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.

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

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

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

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 difference
01:19 – How property-level data informs conviction and decisions
01:42 – Using big data sources vs. on-the-ground insights
03:09 – Making sense of signals: Applying experience to data
03:51 – Real-world examples: Move-ins, rent increases, and concessions
04:11 – Integrating third-party data with internal intelligence
04:58 – The intersection of data and physical real estate
05:25 – The balance: Unique assets vs. data models
05:46 – Real estate’s slow adoption of technology and data
06:16 – Embracing technology for better decision-making
06:36 – AI, local trends, and the future of real estate data
06:55 – The advantage of a manageable portfolio and boots-on-the-ground
07:23 – Training AI models and the ongoing value of human intelligence
07:48 – How actionable data drives decisions across the portfolio
07:56 – The ultimate goal: Creating edge through data in the drywall
08:16 – Less downside, more safety, and seeing what others don’t
08:45 – Why edge matters and how Durable Value keeps winning

In this episode of Durable Value, we dive deep into one of the greatest paradoxes in investing: the tension between detachment and conviction. How do you balance making data-driven, unemotional decisions with the need to act decisively and believe in your thesis? Join us as we explore real-world examples, investment committee dynamics, and the strategies that set world-class investors apart.

Timestamps:
00:00 – Introduction: The Paradox of Detachment vs. Conviction
00:24 – Defining Detachment and Conviction in Investing
00:47 – Risk, Conservatism, and the Two Schools of Thought
01:42 – The Power of Conviction and Attribute Scoring
03:13 – Data-Driven Decision Making vs. Gut Instinct
05:14 – Investment Committee: Balancing Conviction and Detachment
07:17 – The Reverse Funnel: Creating Opportunities
08:07 – Avoiding Auctions and Broker Funnels
09:14 – Building a Network for Inbound Deals
12:06 – The Ferris Wheel: Managing Multiple Offers
13:52 – Discomfort and Optionality in Deal-Making
15:32 – The Key to Success: Detachment Creates Conviction
16:53 – Acting Decisively and the Value of Detachment

Join us for a special anniversary episode of Durable Value as we reflect on five years of podcasting and 17 years in business together. Hosts Joe and Ryan share candid insights on personal growth, leadership, and the evolution of their company. From navigating market cycles and scaling a team to the enduring power of friendship and core values, this episode is packed with wisdom for entrepreneurs, investors, and anyone interested in building something that lasts.


00:00 – Introduction: 5 Years of Podcasting
00:24 – How We’ve Changed: Personal Growth and Reflection
01:52 – Building a Team and Shifting Roles
02:31 – The Value of Long-Term Partnership
03:08 – Lessons from 55 Acquisitions and Market Cycles
03:29 – Navigating Market Downturns and Building Resilience
03:55 – Embracing Leadership and Overcoming Imposter Syndrome
04:38 – The Spark of Joy in Building a Business
05:17 – From Surviving to Scaling: Process and Evolution
06:01 – The Importance of Boldness in Business
06:37 – The Story of the Podcast Chairs
06:57 – The Power of Showing Up and Leadership
07:18 – Market Shifts: Secondary Markets and Industry Recognition
08:24 – Scaling a Local Strategy to Institutional Level
09:03 – What Hasn’t Changed: Core Values and Company Purpose
09:59 – Improving Buildings, Neighborhoods, and Lives
10:46 – The Enduring Friendship Behind the Business
11:11 – How Relationships Evolve Over Time
11:36 – Looking Ahead: The Next 5 Years of the Podcast
12:35 – Staying Reflective and Visionary
13:05 – Final Thoughts

In this episode of Durable Value, we take you behind the scenes of our recent acquisition—the Elk Grove Industrial Complex in Sacramento, CA. Discover how we sourced the deal, why this property stood out, and the strategies we use to unlock value in multi-tenant industrial assets. We discuss market dynamics, the importance of fresh eyes, and how private ownership creates ongoing opportunities for value-add investors. Whether you’re a real estate professional or an investor, this episode is packed with actionable insights and real-world examples.

Timestamps:
00:00 - Introduction
00:19 - The Power of Marketing: How We Source Deals
00:37 - Building Broker Relationships & Off-Market Opportunities
01:29 - First Impressions: The Pitch and Initial Call
03:03 - Underwriting and Offer Process
03:21 - Seller Background and Property Condition
04:01 - Buying from Private Owners vs. Institutional Sellers
04:24 - Rent Growth and Market Opportunity
04:50 - Business Plan Execution: Managing Lease Rollovers
05:23 - Maintaining Occupancy in a Softening Market
05:50 - How to Find Great Deals in Secondary Markets
06:16 - The Perpetual Value-Add Cycle in Industrial Real Estate
06:37 - Navigating Market Complexity: Tariffs, Inflation, and Supply
07:03 - The Value of Vertical Integration and Property Management
07:43 - Closing

In this episode of Durable Value, we dive deep into a real-world case study: the acquisition, turnaround, and rebranding of The Lofts at Stadium Square in Fresno. Join us as we break down the sourcing, negotiation, due diligence, and execution that turned a struggling student housing property into a thriving multifamily asset. Learn about the challenges, strategies, and lessons from one of our most successful investments to date.

Timestamps:
00:00 – Introduction
00:22 – The Lofts in Fresno: Background & Rebranding
00:47 – Sourcing the Deal & Initial Challenges
01:35 – Appraisal, Pricing, and Negotiation
02:01 – Negative Cash Flow & Seller Motivation
02:46 – Our Approach to Buying & Negotiating
03:12 – Due Diligence: Process & Findings
04:34 – Repairs, Discounts, and Final Purchase Price
05:00 – Rebranding and Property Upgrades
05:25 – Creating a Resort-Style Experience
05:44 – Due Diligence: Uncovering Value
06:28 – Insurance Hurdles & Solutions
07:03 – Execution: Building the Right Team
08:09 – Turning Around Occupancy & Performance
09:04 – The Importance of In-House Management
09:40 – Stabilizing and Repositioning the Asset
09:59 – Value Creation & Broker Opinion
10:27 – Results: Cash Flow, Upside, and Lessons Learned
10:56 – Closing Thoughts

In this episode of Durable Value, we talk about the science of failure—why even great companies and properties can drift off course, and how to recognize and prevent the subtle missteps that lead to bigger problems. We discuss the difference between luck and skill in investing, the dangers of narrative reinforcement, and practical strategies for building resilience in your business. Whether you're a real estate investor, entrepreneur, or leader, you'll find actionable insights to help you avoid common pitfalls and turn failures into stepping stones for long-term success.

Timestamps:
00:00 - Introduction: The Science of Failure
01:26 - Luck vs. Skill in Investing
02:20 - Information Machines & Signal vs. Reality
02:57 - Luck as Skill: The Genius-Idiot Cycle
03:15 - Real Estate Market Cycles as Levelers
03:38 - Execution Engine: Buying the Right Assets
06:20 - Navigating Seller and Broker Dynamics
07:03 - Macro Understanding from Multi-Market Experience
09:05 - Short-Term vs. Long-Term Thinking
10:33 - Capital Pressure and Market Cycles
11:25 - Institutional Capital and Volatility
12:07 - Raising Capital in Down Markets
13:31 - John Boyd’s OODA Loop: Orienting to Reality
13:50 - Failure as a Path to Success
14:32 - Red Teaming & Pre-Mortems
15:12 - Building a Culture of Openness
15:39 - Rebuilding Systems for the Long Term
16:02 - From IRR to NOI: Adapting to a New Decade
16:22 - Building for Stability and Optionality
19:58 - Closing