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Posted Dec 30, 2025

Operational Alpha Over Scale: Why Focused Real Estate Platforms Are Winning

In this episode of The Distribution, Brandon Sedloff sits down with Jeff Beckham to discuss building institutional real estate platforms, generating operational alpha, and scaling founder-led investment firms. Jeff walks through his career from investment banking to global real estate investing and explains how those experiences shaped his approach as Chief Investment Officer at Buckingham. The discussion dives deep into Buckingham’s focus on the living sector, vertical integration, and why discipline and process matter most in today’s market environment.

During the conversation, they discuss:

• Jeff’s career path from Morgan Stanley to leading investment platforms across Europe and the US

• Why Buckingham focuses exclusively on the living sector across multifamily, student housing, build-to-rent, and active adult

• How vertical integration across development, construction, and property management drives operational alpha

• The investment case for Midwest, Southeast, and Mountain West markets versus coastal markets

• Balancing entrepreneurial deal-making with institutional processes, accountability, and scale