Gray Report Investor Conversations: Ryan Duff

Why It Matters

Seapport’s micro‑fund model democratizes access to diversified multifamily assets, potentially reshaping capital flows and risk distribution in the sector.

Key Takeaways

• Seapport uses micro‑fund strategy for diversified multifamily exposure.
• Founder leveraged 15‑year lender experience to build investor network.
• Minimum $100k check gives accredited investors access to institutional‑grade deals.
• Portfolio targets value‑add and core‑plus assets across secondary markets.
• Emphasis on cash flow, tax benefits, and 3‑6 year hold horizon.

Summary

The Gray Report featured Ryan Duff, founder and managing partner of Seapport Equity, to explain his firm’s unique fund‑of‑funds approach to multifamily real‑estate investing. Duff traced his 16‑year career from analytical underwriting at Arbor Realty to originating debt, building a $5 billion placement book, and ultimately launching Seapport to give investors a diversified, micro‑fund vehicle.

Key insights include Duff’s decision to break away from the traditional underwriting path, leveraging deep lender relationships to create a network of owners, brokers, and operators. Seapport’s model pools accredited investors with a $100,000 minimum into a portfolio of value‑add and core‑plus assets across secondary markets, aiming for a 3‑to‑6‑year hold, cash‑flow yields, and upside from refinances or recapitalizations.

Duff highlighted that 90‑95% of his investors are outside the multifamily industry, emphasizing the “goodies” – steady cash flow, tax advantages, and 1031‑exchange benefits – that attract non‑real‑estate professionals. He described the firm’s evolution as a response to market cycles and a desire to provide a cost‑effective, low‑friction investment vehicle.

The approach bridges the gap between single‑asset syndications and large institutional funds, offering retail accredited investors institutional‑grade diversification and risk mitigation. If successful, it could shift capital toward more diversified multifamily portfolios and expand the investor base for this traditionally opaque asset class.

Original Description

What does it look like to spend 15 years placing nearly $5 billion in multifamily debt — and then bet on yourself to build something entirely different? In the debut episode of Gray Report Investor Conversations, Spencer Gray sits down with Ryan Duff of C-PORT Equity for a candid conversation about Ryan's journey from analyst to originator to fund manager, and the unique microfund strategy he's built to give investors diversified, curated access to multifamily real estate.

Ryan breaks down why he walked away from institutional lending, what it really takes to raise capital when you're starting from scratch, and how C PORT's fund structure differs from traditional blind funds and single-asset syndications.

Whether you're new to multifamily investing or a seasoned LP, this conversation offers a rare look at how the other side of the capital stack thinks.

🔗 Learn more about C-PORT Equity: https://www.c-portequity.com/

🔗 Learn more about Gray Capital: https://www.graycapitalllc.com

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