Capitalizing Real Estate Platforms | Student Housing Investment

Interview

Key Takeaways

Real estate is becoming an operating business, not just a financial asset:

The nature of real estate investing is fundamentally shifting. Shorter lease terms, increased tenant complexity, and data-driven operations mean that how you run an asset matters as much as which asset you own. Platforms that build proprietary tech infrastructure and aggregate operational data are generating a new, durable source of alpha—one that traditional cap-rate-driven investing simply can't replicate.

The middle market is the most underserved part of platform investing:

Madison targets operators with roughly $500M+ AUM and $2–3M+ in EBITDA—profitable, vertically integrated, and ready to scale, but too large for incubators and too small for mega-GP-stakes funds. This sweet spot requires a rare dual competency: real estate underwriting and private equity transaction analysis. Few investors have both skill sets, which is exactly what creates the opportunity.

Structure follows the GP's highest ROI opportunity, not a template:

Madison deploys 70–80% into the underlying real estate and 20–30% into OpCo common equity—deliberately common equity, not preferred, to stay "shoulder-to-shoulder" with their partners. The structure is flexible by design: it adapts to each GP's needs, whether that's seeding a fund, backing a deal-by-deal platform, or supporting an SMA. The goal is alignment, not standardization.

Temperament and vision alignment matter more than any checklist:

Deals often take 12+ months to close because Madison treats GP selection as a long-term partnership vetting process. Sector expertise and track record matter, but shared values and business philosophy matter more. The best platforms aren't just generating strong returns—they have repeatable, scalable structures and operators who can absorb institutional capital without losing what made them great in the first place.

The

Madison International Realty

Team

Mo Saraiya leads the firm’s activities in real estate growth platform investments. Prior to joining Madison, Mr. Saraiya was an Executive Director on the Real Estate team at GCM Grosvenor where he focused on the sourcing, structuring, and execution of Equity/Debt JVs, Strategic Capital (LP, GP, OpCo), GP Seeds/Stakes, Co-Investments, and Funds in all asset classes across North America & Europe. Previously, Mr. Saraiya worked at CIM Group as a Vice President in their Investments group. Prior to that, Mr. Saraiya worked at Friend Skoler & Company, a generalist private equity firm investing in middle market companies and subsequently worked in general management roles for private equity portfolio companies including Hopkins Manufacturing and Philosophy. Mr. Saraiya began his career with the Boston Consulting Group, a global management consulting firm. Mr. Saraiya received his Bachelor of Economics from the Wharton School and his Bachelor of Systems Engineering from the School of Engineering and Applied Science at the University of Pennsylvania as well as his MBA from Columbia Business School.

Mr. Clark serves as a Director on the US Investment team in Madison’s New York City office. His primary responsibilities include investment sourcing, underwriting, and transaction structuring for Madison’s direct secondaries strategy, as well as the firm’s growth capital vehicles. Mr. Clark has over 12 years of investment management experience. Prior to joining Madison in 2019, Mr. Clark spent 4 years at Tavros, a privately owned real estate investment manager. While at Tavros, Mr. Clark helped to lead the firm’s investment underwriting, deal structuring, and capital markets platform. Before Tavros, Mr. Clark also served as an investment analyst for 2 years at High Rise Capital Management focusing on public and private market real estate opportunities.

Mr. Clark received a B.S. in Finance from Fordham University’s Gabelli School of Business and a Masters in Real Estate from Cornell University. Mr. Clark is also a CFA Charterholder.

Ready to get introduced to

Madison International Realty

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