Durable Value: An Investor's Podcast

Graceada Partners
  • 5.0 (13)
  • INVESTING
  • UPDATED MONTHLY

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.

  1. MAY 6

    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

    15 min

  2. MAY 4

    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

    14 min

  3. MAR 25

    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

    12 min

  4. MAR 4

    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

    39 min

  5. FEB 11

    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.

    50 min

  6. JAN 21

    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 background 02:00 – The intersection of real estate, power, and logistics 06:40 – How utilities work and why it matters 12:00 – The economics of electrified trucking 17:30 – Global trends: Electric trucks and battery costs 22:00 – Warehousing, population movement, and affordability 27:00 – Automation, autonomous vehicles, and the future of work 33:00 – Urban mobility and the future of car ownership 38:00 – Regional winners and losers in the Western US 44:00 – Analyst perspectives: Real estate vs. power costs 49:00 – The future of logistics and location strategy 52:00 – Final thoughts & takeaways

    44 min

  7. 12/30/2025

    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 – Introduction 00:51 – Real estate as a public good: Housing and industrial as community essentials 01:15 – The “capillaries” of commerce: Small businesses and last-mile industry 01:36 – Real estate as a quasi-utility; the Western US grid analogy 02:30 – Institutionalization of secondary and tertiary markets 02:57 – Infrastructure as an investible asset class 03:22 – Needs-based assets: Comparing real estate to bridges and utilities 04:08 – Asset desirability vs. discretionary assets 04:31 – Monopoly vs. competition: Utilities and real estate supply 04:55 – The economics of new construction vs. existing apartments 06:34 – Demographic shifts: Millennials, Gen Z, and housing demand 07:21 – Post-COVID trends: Remote work and changing lifestyles 08:23 – Owning the grid: The I-5, I-15, and I-25 corridors 09:02 – The network lens: How properties reinforce each other 09:21 – Data-driven conviction and deal flow 09:42 – Building alpha through authentic data and off-market deals

    10 min

  8. 12/10/2025

    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 Overview 02:00 – Lessons from the Downturn 05:00 – Cash Flow, Value Add, and Investment Strategy 08:00 – Debt, Risk, and “Pencils Down” 11:00 – Building Resilience & Optionality

    15 min
See All (89)

5
out of 5
13 Ratings

About

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.

Information

You Might Also Like