On this episode, Kevin chats with Josh Volen, Principal and Co-founder of CIRE Equity, an $890MM NAVREIT that functions like Blackstone's BREIT with market-to-market transparency and limited redemption. Josh shares his journey from becoming a top broker at Marcus & Millichap over 6 years to starting CIRE in 2010, funding acquisitions entirely through high net worth syndications until 2019 when they combined 13 assets into the NAVREIT and partnered with a broker dealer to accelerate growth. The conversation covers how six years in the Marcus & Millichap boiler room built his skill set, why CIRE views themselves as operators rather than capital allocators, and Josh's philosophy that his primary job is replacing himself a little bit more every day. They discuss how successful remote work requires intentional accountability and robust meeting structures, CIRE's risk-first underwriting approach, their unique positioning as a professionally managed family office nimble enough to beat institutional competitors, and how their fee structure and employee compensation drive alignment. Josh opens up about the distinction between transaction shops and sustainable businesses, why hiring better than yourself is critical, and the importance of showing up for yourself first with intention, clarity, and continual learning.

Because it didn’t come out in the pod, for those interested in investing with CIRE, you can find the group at CIREequity.com. 

On this episode, Kevin chats with Josh Volen, Principal and Co-founder of CIRE Equity, an $890MM NAVREIT that functions like Blackstone's BREIT with market-to-market transparency and limited redemption. Josh shares his journey from becoming a top broker at Marcus & Millichap over 6 years to starting CIRE in 2010, funding acquisitions entirely through high net worth syndications until 2019 when they combined 13 assets into the NAVREIT and partnered with a broker dealer to accelerate growth. The conversation covers how six years in the Marcus & Millichap boiler room built his skill set, why CIRE views themselves as operators rather than capital allocators, and Josh's philosophy that his primary job is replacing himself a little bit more every day. They discuss how successful remote work requires intentional accountability and robust meeting structures, CIRE's risk-first underwriting approach, their unique positioning as a professionally managed family office nimble enough to beat institutional competitors, and how their fee structure and employee compensation drive alignment. Josh opens up about the distinction between transaction shops and sustainable businesses, why hiring better than yourself is critical, and the importance of showing up for yourself first with intention, clarity, and continual learning.

Because it didn’t come out in the pod, for those interested in investing with CIRE, you can find the group at CIREequity.com. 

On this episode, Kevin chats with Jason Luker, Principal and Founder of Cardinal Group, a vertically integrated institutional asset manager and developer focused on student housing that's grown from a P.O. Box office and four founders in 2006 to 2,000 employees, 100,000 beds, and $2B in gross asset value under management. Jason shares the raw reality of launching with nothing but conviction, including how he pitched a $30MM acquisition with almost no capital, backed only by unwavering determination and a promise to succeed or die trying. The conversation explores Cardinal Group's obsession with culture and operational excellence, their strategy of becoming the employer of choice by investing heavily in people while maintaining flexibility for anyone to grow into any role, and how they've scaled through strategic capital partnerships from internal funds to sophisticated LP vehicles. Jason discusses the weekly acquisition offers they receive, their unique three-principal partnership dynamic where any one partner can veto a decision, the challenges of building an executive team that enabled explosive growth, and how they position themselves as the tip of the spear in consolidating the fragmented student housing industry. Perhaps most remarkably, they've never lost money—a testament to their rigorous approach and Jason's philosophy of knowing what you don't know while having the confidence to figure it out through your network.

On this episode, Kevin chats with Jason Luker, Principal and Founder of Cardinal Group, a vertically integrated institutional asset manager and developer focused on student housing that's grown from a P.O. Box office and four founders in 2006 to 2,000 employees, 100,000 beds, and $2B in gross asset value under management. Jason shares the raw reality of launching with nothing but conviction, including how he pitched a $30MM acquisition with almost no capital, backed only by unwavering determination and a promise to succeed or die trying. The conversation explores Cardinal Group's obsession with culture and operational excellence, their strategy of becoming the employer of choice by investing heavily in people while maintaining flexibility for anyone to grow into any role, and how they've scaled through strategic capital partnerships from internal funds to sophisticated LP vehicles. Jason discusses the weekly acquisition offers they receive, their unique three-principal partnership dynamic where any one partner can veto a decision, the challenges of building an executive team that enabled explosive growth, and how they position themselves as the tip of the spear in consolidating the fragmented student housing industry. Perhaps most remarkably, they've never lost money—a testament to their rigorous approach and Jason's philosophy of knowing what you don't know while having the confidence to figure it out through your network.

On this episode, Kevin chats with Tony Cardoza, Principal and Managing Director of Cityview, a vertically integrated institutional asset manager and multifamily developer based in LA. Tony brings over 20 years of real estate experience, previously helping acquire and develop 5,000 units for Real Estate Capital Partners and working in land and multifamily acquisitions at Prometheus. The conversation gets technical as Tony breaks down how top-tier developers think about the component parts of the development business, from initial site selection and entitlement risk to construction management and capital stacking. They discuss the complexities of multifamily development today, how sophisticated operators evaluate markets and underwrite deals, the interplay between debt and equity in the capital structure, and the challenges of navigating zoning, permitting, and political landscapes. Tony shares insights on timing the market, managing construction risk, building relationships with municipalities and capital partners, and the operational expertise required to successfully execute large-scale development projects. His personality and approach to the acquisitions role come through as he unpacks the intricate decision-making process behind institutional multifamily development.

On this episode, Kevin chats with Matt Beaudreau, co-founder of Apogee Strong, about disrupting education to reseed sovereignty and freedom. Matt founded his first school in California in 2017 and co-founded Apogee Strong with partner Tim Kennedy in 2021, going on to create mentorship programs for men, women, and teens, help launch over 100 K-12 campuses, and establish 2 non-profit foundations supporting families in expanding their education. The conversation explores the concept of sovereignty and self-governance, what education is versus what it could and should be, and how public schooling functions as a form of indoctrination. Matt discusses his unexpected journey into education, the foundational skills necessary for effective learning, and the business model of running physical schools—or as he prefers, "places of leadership." They cover the financial aspects of education compared to free public schooling, the critical lack of critical thinking skills in current frameworks, why teaching the same subjects to all students simultaneously is absurd, and how Apogee students and universities view each other. Matt positions Apogee as an investment in the human spirit and our innate desire for growth, while addressing the challenge of enrolling parents without losing the school's core mission.

On this episode, Kevin chats with Matt Beaudreau, co-founder of Apogee Strong, about disrupting education to reseed sovereignty and freedom. Matt founded his first school in California in 2017 and co-founded Apogee Strong with partner Tim Kennedy in 2021, going on to create mentorship programs for men, women, and teens, help launch over 100 K-12 campuses, and establish 2 non-profit foundations supporting families in expanding their education. The conversation explores the concept of sovereignty and self-governance, what education is versus what it could and should be, and how public schooling functions as a form of indoctrination. Matt discusses his unexpected journey into education, the foundational skills necessary for effective learning, and the business model of running physical schools—or as he prefers, "places of leadership." They cover the financial aspects of education compared to free public schooling, the critical lack of critical thinking skills in current frameworks, why teaching the same subjects to all students simultaneously is absurd, and how Apogee students and universities view each other. Matt positions Apogee as an investment in the human spirit and our innate desire for growth, while addressing the challenge of enrolling parents without losing the school's core mission.

On this episode, Kevin chats with Jim Griffin, Managing Director and Co-Founder of Derivative Logic, about how middle market operators can systematically analyze and manage cash flow risk through derivatives and hedging strategies. Jim brings experience trading interest rates, currency, and commodity derivatives for UBS, Wells Fargo, Wachovia, and Bank of Tokyo-Mitsubishi before starting Derivative Logic with his partner Rex Evans over 11 years ago. The conversation covers how Jim provides clients with valuable technology to initiate the sales process while conserving internal resources, creative approaches borrowers can use to address lender-imposed rate caps, and why bank swaps are the most lucrative products—plus what borrowers need to understand about the premiums they pay. Jim discusses how regulatory requirements and compliance stifle value creation in larger institutions, the current lack of distress in the real estate market, and why understanding fixed-rate loans requires examining the lender's credit and internal costs. They explore why inefficient execution is common in real estate, the necessity of both vision and execution for success, and how integrity and relationships remain central to his practice working with publics, real estate finance companies, ultra-high net worth individuals, family offices, money managers, and tech companies.

On this episode, Kevin chats with Jim Griffin, Managing Director and Co-Founder of Derivative Logic, about how middle market operators can systematically analyze and manage cash flow risk through derivatives and hedging strategies. Jim brings experience trading interest rates, currency, and commodity derivatives for UBS, Wells Fargo, Wachovia, and Bank of Tokyo-Mitsubishi before starting Derivative Logic with his partner Rex Evans over 11 years ago. The conversation covers how Jim provides clients with valuable technology to initiate the sales process while conserving internal resources, creative approaches borrowers can use to address lender-imposed rate caps, and why bank swaps are the most lucrative products—plus what borrowers need to understand about the premiums they pay. Jim discusses how regulatory requirements and compliance stifle value creation in larger institutions, the current lack of distress in the real estate market, and why understanding fixed-rate loans requires examining the lender's credit and internal costs. They explore why inefficient execution is common in real estate, the necessity of both vision and execution for success, and how integrity and relationships remain central to his practice working with publics, real estate finance companies, ultra-high net worth individuals, family offices, money managers, and tech companies.

On this episode, Kevin chats with Leo Simpser, Founder and head of LLJ Ventures, a private equity firm focused on real estate that he started in 2008. As part of three affiliated companies managing a collective $8B of high net worth and institutional capital, LLJ's 8-person team has delivered investors a 24% IRR and 2.3x multiple while remaining boutique and bespoke by design, employing one-off investment structures rather than traditional funds. The conversation explores the inevitability of failure in entrepreneurship and the transformative power of our responses to setbacks, the importance of taking breaks from the daily grind, and Leo's concerns within today's market landscape. Leo discusses the potential pitfalls of investing in funds, the significance of discerning between institutional and private capital, and creating bespoke investment structures like deals with zero preferred returns. They cover the crucial role of local expertise in operating partners, Co-GP investing where LLJ may take up to 97% of the equity in a deal, aligning portfolios with investor risk profiles, and the tradeoffs of opportunistic investing. Leo emphasizes the primacy of relationships over transactions, empowering long-term employees to share in wealth creation, giving back through interest-free loans, and the necessity of saying no to opportunities that don't align with your vision—ultimately underscoring the importance of following your entrepreneurial calling with unwavering conviction.