Durable Value: An Investor's Podcast

Hosted by Graceada Partners

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Latest episode

May 2026

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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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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 Advisors0:49 – Jen's career begins at the Townsend Group (2004)2:50 – The founding of Alliance Global Advisors in 20203:56 – What Alliance does: Advising GPS to become better partners5:54 – 50+ managers advised, over $1 trillion in AUM served7:27 – Pennsylvania PSERS commits $90M to Fund IV: A milestone moment13:05 – The case for specialization in real estate strategies16:01 – Core vs. non-core real estate: Understanding the bifurcation16:52 – How core real estate fits (and is shifting) in institutional portfolios21:12 – Lessons from the GFC: Vintage year diversification & tactical investing23:06 – The changing capital base: Why every manager must think about private wealth26:16 – Private wealth real estate allocation: Still in early innings29:21 – Building Alliance's private wealth expertise: Hiring Kurt Edwards31:39 – Alignment, transparency & governance for emerging managers33:21 – What true transparency looks like with institutional investors34:28 – Alignment of interest: Compensation, succession planning & investment committees37:59 – Career advice: Stay true to your values and your purpose39:30 – 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 opportunityWhat it really means to go from syndications to funds — and why most operators stop thereThe cultural and organizational transformation required to attract institutional capitalHow to find your champions inside large pensions and family officesWhy sticking to your core focus is the single most important thing a manager can doTimestamps:0:49 — From real estate brokers to institutional managers: how it started2:18 — Syndications vs. funds: the leap most operators don't make3:24 — Working with Alliance Global Advisors to build institutional infrastructure7:46 — People, not organizations, make decisions: the role of champions10:36 — 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 - Intro0:50 – Defining secondary & tertiary markets1:58 – 20-year research: economic outperformance vs. primary markets3:32 – Real estate performance comparison: values, occupancy & net absorption7:17 – Transaction volume recovery & the role of private capital10:38 – Liquidity in smaller markets: debunking the misconception13:55 - 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 Industry5:12 - The Value of Yard Space and Buying Below Replacement Cost7:49 - The Heartbeat of America: Why Communities Need Small Bay Industrial8:35 - Tenant Diversity vs. Single-Tenant Risk10:01 - 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 Development05:45 - Career Interruptions & Finding the Right Fit13:20 - How Multifamily Became Institutional18:30 - The Rise of Specialty Asset Classes & REITs24:00 - Entrepreneurship & Starting Terrace Search Partners29:45 - Succession Planning Challenges in Real Estate34:15 - The Sale to ZRG Partners38:30 - Benefits of Joining a Larger Firm42:00 - Semi-Retirement & What's Next45:15 - AI, Technology & The Future of Real Estate51:30 - Advice for Real Estate Careers Beyond Deal-Making56:00 - 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 & Welcome0:42 - Getting Into Commercial Real Estate1:41 - Growing Up in Modesto, California3:21 - Columbia University & Wall Street Experience5:32 - Starting in Real Estate & Business Partner Joe Muratore8:04 - Why Real Estate? The Tangible Appeal10:27 - Starting Graceada Partners in December 200812:00 - First Property Purchase & Early Growth13:02 - The 2017 Pivot: From Asset Manager to Investment Manager16:10 - Graceada Partners Today: 75 Team Members, $650M Assets Under Management17:42 - Attracting Institutional Talent to Modesto19:50 - Investment Strategy: Secondary & Tertiary Markets21:50 - Defining Secondary vs. Tertiary Markets23:25 - Why Institutions Struggle in These Markets27:48 - Surprising Insights: Liquidity & Economic Performance32:06 - The "In-N-Out Burger" Expansion Strategy36:37 - The $1.6 Trillion Addressable Market39:19 - Challenges: Building Infrastructure in New Markets43:34 - Lessons for Emerging Managers47:00 - Business Priorities & Core ValuesAbout 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.

January 21, 2026Episode 8743 min

Durable Value Ep. 87 | When Freight Never Sleeps: Power, Autonomy, and the New Map of the West

Welcome to the Durable Value Podcast! Host Joe interviews Matt LeDucq, CEO of Forum Mobility, about the electrification of trucking, the evolving power grid, and the impact on real estate and logistics. Dive into technology, policy, and the future of industrial development in the Western US.Timestamps:00:00 – Introduction & Matt’s background02:00 – The intersection of real estate, power, and logistics06:40 – How utilities work and why it matters12:00 – The economics of electrified trucking17:30 – Global trends: Electric trucks and battery costs22:00 – Warehousing, population movement, and affordability27:00 – Automation, autonomous vehicles, and the future of work33:00 – Urban mobility and the future of car ownership38:00 – Regional winners and losers in the Western US44:00 – Analyst perspectives: Real estate vs. power costs49:00 – The future of logistics and location strategy52:00 – Final thoughts & takeaways

December 30, 2025Episode 8610 min

Durable Value Ep 86 - Real Estate as an Infrastructure

In this episode of Durable Value, we explore the concept of real estate—especially multifamily and industrial properties—as essential infrastructure. We discuss how these asset types function as a public good, their role in the economic grid, and why secondary and tertiary markets are becoming increasingly important. Tune in for insights on market dynamics, institutionalization, and the future of real estate investment.Timestamps:00:00 – Introduction00:51 – Real estate as a public good: Housing and industrial as community essentials01:15 – The “capillaries” of commerce: Small businesses and last-mile industry01:36 – Real estate as a quasi-utility; the Western US grid analogy02:30 – Institutionalization of secondary and tertiary markets02:57 – Infrastructure as an investible asset class03:22 – Needs-based assets: Comparing real estate to bridges and utilities04:08 – Asset desirability vs. discretionary assets04:31 – Monopoly vs. competition: Utilities and real estate supply04:55 – The economics of new construction vs. existing apartments06:34 – Demographic shifts: Millennials, Gen Z, and housing demand07:21 – Post-COVID trends: Remote work and changing lifestyles08:23 – Owning the grid: The I-5, I-15, and I-25 corridors09:02 – The network lens: How properties reinforce each other09:21 – Data-driven conviction and deal flow09:42 – Building alpha through authentic data and off-market deals

December 10, 2025Episode 8514 min

Durable Value Ep 85 - Lessons Learned from the Most Recent Downturns

In this episode, we break down the recent real estate downturn, what caused it, and the key lessons for investors. We cover interest rate impacts, the importance of cash flow, fixed-rate debt, and how to find opportunity in uncertain times. Whether you’re an experienced investor or just curious about real estate, you’ll find actionable insights here.Timestamps:00:00 – Introduction & Market Overview02:00 – Lessons from the Downturn05:00 – Cash Flow, Value Add, and Investment Strategy08:00 – Debt, Risk, and “Pencils Down”11:00 – Building Resilience & Optionality

October 29, 2025Episode 838 min

Durable Value Ep 83 - The Data is in the Drywall

In this episode, we dive deep into the concept of "the data is in the drywall" and how hands-on, property-level insights drive better decision-making in real estate. Ryan and the team discuss the importance of vertical integration, boots-on-the-ground intelligence, and blending physical experience with data analytics to gain a competitive edge. Whether you’re an investor, operator, or just curious about real estate, this episode is packed with actionable insights!Timestamps:00:00 – Introduction: What does "the data is in the drywall" mean?00:46 – Real estate vs. financial trading: The physical difference01:19 – How property-level data informs conviction and decisions01:42 – Using big data sources vs. on-the-ground insights03:09 – Making sense of signals: Applying experience to data03:51 – Real-world examples: Move-ins, rent increases, and concessions04:11 – Integrating third-party data with internal intelligence04:58 – The intersection of data and physical real estate05:25 – The balance: Unique assets vs. data models05:46 – Real estate’s slow adoption of technology and data06:16 – Embracing technology for better decision-making06:36 – AI, local trends, and the future of real estate data06:55 – The advantage of a manageable portfolio and boots-on-the-ground07:23 – Training AI models and the ongoing value of human intelligence07:48 – How actionable data drives decisions across the portfolio07:56 – The ultimate goal: Creating edge through data in the drywall08:16 – Less downside, more safety, and seeing what others don’t08:45 – Why edge matters and how Durable Value keeps winning