Everyone in institutional real estate knows the Southeast story. Almost nobody has run the same numbers on the Inland West. In episode 100 of Durable Value, Ryan Swehla joins Mike Consol on Institutional Real Estate, Inc.'s podcast to walk through Graceada's white paper "Equal Footing," which puts the two regions side by side using 21 years of federal data from the Census Bureau, the Bureau of Labor Statistics, and the Bureau of Economic Analysis. The Inland West is 47 million people strung along three north-south interstates: I-5, I-15, and I-25. It is larger than any single state, and it keeps disappearing from the research because inland California and Washington get averaged into their coastal halves. Measured on its own, it outgrew the Southeast on population, per capita income, real GDP, and employment across the full period. Ryan is direct about where the Southeast actually wins, what pushback allocators give him, and why he thinks state lines are a poor way to understand an economy.

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Before he spent four decades in institutional real estate, Mitch Pleis was a tight end catching passes from a rookie Joe Montana. In this episode of Durable Value, Ryan sits down with Mitch Pleis, the retired co-head of real estate at CalSTRS and the only person to hold the director of real estate seat there twice. Mitch traces the full arc: recruited by Bill Walsh to Stanford, a brief run with the 49ers, then industrial development, mortgage banking through the savings and loan years, and finally a seat inside one of the largest pension funds in the country.

He walks through what the CalSTRS real estate portfolio looked like when the fund first crossed $100 billion with only 3% allocated to real estate, how that role has swung between safe cash flow and return enhancer across three decades, and why he thinks underwriting is about to matter more than it has in years.

Much of the conversation lands on relationships. Mitch explains what keeps a partnership alive for 20 years, why owning a mistake counts for more than never making one, and how he actually took the measure of a manager, dinners and baseball games included.

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Over the last 15 years, 1.6 million people have left Coastal California for the Inland West without ever leaving the state. In this episode of Durable Value, Joe and Ryan break down the paradox at the center of the Inland West: two economies sitting right next to each other, dependent on each other, and moving in opposite directions. They walk through the migration data, the affordability math driving it, and the structural forces keeping coastal costs climbing while the Inland West stays within reach. They also lay out the thesis the firm was built on: there are roughly 80 Modestos across the Inland West. Mid-sized markets nestled between larger economies, strong on quality of life and cost, and largely unnoticed by institutional capital. If you're trying to understand where population, jobs, and industry are actually headed over the next few decades, start here.

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What does it really take for a real estate operator to transition into the institutional space?

In this episode, we feature a conversation from the Next Gen Capital Conversations podcast, where Ryan sits down with Geoff Dohrmann of IREI and Heather Fernstrom, co-founder and managing partner of Alliance Global Advisors.

They discuss the inflection points that lead operators toward institutional capital, the organizational evolution required to get there, and the significant time and resources needed to build an institutional-quality platform. Ryan also shares Graceada Partners’ journey from its first fund to a fourth fund supported primarily by institutional capital.

Whether you’re an operator considering the next stage of growth or an emerging manager already building toward institutional partnerships, this conversation offers a candid look at what it takes to earn investor confidence and scale intentionally.

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In this episode of Durable Value, Joe and Ryan discuss how most institutional investors skip secondary and tertiary real estate markets; but what if the "perceived risk" is actually lower than primary markets? Here we break down the data behind secondary market investing: why volatility is lower, why liquidity is stronger than you'd expect, and why institutional capital clustering in gateway cities may be the real risk. We also share a real-world example of selling an office building in 2026, and generating a 16% gross IRR, to prove the thesis.

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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.

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In this episode of Durable Value, Joe and Ryan break down the parallels between the 2008 Global Financial Crisis and today's commercial real estate environment and, more importantly, what actionable steps investors should be taking right now.

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In this episode of Durable Value, Ryan sits down with Jen Stevens, co-founder and managing partner of Alliance Global Advisors, to discuss what it takes to build an institutional-caliber real estate investment firm. Jen shares her 17-year journey at the Townsend Group, the founding story of Alliance, and how they've helped over 50 real estate managers — collectively overseeing a trillion dollars in assets — compete and grow. From emerging manager strategy to private wealth distribution, alignment of interest, and career advice, this episode is packed with insight for anyone in the real estate investment industry.

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In this episode of Durable Value, we explore what it takes to go from friends-and-family syndications to managing capital for public pensions. Drawing on a 17+ year journey, the conversation highlights the discipline, patience, and organizational focus required to scale into an institutional platform. We discuss the $1.8 trillion opportunity in Inland West secondary and tertiary markets, why many operators stall before making the leap to funds, and how building the right relationships inside pensions and family offices can change the trajectory of a business. The throughline is simple: staying focused on your core strategy is what drives long-term growth.

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Ryan Swehla joins Institutional Real Estate Americas to share Graceada Partners' latest research on secondary and tertiary markets in the Western U.S. and the results may surprise you. From outperforming primary markets economically, to lower supply volatility and stronger liquidity than conventional wisdom suggests, Ryan breaks down why smaller markets deserve a closer look from institutional investors.

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In this episode of Durable Value, discover why multi-tenant industrial real estate is one of the most durable and overlooked investment opportunities in commercial real estate. Joe and Ryan break down what makes these smaller industrial parks such a compelling asset class. They explore the unique economics, supply constraints, and tenant diversity that create stable, long-term value.

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In Episode 89 of Durable Value, host Ryan Swehla sits down with Matt Slepin, Co-Head of Real Estate at ZRG Partners, to unpack what great leadership and succession really look like in today’s real estate industry. Matt shares his fascinating 25-year journey in executive search, from lobbying for low-income housing to building and selling his own firm. We dive into the real succession challenges facing today’s real estate leaders, the institutional rise of multifamily, and how AI and technology are rewriting the playbook for talent and decision-making in the industry.

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n this episode of the Durable Value Podcast, Ryan Swehla is interviewed by Brandon Sedloff from Juniper Square's "The Distribution" podcast. 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 $650M 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.

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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.

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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.

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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.

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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.

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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!

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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.

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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.

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