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.