Durable Value: An Investor's Podcast
Durable Value: An Investor's Podcast
Durable Value Ep. 95 | Leading Voices in Real Estate with Matt Slepin
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In this episode of Durable Value, Joe and Ryan join Matt Slepin on his podcast, Leading Voices in Real Estate, to share how they built a real estate firm by investing where institutional capital rarely goes.They break down why secondary and tertiary markets outperform the headlines, how they source off-market deals, and what "lower middle market private equity" looks like in real estate.
0:00 – Introduction & episode preview
0:14 – Meet Joe & Ryan: Co-founders, 40-year friendship, and the origin of Graceada
4:12 – Business overview: multifamily + multi-tenant industrial, $1B AUM, vertical integration
4:44 – "Secondaries are the new primaries" — the thesis behind Western US secondary & tertiary markets
18:10 – Off-market deal sourcing: the reverse funnel, broker relationships & 20 offers per close
28:10 – Debunking 3 misconceptions: liquidity, performance, and volatility in secondary markets
41:12 – Real deal breakdowns: The Lofts (232 units, Fresno) & Elk Grove Industrial
1:06:14 – Advice for young people entering real estate & lessons from a 40-year partnership