A Relationship Worth Investing In

What began as an alumni-student mentorship grew into friendship, professional collaboration and a $30 million real estate partnership, showing the lasting power of connections forged through Emory.

The old adage in real estate is location, location and location. For Bernard Clevens 22MBA, the story is more about connection, connection and connection.

When Clevens met Chris Dray 87C in 2022, he was still an Emory student helping spearhead the inaugural Emory Goizueta Real Estate Conference. Dray, an active volunteer and longtime supporter of the university, saw the conference as an opportunity to stay involved while helping cultivate future real estate leaders.

At first, the relationship was what many would recognize as a traditional mentor-mentee dynamic. Dray offered guidance as Clevens transitioned from the institutional real estate world into entrepreneurship.

Three years later, their relationship had evolved into something neither might have imagined at the outset: Clevens, founder and principal of Thematic Capital Group, and Dray, co-managing partner of Silver Street Capital and principal owner of Dray Investments, partnered on a $30 million industrial real estate acquisition in Texas.

Today, Clevens and Dray speak multiple times a week. They trade advice, celebrate family milestones, swap stories about parenting and life and, as of last year, own real estate together.

“When we talk, it’s always relationship first,” says Clevens. “Rarely do we just jump straight into business.”

Despite graduating from different corners of Emory and living and working in different time zones, they found common ground in family, business and a belief in helping others succeed. Conversations about deals naturally expanded into conversations about life, career and the challenges of balancing it all.

“We are in two different places in life,” says Dray. “But at the same time, we’re living so many parallels.”

“Relationship first” is a phrase both men return to often. It is the principle that has shaped every stage of their connection. Long before they discussed partnering on a deal, they had built trust through years of honest conversations, encouragement and mutual respect.

That foundation paved the way for a new chapter in 2025 when they partnered on the $30 million industrial real estate acquisition in Texas. The 16-building Dallas portfolio was more than a business deal. It was a testament to the trust, friendship and mutual respect they had built through years of conversation and collaboration, as well as the unique strengths each brought to the partnership.

Both instantly knew the collaboration would work. “We have some different skill sets, and it’s very interesting how we mesh very well,” Dray says.

While their mentor-mentee relationship began organically, which Clevens says is key, both see potential for Emory to create more opportunities for those kinds of connections. An Emory-exclusive network of alumni sharing deals, raising capital and exchanging industry insights is one example of how fellow graduates can support one another’s success, Clevens says.

“Our networks haven’t explored mentorship in the ways that they should,” says Dray. “This is a call to action to alumni to get out and do more.”

Their story also comes at a time of growing momentum for real estate at Emory. Goizueta Business School’s annual Real Estate Conference continues to bring together students, alumni and industry leaders. In 2025, the school also received a substantial gift from alumnus Billy Harbert 09MBA to establish the BL Harbert Real Estate Center, whose inaugural executive director is Joel Murphy.

“Chris and Bernard came together when working on a shared interest to help advance the Emory Goizueta Real Estate Conference in its early years and built a personal, mentoring, and now business relationship from it,” says Murphy. “Their story is a prime example of where a center for real estate can fulfill one of its most important purposes — bringing industry people together in ways that create lasting professional relationships and opportunities.”

The center will prepare students for careers in real estate through practical applied learning, relationship building and industry partnerships. Alongside the conference, Clevens believes it provides the foundation for Emory to become a preeminent hub for real estate education and industry engagement by 2030.

“Ultimately, we want Emory students to have access to the best opportunities and hiring outcomes possible,” he says.

Sometimes mentorship opens a door. Sometimes it creates a career opportunity. And sometimes, as it did for Dray and Clevens, it becomes a friendship that enhances every part of life.