Groundbreakers

In this episode of Groundbreakers, we are joined by Hans Seelinger and Hitomi Yasuda, co-founders of Underwrite 2 Win, a coaching platform built to help investors analyze deals, assess risk, and become truly valuable members of a GP team.

Their paths to real estate could not be more different. Hans was the General Manager of Puma in Venezuela when the country's economy collapsed. He moved to the United States and rebuilt from scratch: no credit history, no network, no capital. He delivered balloons for $10 tips. The decision that changed his trajectory was investing in himself, finding the right mentor, and learning how underwriting actually works. Hitomi came from 25 years in fashion industry finance, where she had been conducting what she now recognizes as underwriting all along: factory production quantities, inventory risk analysis, business planning for retail margins. She burned out after a long corporate career, pivoted to real estate, and discovered she already had the core analytical skill set. Together they identified a gap in the market: sponsors and operators who had information but lacked the structured process to put it to use.

The thesis they teach is straightforward. Mastering the business plan is the one skill that wins deals, attracts sponsors, and makes an operator indispensable to a GP team. The highest bidder rarely wins. The GP who can model the opportunity clearly, explain the risk honestly, and defend a realistic path to exit is the one who closes. Underwrite 2 Win's coaching program is built around that principle, and their students have gone on to close deals including an 881-unit building, a 352-unit building, and a 96-unit deal.

Key Topics Discussed

• How Hans rebuilt a real estate career in the US after leaving Venezuela with no credit history, no connections, and no capital
• How Hitomi applied 25 years of financial analysis from the fashion industry to multifamily underwriting
• Why multifamily is a business valued by income, not a property valued by comparable sales, and what that means for operators
• The CEO framework: understanding where a property currently stands, where it should be, and what team is needed to get it there
• How a $200 per unit rent increase on a 100-unit building adds $4 million in property value at a 6% cap rate
• Why Hans and Hitomi have never submitted the highest offer on any deal they have won, and what actually wins the broker's trust
• The relay race versus rowing boat failure pattern in new GP teams, and how to fix it
• How to submit a credible offer package as a new GP by leading with your team's track record
• Why building 3 to 5 sponsor relationships before you have a deal is the most important early move for any new GP
• What separates coaching that shortens the learning curve from coaching that does not

Why This Matters for GPs and Investors

Capital raising and deal underwriting are often treated as separate disciplines, but Hans and Hitomi's model ties them together directly. A GP who can build a rigorous business plan is also the GP who can explain it clearly to a sponsor or an LP. The same analytical discipline that identifies the value-add opportunity is what gives investors confidence that their capital is protected. For GPs who are building their first real track record, the ability to underwrite conservatively, structure a clear exit, and communicate the risk honestly is a more durable competitive advantage than being the highest bidder in any market cycle. For investors evaluating sponsors, this episode offers a useful frame for what a sophisticated operator actually looks like under the surface.

Guest Information

• Names: Hans Seelinger and Hitomi Yasuda
• Role: Co-Founders
• Company: Underwrite 2 Win
• Website: uw2win.com
• Email: [email protected]
• LinkedIn (Hans): https://www.linkedin.com/in/hans-seelinger-b084b4ba/
• LinkedIn (Hitomi): https://www.linkedin.com/in/hyasuda/
• Free strategy session: https://join.uw2win.com/booking

Conclusion

Hans and Hitomi built Underwrite 2 Win from a simple observation: most investors who struggle to close deals or raise capital are not struggling because the opportunity is wrong. They are struggling because they cannot explain it. The business plan is not paperwork. It is the argument. Getting that argument right, on the numbers and in plain language, is the skill that separates operators who scale from operators who stall.

If you are a GP working toward your first deal or your next one, and you want a repeatable framework for analyzing opportunities and communicating them with conviction, this episode is worth your time.

In this episode of Groundbreakers, we are joined by Jeff Axley, founder and managing principal of Ridgeline Capital Partners, a Dallas-based private equity firm focused exclusively on healthcare real estate, including medical office buildings, ambulatory surgery centers, and behavioral health facilities across Texas and the Sun Belt.

Jeff brings a rare combination of institutional training and entrepreneurial focus to a sector most investors overlook or misunderstand. He spent 15 years across two landmark firms: the Archon Group, a Goldman Sachs company, where he underwrote assets on a $2.5 billion equity fund, and Hillwood, the Dallas-based firm owned by the Perot family, where he managed nearly $1 billion in assets through the 2008 and 2009 financial crisis. Those years taught him a specific discipline: underwrite for the downside, even in good times, and build in the cushion before you need it.

In 2013, Jeff founded Ridgeline Capital Partners around a single thesis: healthcare demand is non-discretionary. People delay vacations. They cannot avoid healthcare indefinitely. That structural reality, combined with an aging Baby Boomer population and a broad shift from hospital-based to outpatient care, has made medical office one of the most resilient asset classes of the past decade. In this conversation, we dive into how Jeff identifies and underwrites medical office deals, how his team compares the sector to multifamily, and how they are using artificial intelligence to move faster and more precisely on acquisitions.

Key Topics Discussed:

• The institutional underwriting foundation Jeff built at Archon Group and Hillwood, and the specific lessons from managing through the 2008 financial crisis
• Why Jeff chose medical office over every other property type he had worked in across a 15-year institutional career
• How to evaluate healthcare tenants: the difference between orthopedic, cardiology, and urology practices versus primary care providers facing insurance reimbursement pressure
• Medical office versus multifamily: a direct comparison on cap rates, lease structures, contractual rent growth, tenant retention, and performance through COVID
• The Baby Boomer demographic tailwind and why the sector is still, in Jeff's view, in its early innings
• How Ridgeline uses Claude, ChatGPT, and specialized real estate tools to analyze rent rolls and surface red flags before committing to full diligence
• A distressed Atlanta acquisition that went from 50 percent occupied to fully leased and has since appreciated substantially in value
• The current buying window: cap rates have expanded 75 to 100 basis points since the Fed rate hike cycle began, and Jeff sees the next 12 to 18 months as an unusually favorable entry point

Why This Matters for GPs and Investors:

Most real estate capital continues to flow to multifamily, industrial, and general commercial assets. Medical office remains a niche that a relatively small number of specialized operators have built expertise in, and that gap creates opportunity. For GPs looking for a more durable asset class with predictable cash flow, contractual rent escalations, and demographically locked-in demand, this episode provides a grounded look at how one experienced operator approaches the sector. For passive investors evaluating where to allocate, understanding the structural differences between medical office and more familiar asset classes is increasingly important as capital reprices across the market.

Guest Information:

• Name: Jeff Axley
• Role: Founder and Managing Principal
• Company: Ridgeline Capital Partners
• Website: ridgelinecp.com
• LinkedIn

Jeff Axley's path through Goldman-backed institutional underwriting, a billion-dollar fund through the financial crisis, and then a deliberate bet on one underserved niche is a study in what happens when institutional discipline meets a genuinely differentiated thesis. The medical office sector he describes is not glamorous. It does not generate the headlines that multifamily rent growth did in 2021. But it has maintained consistent occupancy, consistent rent growth, and consistent tenant retention through conditions that tested every other asset class. If you are a GP evaluating where to deploy capital in the current environment, or an investor trying to understand the range of options beyond the most trafficked sectors, this episode is worth your time.

In this episode of Groundbreakers, we’re joined by Ben Wright, Chief Growth Officer at Pacific Workplaces, one of the West Coast’s most established flexible workspace platforms.

While many investors wrote off office after the WeWork collapse and the rise of remote work, Ben shares why the real story is just beginning. Pacific has quietly built 16 profitable locations over 23 years, with a differentiated model that combines flexible workspace, virtual offices, meeting rooms, and service-based recurring revenue.

We dive into why San Francisco’s AI-driven rebound, changing workplace behavior, and landlord demand for flexible operators are creating one of the most overlooked opportunities in commercial real estate today.

Ben also breaks down Pacific’s expansion strategy, how they’re underwriting new locations, and why their latest fund is targeting a 10% preferred return and 25% net IRR over a 5–7 year hold.

Key Points Discussed

• Why flexible workspace is still only ~3% of the office market
• How Pacific generates 32% of revenue outside of desks
• Why virtual office products are an underrated cash flow driver
• The macro tailwinds from AI and San Francisco’s recovery
• Why landlords increasingly want flexible workspace partners
• How Pacific’s newest SF location hit 30% leased before opening
• The investment thesis behind their 6–10 location expansion plan
• Why flexible workspace may become an institutional CRE asset class

Guest Information

• Name: Ben Wright
• Role: Chief Growth Officer at Pacific Workplaces
• Website: PacificWorkplaces.com
• LinkedIn: Ben Wright

Conclusion

Ben’s perspective is a refreshing reminder that the office market isn’t disappearing, it’s evolving.

Rather than betting on outdated long-term lease models, Pacific Workplaces is building around how modern teams actually work: hybrid schedules, smaller footprints, flexible meeting needs, and service-driven convenience.

For investors looking for differentiated cash-flowing real estate opportunities, this episode offers a compelling look at why flexible workspace may be one of the most misunderstood and asymmetric bets in CRE today.

Episode Summary

In this episode of Groundbreakers, we’re joined by Sterling Anderson, Founder and CEO of Aria Residential Group, a real estate investment and development firm focused on build-to-rent communities, multifamily acquisitions, and luxury residential projects.

Sterling’s journey into real estate began after leaving his job at a bank in 2013 and deciding to pursue investing full time. Starting with wholesaling and fix-and-flip projects, he gradually expanded into multifamily and development, learning how to raise capital, structure partnerships, and scale into larger projects across markets like Dallas, Houston, Atlanta, and Omaha.

In this conversation, Sterling shares how he built his firm step by step, the lessons he learned from early deals, and why capital raising, underwriting discipline, and transparency with investors are the foundations of long term success in real estate.

Key Topics Discussed

• Sterling’s journey from banking to full-time real estate investing
• How wholesaling and fix-and-flips helped build early deal experience
• The importance of mastering underwriting before scaling into multifamily
• Why capital raising is one of the most important skills in real estate
• The growing opportunity in build-to-rent communities
• How partnerships unlock larger deals and new markets

Why This Matters for GPs and Investors

Sterling offers a practical perspective on scaling a real estate business in today’s market. From building relationships with investors to verifying underwriting assumptions and structuring strong partnerships, his approach highlights the systems and discipline required to grow from small deals into larger developments.

For sponsors raising capital or investors exploring build-to-rent and multifamily opportunities, this episode provides a clear look at how experienced operators think about growth, risk, and long-term strategy.

Guest Information

• Name: Sterling Anderson
• Company: Aria Residential Group
• LinkedIn

Conclusion

Sterling’s story is a reminder that most real estate careers do not start with large developments. They begin with small deals, learning the fundamentals, and gradually building the skills and relationships required to scale.

If you are building a real estate investment business or looking to understand the future of build-to-rent and multifamily investing, this episode is packed with insights worth listening to.

Episode Summary

In this episode of Groundbreakers, we’re joined by Jordan McNeely, founder of Grace Capital Partners, a multifamily investment firm focused on disciplined underwriting and protecting investor capital.

Before entering real estate, Jordan spent more than a decade working in the nuclear energy industry as an engineer responsible for the design and operation of commercial nuclear power plants. In an environment where mistakes are not tolerated and safety systems are built around worst case scenarios, he developed a mindset that now shapes how he approaches real estate investing.

Rather than chasing aggressive projections, Jordan focuses on downside protection, strong fundamentals, and assets that work from day one.

In this conversation, Jordan shares how his engineering background informs his investment philosophy, how he evaluates risk in real estate deals, and why protecting investor capital is the foundation of long term success.

Key Topics Discussed

• How a career in nuclear engineering shaped Jordan’s investing philosophy
• Why underwriting discipline matters more than optimistic projections
• The importance of day one cash flow in uncertain markets
• How to structure deals that prioritize capital preservation
• What busy professionals look for when investing passively in real estate
• The parallels between safety engineering and real estate risk management

Why This Matters for GPs and Investors

Jordan offers a unique perspective on risk management that many sponsors overlook. His approach focuses less on chasing upside and more on building deals that can survive when assumptions change.

For syndicators raising capital and investors allocating to private deals, the conversation highlights why disciplined underwriting and downside protection are often the difference between a good deal and a great one.

Guest Information

• Name: Jordan McNeely
• Company: Grace Capital Partners

Conclusion

Real estate investing often rewards optimism. Jordan’s story is a reminder that the best operators think like engineers. They assume things can go wrong and build systems designed to withstand it.

If you are a sponsor raising capital or an investor evaluating deals, this episode will give you a fresh perspective on risk, discipline, and long term wealth creation through real estate.

Episode Summary

In this episode of Groundbreakers, we’re joined by Mustafa Ladha, Co Founder of Realty Mercato, Senior Vice President of Investor Relations at Veloci Capital, and the mind behind MyFin Journey, a financial education platform focused on helping people build long term wealth with intention.

Mustafa’s path into real estate was anything but traditional. After studying genetics and attending medical school, he pivoted into pharma, built and exited ecommerce businesses, and eventually went all in on real estate. Within a month of leaving his corporate role, he generated more income than his entire annual salary. Since then, he has helped deploy over $40M in investor capital, much of it raised through relationship driven channels like WhatsApp.

We dive into how he built trust at scale, how he thinks about aligning investment strategy with investor psychology, and why capital raising is less about pitching deals and more about solving real problems.

Key Topics Discussed

• Why optimizing for learning beats optimizing for salary
• The psychology behind raising capital and building trust
• How to identify investor pain points before offering a deal
• Differences between ground up, value add, and debt strategies
• Raising capital through relationships instead of paid funnels
• Sharia compliant investing and structuring all cash real estate strategies
• Building a financial education platform alongside an investment business

Why This Matters for GPs and Investors

Mustafa reframes capital raising as a trust building exercise, not a marketing game. Instead of chasing anyone with a checkbook, he focuses on understanding what investors actually want. Cash flow, tax efficiency, growth, or preservation.

For GPs raising $1M to $10M deals, this episode is a reminder that the real asset is not the property. It is the investor relationship. When you meet people where they are and speak their language, capital compounds just like returns.

Guest Information

• Name: Mustafa Ladha
• Companies: Realty Mercato, Veloci Capital, MyFin Journey
• LinkedIn: Mustafa Ladha

Conclusion

This conversation goes beyond real estate tactics. It is about mindset, trust, and long term relationship building. Mustafa’s journey proves that scaling capital is less about flashy funnels and more about consistent value, genuine conversations, and playing the long game.

If you are building an investor base or thinking about how to grow beyond your immediate network, this episode is worth your time.

Episode Summary

In this episode of Groundbreakers, we’re joined by Jake Gallagher, Founder and CEO of V2 Markets, a venture secondary platform helping accredited investors access late-stage private tech companies before they go public.

Jake breaks down how secondary transactions actually work, why IPO timelines have stretched from under 10 years to 14 to 15 years on average, and how that delay has created a rapidly growing liquidity market for founders, employees, and early investors. What used to be a niche corner of finance has evolved into a $200B+ annual market.

We also unpack the mechanics behind these deals. From due diligence challenges to pricing mismatches and company approval hurdles, Jake shares what really determines whether a secondary transaction closes.

Key Topics Discussed

• The difference between primary capital raises and secondary liquidity
• Why companies are staying private longer
• How discounts to prior valuations can create opportunity
• The three biggest blockers in venture secondary deals
• How layered SPV fees quietly erode investor returns
• Why V2 Markets only makes money if investors do

Why This Matters for GPs and Investors

Private markets are no longer reserved for institutions. But access alone is not enough. Structure, alignment, and discipline matter more than ever.

For capital raisers, this episode offers insight into how liquidity shapes cap tables and investor expectations. For accredited investors, it provides a clear lens into how to evaluate secondary opportunities, fee structures, and downside risk before chasing headline companies.

Guest Information

• Name: Jake Gallagher
• Company: V2 Markets
• Website: v2markets.com

Conclusion

Venture secondaries are reshaping how capital flows in private markets. As IPOs get delayed and private companies mature before going public, the secondary market is becoming a critical bridge between early ownership and eventual exit.

If you want to better understand how liquidity works behind the scenes in late-stage tech, this episode is a must-listen.

Episode Summary

In this episode of Groundbreakers, we’re joined by RJ Fishman, Chief Strategy Officer at Artanis Capital, a firm operating at the intersection of real estate, government infrastructure, and housing resilience.

What started as a focus on manufactured and modular housing evolved into something much bigger. After the LA fires and Hurricane Helene, Artanis began building a privatized, asset-based alternative to FEMA’s traditional disaster housing model. Their goal? Turn emergency housing from a recurring expense into a scalable, redeployable real estate asset.

RJ breaks down how modular steel-frame construction, public-private partnerships, and a “Beyond FEMA” vision could reshape how America responds to disasters and tackles affordability.

Key Topics Discussed

• The difference between manufactured, modular, and stick-built housing
• Why FEMA’s current housing model creates long-term liabilities
• How redeployable steel-frame homes can reduce disaster housing costs
• The concept of “emergency communities” built in 120 days
• Industry-driven housing for nuclear, AI, and manufacturing projects
• Why public-private partnerships may define the next decade of real estate

Why This Matters for GPs and Investors

RJ challenges the traditional mindset around real estate as a static asset. Instead, he frames housing as infrastructure that can be built, redeployed, and integrated into larger economic and disaster recovery systems.

If you’re a sponsor thinking about modular construction, workforce housing, public-private deals, or simply how to position your firm in a changing regulatory and political landscape, this episode will expand how you think about opportunity.

Guest Information

• Name: RJ Fishman
• Company: Artanis Capital
• Website: artaniscap.com

Conclusion

This conversation goes far beyond one deal or one asset class. It is about rethinking housing as a long-term system problem and asking whether private operators can build faster, cheaper, and more sustainably than the legacy model.

If you care about the future of housing, infrastructure, or large-scale real estate innovation, this one is worth a listen.

Episode Summary

In this episode of Groundbreakers, we’re joined by Greg Guido and DJ Van Keuren, Co Managing Members of Evergreen Property Partners, for a deep, operator level conversation on development, execution risk, and why modular housing has become the foundation of their strategy.

Greg and DJ break down why traditional multifamily development often fails after the raise, not in underwriting, and how Evergreen flipped the model by controlling construction, timelines, and costs through modular manufacturing. Instead of relying on cap rate compression or optimistic assumptions, they focus on building durable workforce housing with real margins of safety.

This episode is especially relevant for sponsors raising capital today and investors evaluating development risk in an uncertain market.

Key Points Discussed

• Why most development risk lives in execution, not the pro forma
• How Evergreen builds to a 10 cap instead of buying at a 5
• The real advantages and constraints of modular construction
• Why speed, control, and repeatability matter more than upside stories
• How owning the manufacturing process changes investor outcomes
• What LPs are prioritizing when evaluating ground up deals today

Guest Information

• Names: Greg Guido and DJ Van Keuren
• Titles: Co-Managing Members
• Company: Evergreen Property Partners
• LinkedIn: Greg Guido, DJ Van Keuren

Conclusion

Greg and DJ offer a rare inside look at what it takes to scale development responsibly. Their approach reframes modular housing from a niche concept into a powerful tool for risk management, capital efficiency, and long term value creation. Whether you are a GP building ground up deals or an investor assessing construction risk, this episode delivers practical insights you can apply immediately.

Episode Summary

In this episode of Groundbreakers, we’re joined by Greg Talcott, Managing Director at Rastegar Capital, for a deep dive into development risk, execution, and why modular housing has become a core part of their strategy.

Greg breaks down how Rastegar thinks about development differently. Not as a speculative bet, but as an engineering problem. We talk through why traditional ground-up projects fail, where most GPs underestimate risk, and how modular construction can compress timelines, reduce cost overruns, and create more predictable outcomes for investors.

This conversation is especially relevant for sponsors raising capital in today’s environment, where LPs care less about flashy narratives and more about certainty, control, and clean execution.

Key Points Discussed

• Why most development deals break during execution, not underwriting
• How modular construction reduces labor, weather, and timeline risk
• The tradeoffs and real constraints of modular housing
• How shorter build cycles change capital efficiency and investor confidence
• What LPs actually want to hear when evaluating development deals today

Guest Information

• Name: Greg Talcott
• Title: Managing Director
• Company: Rastegar Capital
• LinkedIn: Greg Talcott

Conclusion

Greg’s perspective reframes modular housing from a niche concept into a practical risk management tool. If you are a GP navigating development in a volatile market or an investor evaluating construction risk, this episode offers a clear, grounded framework for thinking about execution and predictability.