside look into the strategies they use on a day-to-day basis at their company: Graceada Partners.

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August 19, 2026Episode 9730 min

Durable Value Ep 97 | The Emerging Manager Journey: What it Really Takes to Compete

What does it really take for a real estate operator to transition into the institutional space? In this episode, we feature a conversation from the Next Gen Capital Conversations podcast, where Ryan sits down with Jeff Dorman of IREI and Heather Fernstrom, co-founder and managing partner of Alliance Global Advisors. They discuss the inflection points that lead operators toward institutional capital, the organizational evolution required to get there, and the significant time and resources needed to build an institutional-quality platform. Ryan also shares Graceada Partners’ journey from its first fund to a fourth fund supported primarily by institutional capital. Whether you’re an operator considering the next stage of growth or an emerging manager already building toward institutional partnerships, this conversation offers a candid look at what it takes to earn investor confidence and scale intentionally. 0:00 — Introduction & guest introductions 2:31 — What triggers operators to seek institutional capital 4:07 — Defining institutional readiness: the must-haves 6:05 — Where managers misjudge: time, resources & message consistency 11:02 — Ryan's journey: from Fund I to institutional capital 18:18 — Advice for emerging managers: know your alpha & prepare for the process 24:32 — Standing out among 1,200 competing investment programs

July 29, 2026Episode 9614 min

Durable Value Ep. 96 | Risk Perception vs. Reality in Real Estate

In this episode of Durable Value, Joe and Ryan discuss how most institutional investors skip secondary and tertiary real estate markets; but what if the "perceived risk" is actually lower than primary markets? Here we break down the data behind secondary market investing: why volatility is lower, why liquidity is stronger than you'd expect, and why institutional capital clustering in gateway cities may be the real risk. We also share a real-world example of selling an office building in 2026, and generating a 16% gross IRR, to prove the thesis. 0:00 – Introduction: Secondary Markets & The Risk Mispricing Thesis 1:28 – The 20-Year Data Study (GFC, COVID, Rate Hikes) 4:36 – Institutional Capital as a Predictor of Oversupply 5:07 – Why Capital Clusters in Primary Markets (Career Risk & Benchmarks) 7:01 – The Liquidity Myth: Where Transactions Actually Happen 8:04 – Are Secondary Markets Becoming Institutionalized? 11:34 – How to Execute: Macro Trends + Local Boots on the Ground

July 8, 2026Episode 951 hr 29 min

Durable Value Ep. 95 | Leading Voices in Real Estate with Matt Slepin

In this episode of Durable Value, Joe and Ryan join Matt Slepin on his podcast, Leading Voices in Real Estate, to share how they built a real estate firm by investing where institutional capital rarely goes.They break down why secondary and tertiary markets outperform the headlines, how they source off-market deals, and what "lower middle market private equity" looks like in real estate. 0:00 – Introduction & episode preview 0:14 – Meet Joe & Ryan: Co-founders, 40-year friendship, and the origin of Graceada 4:12 – Business overview: multifamily + multi-tenant industrial, $1B AUM, vertical integration 4:44 – "Secondaries are the new primaries" — the thesis behind Western US secondary & tertiary markets 18:10 – Off-market deal sourcing: the reverse funnel, broker relationships & 20 offers per close 28:10 – Debunking 3 misconceptions: liquidity, performance, and volatility in secondary markets 41:12 – Real deal breakdowns: The Lofts (232 units, Fresno) & Elk Grove Industrial 1:06:14 – Advice for young people entering real estate & lessons from a 40-year partnership

July 8, 2026Episode 9414 min

Durable Value Ep. 94 | Using Lessons from the GFC to Navigate Today's Market

In this episode of Durable Value, Joe and Ryan break down the parallels between the 2008 Global Financial Crisis and today's commercial real estate environment and, more importantly, what actionable steps investors should be taking right now. Timestamps: 0:00 — Intro: GFC vs. Today's Market Overview 2:06 — It's a Financing Problem, Not a Real Estate Problem 3:30 — Cap Rate Expansion: Then vs. Now 5:13 — Where We Are in the Distress Cycle (Early Innings) 8:19 — The Winning Playbook: Liquidity, All-Cash Deals & Staying Power 10:36 — Why Secondary Markets Are More Insulated 13:03 — Key Lessons: Buy Well, Use Conservative Leverage, Grow NOI Fast

May 27, 2026Episode 9344 min

Durable Value Ep. 93 | A Conversation with Jen Stevens, Co-founder of Alliance Global Advisors

In this episode of Durable Value, Ryan sits down with Jen Stevens, co-founder and managing partner of Alliance Global Advisors, to discuss what it takes to build an institutional-caliber real estate investment firm. Jen shares her 17-year journey at the Townsend Group, the founding story of Alliance, and how they've helped over 50 real estate managers — collectively overseeing a trillion dollars in assets — compete and grow. From emerging manager strategy to private wealth distribution, alignment of interest, and career advice, this episode is packed with insight for anyone in the real estate investment industry. 0:00 – Introduction: Meet Jen Stevens & Alliance Global Advisors 0:49 – Jen's career begins at the Townsend Group (2004) 2:50 – The founding of Alliance Global Advisors in 2020 3:56 – What Alliance does: Advising GPS to become better partners 5:54 – 50+ managers advised, over $1 trillion in AUM served 7:27 – Pennsylvania PSERS commits $90M to Fund IV: A milestone moment 13:05 – The case for specialization in real estate strategies 16:01 – Core vs. non-core real estate: Understanding the bifurcation 16:52 – How core real estate fits (and is shifting) in institutional portfolios 21:12 – Lessons from the GFC: Vintage year diversification & tactical investing 23:06 – The changing capital base: Why every manager must think about private wealth 26:16 – Private wealth real estate allocation: Still in early innings 29:21 – Building Alliance's private wealth expertise: Hiring Kurt Edwards 31:39 – Alignment, transparency & governance for emerging managers 33:21 – What true transparency looks like with institutional investors 34:28 – Alignment of interest: Compensation, succession planning & investment committees 37:59 – Career advice: Stay true to your values and your purpose 39:30 – The power of being close to the capital (and the customer)

May 6, 2026Episode 9215 min

Durable Value Ep. 92 | Journey to Institutional Investment Management

What does it actually take to go from friends-and-family syndications to managing capital for public pensions? In this episode, we pull back the curtain on our 17+ year journey to becoming an institutional investment manager — the mindset shifts, the organizational overhauls, the patience required, and the champions along the way who made it possible. If you're an emerging manager trying to level up your capital stack, this one's for you. In this episode: Why the Inland West secondary & tertiary markets represent $1.8 trillion in largely untapped opportunity What it really means to go from syndications to funds — and why most operators stop there The cultural and organizational transformation required to attract institutional capital How to find your champions inside large pensions and family offices Why sticking to your core focus is the single most important thing a manager can do Timestamps: 0:49 — From real estate brokers to institutional managers: how it started 2:18 — Syndications vs. funds: the leap most operators don't make 3:24 — Working with Alliance Global Advisors to build institutional infrastructure 7:46 — People, not organizations, make decisions: the role of champions 10:36 — The mindset shift from deal-by-deal urgency to institutional long-game

May 4, 2026Episode 9114 min

Durable Value Ep. 91: Institutional Real Estate Americas: Research in Secondary & Tertiary Markets

Ryan Swehla joins Institutional Real Estate Americas to share Graceada Partners' latest research on secondary and tertiary markets in the Western U.S. and the results may surprise you. From outperforming primary markets economically, to lower supply volatility and stronger liquidity than conventional wisdom suggests, Ryan breaks down why smaller markets deserve a closer look from institutional investors. Timestamps: 0:00 - Intro 0:50 – Defining secondary & tertiary markets 1:58 – 20-year research: economic outperformance vs. primary markets 3:32 – Real estate performance comparison: values, occupancy & net absorption 7:17 – Transaction volume recovery & the role of private capital 10:38 – Liquidity in smaller markets: debunking the misconception 13:55 - Conclusion

March 25, 2026Episode 9012 min

Durable Value Ep. 90: Multi-Tenant Industrial: Apartments for Industrial

In this episode of Durable Value, discover why multi-tenant industrial real estate is one of the most durable and overlooked investment opportunities in commercial real estate. Joe and Ryan break down what makes these smaller industrial parks such a compelling asset class. They explore the unique economics, supply constraints, and tenant diversity that create stable, long-term value. Timestamps: 0:00 - Introduction: Multi-Tenant Industrial as Apartments for Industry 5:12 - The Value of Yard Space and Buying Below Replacement Cost 7:49 - The Heartbeat of America: Why Communities Need Small Bay Industrial 8:35 - Tenant Diversity vs. Single-Tenant Risk 10:01 - Why Multi-Tenant Industrial Is Becoming Institutional

March 4, 2026Episode 8939 min

What Great Leadership and Succession Look Like in Today’s Real Estate Industry with Matt Slepin

In Episode 89 of Durable Value, host Ryan Swehla sits down with Matt Slepin, Co-Head of Real Estate at ZRG Partners, to unpack what great leadership and succession really look like in today’s real estate industry. Matt shares his fascinating 25-year journey in executive search, from lobbying for low-income housing to building and selling his own firm. We dive into the real succession challenges facing today’s real estate leaders, the institutional rise of multifamily, and how AI and technology are rewriting the playbook for talent and decision-making in the industry. 00:00 - Introduction 02:30 - From Lobbying to Real Estate Development 05:45 - Career Interruptions & Finding the Right Fit 13:20 - How Multifamily Became Institutional 18:30 - The Rise of Specialty Asset Classes & REITs 24:00 - Entrepreneurship & Starting Terrace Search Partners 29:45 - Succession Planning Challenges in Real Estate 34:15 - The Sale to ZRG Partners 38:30 - Benefits of Joining a Larger Firm 42:00 - Semi-Retirement & What's Next 45:15 - AI, Technology & The Future of Real Estate 51:30 - Advice for Real Estate Careers Beyond Deal-Making 56:00 - Final Thoughts & Closing

February 11, 2026Episode 8849 min

Durable Value Ep 88 | Ryan Swehla Interviewed on Juniper Square Distribution with Brandon Sedloff

In this episode of Durable Value Podcast, Ryan Swehla is interviewed by Brandon Sedloff from Juniper Square Distribution. Ryan and Brandon discuss the private equity real estate strategy of Graceada Partners, focused on secondary and tertiary markets in the Western United States. Ryan shares his journey from Wall Street to Modesto, California, where he and his third-grade friend Joe built a $900M real estate investment firm. Learn about their contrarian approach to investing in overlooked markets, the infrastructure required to succeed outside major metros, and why they believe secondary and tertiary markets represent a $1.6 trillion opportunity. Timestamps: 0:00 - Introduction & Welcome 0:42 - Getting Into Commercial Real Estate 1:41 - Growing Up in Modesto, California 3:21 - Columbia University & Wall Street Experience 5:32 - Starting in Real Estate & Business Partner Joe Muratore 8:04 - Why Real Estate? The Tangible Appeal 10:27 - Starting Graceada Partners in December 2008 12:00 - First Property Purchase & Early Growth 13:02 - The 2017 Pivot: From Asset Manager to Investment Manager 16:10 - Graceada Partners Today: 75 Team Members, $650M Assets Under Management 17:42 - Attracting Institutional Talent to Modesto 19:50 - Investment Strategy: Secondary & Tertiary Markets 21:50 - Defining Secondary vs. Tertiary Markets 23:25 - Why Institutions Struggle in These Markets 27:48 - Surprising Insights: Liquidity & Economic Performance 32:06 - The "In-N-Out Burger" Expansion Strategy 36:37 - The $1.6 Trillion Addressable Market 39:19 - Challenges: Building Infrastructure in New Markets 43:34 - Lessons for Emerging Managers 47:00 - Business Priorities & Core Values About Graceada Partners: Graceada Partners is a vertically integrated private equity real estate firm with $650M in assets under management, focused on multi-tenant industrial and multifamily properties in secondary and tertiary markets across the Western United States.