The Distribution by Juniper Square

Chris Merrill, Co-Founder and CEO of Harrison Street, joins Brandon Sedloff to explore a career defined by risk-taking, innovation, and a steadfast belief in building differentiated real estate strategies. The conversation traces Chris’s early career in real estate through his formative years at Heitman, where he became one of the first Western investors to focus exclusively on Central Europe. That experience would inform the thesis behind Harrison Street—an investment firm centered on demographic-driven, need-based asset classes like student housing, medical offices, and self-storage. Chris shares how Harrison Street emerged from a 50-50 partnership with Motorola’s former CEO Chris Galvin, and how its success has hinged on developing deep operator relationships, a repeatable process for innovation, and a long-term perspective on risk and value creation. They discuss: * Why building a “pure play” Central European fund shaped his thinking on innovation and differentiation * The early resistance to student housing, senior living, and self-storage as institutional asset classes * How Harrison Street built an edge through proprietary scorecards and diversified operator relationships * Why vertical integration was never the right strategy for Harrison Street’s alternative real estate focus * How infrastructure and on-campus partnerships are fueling the next phase of growth This episode is a masterclass in how to spot arbitrage opportunities and scale a business by staying contrarian. Links: Chris on LinkedIn - https://www.linkedin.com/in/christopher-merrill-006b243/ [https://www.linkedin.com/in/christopher-merrill-006b243/] Harrison Street - https://harrisonst.com/ [https://harrisonst.com/] Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ [https://www.linkedin.com/in/bsedloff/] Juniper Square - https://www.junipersquare.com/ [https://www.junipersquare.com/] Topics: (00:00:00) - Intro (00:01:39) - Chris’ background and career (00:12:22) - Capital raising in the mid-90s (00:15:25) - Founding Harrison Street (00:22:11) - What Harrison Street looks like today (00:23:24) - The evolution of Alternatives within Private Real Estate (00:25:26) - Investing strategies (00:32:42) - Milestones from the last 2 decades (00:34:46) - Failures (00:37:35) - What best-in-class operating partners look like (00:42:43) - Vertically integrated vs. allocator models (00:44:30) - Pivoting into infrastructure (00:48:19) - Making an ownership shift (00:52:16) - The intersection of innovation and Real Estate

In this episode of The Distribution, host Brandon Sedloff sits down with Len O’Donnell, CEO of Affinius Capital, for a wide-ranging conversation on the evolution of one of real estate’s most strategically positioned investment platforms. Len reflects on his early exposure to development, his unconventional career path, and the lessons learned from leading through multiple business cycles. He shares how he helped transform USAA Real Estate into a scaled investment manager, navigated a management-led buyout in the midst of a global pandemic, and merged multiple platforms into the firm now known as Affinius Capital. The discussion also explores the firm’s investment pillars—credit, housing, and the intersection of real estate and technology—and why data centers represent the most strategically vital asset class in today’s economy. They discuss: * The early influence of development culture and why studying history shaped Len’s leadership philosophy * How Len transitioned from industrial chemical sales to building one of the largest platforms in U.S. real estate * The vision and execution behind Affinius’ shift from wholly owned assets to co-investment-led growth * Lessons from the merger of USAA Real Estate and Square Mile, and the importance of patience in integration * Why power, permitting, and strategic partnerships define the future of the data center sector This episode is a must-listen for anyone seeking long-term perspective and operational wisdom in institutional real estate investing. Links: Affinius Capital - https://affiniuscapital.com/ [https://affiniuscapital.com/] Len on LinkedIn - https://www.linkedin.com/in/len-odonnell-92a96815/ [https://www.linkedin.com/in/len-odonnell-92a96815/] Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ [https://www.linkedin.com/in/bsedloff/] Juniper Square - https://www.junipersquare.com/ [https://www.junipersquare.com/] Topics: (00:00:00) - Intro (00:01:34) - Len's career and background (00:03:47) - Transition to real estate development (00:06:24) - Building a career in Washington DC (00:17:28) - The evolution of USAA Realty (00:22:53) - Merging with Square Mile (00:27:16) - Lessons from mergers and acquisitions (00:30:57) - Cultural shifts in large organizations (00:32:12) - Introducing Affinius (00:38:27) - Strategic business evolutions (00:42:39) - Amazon: A case study in strategic partnership (00:47:15) - The future of data centers and power constraints (00:53:51) - Conclusion and final thoughts

In this episode of The Distribution, host Brandon Sedloff sits down with Brendan Wallace, CEO & CIO of Fifth Wall, to explore the firm’s founding thesis, its investment philosophy, and the evolving intersection of real estate and technology. Brendan shares his unique career path—from real estate private equity at Blackstone to launching a successful tech startup sold to Workday—offering rare insight into how his dual experience in tech and real estate shaped the creation of Fifth Wall. He outlines how the firm’s strategic LP model allows them to drive technology adoption within the real estate sector, and discusses the broader opportunity that comes from modernizing a traditionally analog industry. The conversation also touches on the firm’s investing strategy, views on AI and data, and why Brendan believes the next wave of leading real estate platforms will be launched in the coming years. They discuss: * Why Fifth Wall’s LP base of real estate incumbents gives it a strategic advantage in venture investing * How Brendan’s early tech exit and institutional finance background informed his venture model * The challenges of real estate’s slow tech adoption, and which firms are actually driving change * Brendan’s view on the overhyped promise of proprietary data in the AI era * Why now may be the best time in a generation to launch a new real estate investment platform A valuable conversation for anyone exploring the future of real estate, venture capital, or building at the intersection of both. Links: Fifth Wall - https://www.fifthwall.com/ [https://www.fifthwall.com/] Brendan on LinkedIn - https://www.linkedin.com/in/brendanfitzgeraldwallace/ [https://www.linkedin.com/in/brendanfitzgeraldwallace/] Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ [https://www.linkedin.com/in/bsedloff/] Juniper Square - https://www.junipersquare.com/ [https://www.junipersquare.com/] Topics: (00:00:00) - Intro (00:01:11) - Brendan's background and career (00:18:29) - The birth of Fifth Wall (00:24:18) - The real estate tech revolution (00:28:54) - Big wins and real estate technology adoption (00:31:09) - Challenges and mistakes in real estate tech adoption (00:33:16) - Incentives and barriers to technology adoption (00:38:09) - The future of real estate and technology (00:45:10) - Fifth Wall's investment strategy and market trends (00:47:58) - Advice for aspiring real estate tech entrepreneurs (00:57:20) - Conclusion and contact information

In this episode of The Distribution, host Brandon Sedloff sits down with Patrick McBride, co-founder and co-CEO of Coastal Ridge, to explore the firm’s evolution from a small entrepreneurial venture to a vertically integrated investment platform managing $5 billion in gross AUM. McBride walks through the pivotal moments that shaped Coastal Ridge’s growth, including early partnerships with family offices, scaling with institutional joint ventures, and the recent transition to discretionary fund management. The conversation covers the strategic advantages of student housing, why vertical integration has been core to their model, and how Coastal Ridge's Midwest roots influence its culture and execution. They discuss: * How Coastal Ridge began as a partnership between college friends and scaled through $400M in backing from family offices * The firm's three-phase capital evolution: private capital, institutional JVs, and discretionary funds * Why student housing complements multifamily and what’s driving double-digit rent growth in the sector * What makes a great student housing investment and how Coastal Ridge adds value to 10–20-year-old properties * How vertical integration enhances performance across living strategies and creates competitive advantages A valuable listen for investors, operators, and entrepreneurs seeking to understand how durable real estate businesses are built over time. Links: Coastal Ridge - https://www.coastalridge.com/ [https://www.coastalridge.com/] Patrick on LinkedIn - https://www.linkedin.com/in/patrick-r-mcbride/ [https://www.linkedin.com/in/patrick-r-mcbride/] Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ [https://www.linkedin.com/in/bsedloff/] Juniper Square - https://www.junipersquare.com/ [https://www.junipersquare.com/] Topics: (00:00:00) - Intro (00:01:20) - Patrick McBride's career and background (00:02:01) - The origin story of Coastal Ridge (00:03:51) - Early challenges and key partnerships (00:06:35) - Evolution to institutional capital (00:13:02) - Current strategies and market insights (00:14:05) - Student housing sector deep dive (00:24:05) - Future vision and company culture (00:28:33) - Leadership and entrepreneurial advice (00:31:31) - Conclusion and closing remarks

In this episode of The Distribution, Brandon Sedloff sits down with Chris Brimsek, Managing Partner of Cab Advisory, for a deep dive into how investment managers can build enduring businesses in an increasingly complex private markets environment. Drawing on experience from advising GPs across asset classes and stages, Chris outlines the major strategic and operational challenges facing fund managers—from firm structure and team composition to incentive design and succession planning. The conversation explores why many firms stall out at the mid-market level and what it truly takes to scale. Chris shares a four-part framework he uses with clients to create “operational alpha,” emphasizing the importance of vision, actively managed teams, properly structured incentives, and founder delegation. Whether discussing fundless sponsors, the future of sports investing, or the commercialization of GP stakes, Chris offers a pragmatic and unvarnished view of where the industry is headed. They discuss: * How the “mutual fund phase” of private markets is driving the need for new content and strategies * The rise of fundless sponsors and how they’re shaping deal flow, team structures, and fundraising models * Why founders must choose between staying boutique or scaling—and how that choice affects team dynamics and enterprise value * The case for sports franchises as analogs to deal teams and what private equity can learn from talent management in professional leagues * Why delegation, succession planning, and intentional incentive design are key to sustainable firm growth This is a must-listen for investment managers navigating scale, succession, or strategic reinvention in today’s private markets. Links: Chris on LinkedIn - https://www.linkedin.com/in/chrisbrimsek/ [https://www.linkedin.com/in/chrisbrimsek/] CAB Advisory LLC - https://www.cabadvisoryllc.com/ [https://www.cabadvisoryllc.com/] Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ [https://www.linkedin.com/in/bsedloff/] Juniper Square - https://www.junipersquare.com/ [https://www.junipersquare.com/] Topics: (00:00:00) - Intro (00:02:48) - State of private markets (00:05:31) - Emerging managers and investment dynamics (00:15:11) - Operational alpha and team management (00:23:36) - Building durable investment management businesses (00:26:07) - The startup mindset in business (00:27:02) - Incentives and performance (00:27:52) - Talent development and team composition (00:28:54) - Recruitment and team dynamics (00:34:03) - Delegation and leadership challenges (00:41:15) - Strategic capital and growth (00:45:35) - The future of private markets (00:51:56) - Closing thoughts and podcast information