Deal Flow Friday

Building Beyond a Basis: Matthew Thomson - Trilogy

David Moghavem — Fri, 01 May 2026 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Matthew Thomson, SVP of Development & Ventures at Trilogy, to unpack how today’s multifamily landscape is reshaping investment strategy and where the most sophisticated capital is placing its bets.

The conversation explores the shift from institutional, highly structured investing toward a more flexible private capital approach. While much of the market is focused on acquiring assets below replacement cost, Thomson explains why Trilogy is leaning into development, emphasizing long-term conviction over short-term exit assumptions. This perspective highlights a growing divide between investors solving for immediate yield and those building for future market positioning.

Moghavem and Thomson also dive into the South Florida market, addressing the current wave of supply and concessions while framing the longer-term demand story. They discuss how demographic shifts, rising incomes, and land constraints continue to support the region’s growth, even as near-term fundamentals face pressure. The conversation positions markets like Miami not as overbuilt, but as undergoing a necessary phase of absorption.

Beyond market dynamics, the episode highlights a broader industry theme: in a world where data and technology are increasingly commoditized, relationships and trust have become the true competitive advantage. Thomson shares how intentional community-building and curated networks can expand opportunities and create long-term value, reinforcing the idea that success in real estate is ultimately driven by people, not just numbers.

Chapters:

00:00 Introduction
01:04 Transitioning from AMLI to Trilogy
03:08 Trilogy's Development Strategy
06:02 Navigating the Current Market Landscape
10:00 Demographic Shifts in Miami
11:21 Trilogy's Focus Areas in Florida
14:00 Long-Term Perspectives on Miami's Market
15:49 Challenges in the Midwest Market
18:11 Niche Strategies and Unique Investments
20:19 The Importance of Data in Real Estate
23:28 Building Community and Networking
31:42 The ULI Leadership Institute Experience

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The Texas Reset: Jack Stone - Greysteel

David Moghavem — Fri, 10 Apr 2026 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Jack Stone, Managing Director at Greysteel and co-host of CRE Daily and the No Cap podcast, to break down the current state of the Texas multifamily market and where real opportunities exist today.

Jack shares an inside look at what’s happening across Dallas-Fort Worth and broader Texas, highlighting the massive wave of new supply that has reshaped the market, particularly in Class A assets. With concessions rising and rent growth flattening, investors are being forced to rethink traditional strategies and timelines.

The conversation dives deep into the growing divergence between asset classes. While institutional capital continues to chase newer, “flight-to-quality” deals, Jack and David point to a compelling opportunity in Class B and C workforce housing. With fewer buyers able to raise capital in today’s environment, these assets are trading at significantly reset bases, creating potential for strong long-term yield—if bought right.

They also unpack the realities facing overleveraged deals from the 2021–2022 cycle, the role lenders are now playing in restructuring transactions, and how creative capital stacks are emerging to bridge the gap between buyers and distressed opportunities.

Beyond Texas, Jack reflects on insights gained from interviewing top industry leaders through CRE Daily, offering a broader perspective on how multifamily stacks up against other asset classes in today’s market—and why real estate decisions are increasingly driven by relative value across sectors.

Chapters

00:00 Introduction: Jack Stone - Greysteel, CRE Daily, & No Cap Podcast Co Host
03:16 Market Insights: Texas Real Estate
09:16 The Importance of Relationships in Brokerage
10:40 Why Texas? Different Opportunities in Class A, B, & C Properties
15:05 Current Market Dynamics and Opportunities
18:06 Lender-Borrower Relationships in Today's Market
21:11 Class B and C Workforce Housing Opportunities
24:09 Cash Flow and Investment Strategies
27:27 Future Market Predictions
30:14 Comparative Analysis of Texas Metros
33:16 Insights from CRE Daily and No Cap Pod
36:25 Conclusion and Final Thoughts

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Relationship-Driven Capital: Malcolm Davies WAY Capital

David Moghavem — Fri, 03 Apr 2026 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Malcolm Davies of Way Capital to unpack what’s really happening in today’s capital markets—and how capital raising has fundamentally changed.

They explore why the traditional “spray and pray” approach to raising equity no longer works, and how the market has shifted toward a relationship-driven model where trust matters more than projected IRRs. Malcolm shares how Way Capital—short for “We Are You”—approaches capital advising by aligning with sponsors and focusing on long-term partnerships over transactional deals.

The conversation also dives into how lenders are becoming increasingly creative, stepping into the equity stack and blurring the lines between debt and equity. From hybrid structures to profit participation, the capital stack is evolving in real time.

In addition, they discuss how AI is reshaping the industry—from underwriting and deal flow to operations—and why access to information is no longer the key differentiator. Instead, relationships, credibility, and trust are emerging as the true bottlenecks in getting deals done.

For operators, investors, and anyone raising capital in today’s environment, this episode offers a clear perspective on how to navigate the current cycle and position for what’s ahead.

Chapters

00:00 Current Global Inflection Point
01:38 Personal Background and Family Influence
02:41 The Value of Perspective and Gratitude
03:19 Starting the Podcast and Market Knowledge
04:46 AI Tools and Market Data Access
06:35 The Future of Capital Markets and Relationships
07:24 Podcasting and Deal Nuggets
09:51 Development Challenges and Market Conditions
11:50 Market Outlook for Los Angeles and Beyond
16:01 Building Trust and Relationships in Capital Markets
19:16 The Power of Introductions and Networking
22:21 Market Cycles and Credit Spreads
23:45 Market Bottoms and Future Opportunities
25:53 Operational Challenges and Asset Management
28:55 Lessons from the GFC and Market Resilience
36:50 The Impact of AI on Operations and Tenant Experience
41:05 Operational Performance and Asset Management
43:56 The Future of Capital and Relationship Building
47:28 Unshackling Bandwidth for Greater Deal Flow
49:21 Evolving Perspectives from Podcast Conversations
52:33 The Next Generation and Technological Edge

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Multifamily Market Monologue [Q1 2026]: David Moghavem - Trion Properties

David Moghavem — Fri, 27 Mar 2026 20:07:53 -0400

In this episode, David Moghavem discusses the latest trends in multifamily real estate, focusing on rate movements, the blurring line between credit and equity, and evolving capital raising strategies. Gain insights into how market dynamics are shaping investment and financing decisions in 2026.

Key Topics:

SOFR-based financing resurgence
Shift from treasury-based borrowing
Blurring of credit and equity roles
Creative lender strategies and profit participation
Evolving capital raising tactics in real estate

Chapters

00:00 Introduction and Overview of Market Trends
01:36 The Impact of Interest Rates on Real Estate
06:07 Blurring Lines Between Credit and Equity
14:33 Evolving Strategies in Capital Raising

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Strategy through Cycles: Henry Manoucheri - Universe Holdings

David Moghavem — Fri, 20 Mar 2026 06:00:00 -0400

In this episode of Deal Flow Friday, David interviews Henry Manoucheri, CEO of Universe Holdings, to break down the current state of the multifamily real estate market, interest rates, and investment strategy in today’s cycle. Recorded around Nowruz, the conversation connects themes of renewal with a deep dive into how experienced operators are navigating rising interest rates, inflation, and shifting capital markets. With over 40 years in commercial real estate, Henry shares why this cycle is unlike 2008 or prior downturns, and what investors need to understand about today’s prolonged uncertainty.

Henry outlines key lessons in real estate debt strategy, risk management, and underwriting, including how variable rate loans and rate caps impacted multifamily investors across the country. He explains why his firm is prioritizing fixed-rate financing, conservative leverage, and long-term hold strategies, while adjusting assumptions around cap rates, refinance timing, and exit valuations. For investors and sponsors, this episode highlights how to avoid common mistakes and structure deals for durability in a higher-rate environment.

The discussion also covers top real estate markets, migration trends, and where to invest in 2026, comparing California, Florida, Texas, and New Jersey. Henry explains why barriers to entry, supply constraints, and job growth remain critical factors in market selection, and why some high-growth Sunbelt markets carry hidden risks due to oversupply. He also shares insights on expanding into new markets, building vertically integrated real estate platforms, and creating operational efficiencies across property management, construction, and insurance.

Finally, the episode dives into capital raising strategies for real estate investors, including how to work with high-net-worth individuals, family offices, and institutional capital in today’s environment. Henry discusses the shift toward preferred equity, the importance of building long-term investor relationships, and what it takes to scale a real estate portfolio to tens of thousands of units. He closes with practical advice on entrepreneurship, discipline, and decision-making for anyone building a business in commercial real estate.

Chapters

00:00 Nowruz, New Cycles & Real Estate: From Iran to Building a $1.5B Portfolio
06:02 The Most Unusual Market Cycle I’ve Ever Seen
11:03 Investment Strategies and Lessons Learned
16:11 Expanding Horizons: New Markets and Opportunities
21:03 Building a Family Business and Brand
24:23 Legacy and Ambition: A Family's Journey
25:45 Market Insights: Identifying Opportunities
28:19 Political Landscape: The Impact on Real Estate
30:07 Wealth Migration: The Shift to Other States
33:16 Capital Raising: Strategies for Success
43:07 Advice for Emerging Entrepreneurs: Perseverance and Focus

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Mountain Markets: Jason Koch - MMG

David Moghavem — Fri, 13 Mar 2026 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Jason Koch, Managing Director at MMG, to break down what’s really happening in today’s multifamily market. They discuss early signs of deal activity returning, why Denver has been one of the hardest-hit markets this cycle, and how investors are adapting their strategies in a slower transaction environment.

Jason shares his journey from Unique Properties to launching Nexus, joining Capstone, and eventually transitioning to MMG, offering a behind-the-scenes look at how brokerage platforms evolve as markets change. The conversation dives into how the current downturn differs from the Global Financial Crisis, why lenders are working with sponsors instead of forcing sales, and why many deals today are taking months to transact.

They also explore how operations and property management have become the new value-add, replacing the rent-growth-driven strategies of the past decade. As capital flows shift, the episode highlights where equity is coming from today—including investors who made significant gains in tech, crypto, and public markets.

The episode wraps with practical advice for investors looking to enter Denver and other Mountain West markets, emphasizing why operational expertise may be the biggest competitive advantage in the current cycle.

Chapters

00:00 Episode Intro - Deal Activity Is Picking Up!
04:16 Jason Koch’s Career Journey (Unique → Nexus → Capstone → MMG)
10:31 Why Denver Has Been One of the Toughest Multifamily Markets
12:39 Why Lenders Aren’t Forcing Sales Like 2008
16:08 Expanding Beyond Denver: Wyoming, Montana & Salt Lake
20:33 Salt Lake City Is So Competitive Right Now
23:05 The Biggest Mistake Investors Make When Choosing Submarkets
25:50 Why Deals Take Months to Trade Today
29:36 What Happened to Denver’s Cap Hill Submarket?!
32:37 How Real Estate Deals Are Getting Capitalized Today
36:50 Stocks vs Real Estate: Where Investors Are Putting Money
40:44 Advice for New Investors in Denver's Market

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BEC X [Panel]: State of the Multifamily Market

David Moghavem — Fri, 06 Mar 2026 06:00:00 -0500

In this special episode of Deal Flow Friday, recorded live at BEC X, David Moghavem joins moderator John Casmon alongside Andrew Cushman (Vantage Point Acquisitions) and Rob Beardsley (LSCRE) for a candid discussion on the current state of the multifamily market. The panel explores how experienced operators are evaluating deals in a post-rate-hike environment, where conservative underwriting and operational execution have become more important than ever. David explains Trion’s focus on untrended yield on cost, emphasizing the need to underwrite deals based on what a property can realistically produce today rather than relying on future rent growth assumptions. The group also dives into the impact of supply across Sun Belt markets, noting that oversupply and concessions have had a greater effect on performance than interest rates in many areas. The conversation covers strategies for investing across markets, the importance of treating every market like your backyard through local relationships and strong on-site teams, and the ongoing debate between value-add and core-plus acquisitions in today’s cycle. The panel also shares lessons from navigating the recent market turbulence, including the importance of conservative debt structures, aligning incentives with property management teams, and protecting the asset first to avoid capital calls during periods of stress.

Chapters

00:00 Introduction to the Panel and Participants
02:27 Evaluating Deals in 2026: Yield on Cost and Market Trends
05:07 Texas Multifamily Market: Opportunities and Challenges
07:41 Impact of Supply on Market Dynamics
11:26 Local Market Knowledge and Investment Strategies
13:22 Managing Properties Remotely and Building Local Teams
16:53 Vertical Integration and Third-Party Management
22:14 Adjusting Investment Strategies in a Changing Market
24:47 Market Segmentation: Class A, B, and C Properties
33:06 Property Management: Self-Management vs Third-Party
37:17 Proactive Risk Management and Market Adaptation
38:04 Closing Remarks and Panel Wrap-Up

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Know What Game You’re Playing: Will Krasne - Spectre Equities LLC & The Promote Pod

David Moghavem — Fri, 20 Feb 2026 07:14:25 -0500

In this episode of Deal Flow Friday, host David Moghavem interviews Will Krasne, a real estate investor and co-host of the Promote Pod. They discuss Will's background in institutional private equity, his current investment strategies focusing on multifamily and industrial assets in the Mid Atlantic, particularly South Central Pennsylvania. The conversation delves into the dynamics of supply and demand in industrial real estate, the interconnection between industrial and multifamily investments, and the importance of risk management in today's market. Will emphasizes the need for authenticity in investment strategies and shares insights on the evolving landscape of real estate entrepreneurship.

Chapters

00:00 Intro [Will Krasne - Spectre Equities LLC & The Promote Pod]
04:41 Investment Strategies in the Mid Atlantic
07:35 Bullish on Central PA
10:51 Small-bay industrial niche
13:50 Interconnection of Industrial and Multifamily Investments
16:29 Supply and Demand in Real Estate Markets
19:09 Cash yield > IRR
26:21 Core principle: Risk/Reward
30:29 The Evolution of the Promote Pod
31:35 The Characters of Real Estate
34:46 Institutionalization: are the cowboys disappearing from CRE?
37:12 Creating Institutional Quality Assets
42:30 The Importance of Differentiation in Investing

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Talent Wars in CRE: Mark Silverman & Bryce Goldsen - Advance CRE

David Moghavem — Fri, 13 Feb 2026 06:00:00 -0500

In Episode 43 of Deal Flow Friday, David sits down with Mark Silverman and Bryce Goldsen, Co-Founders of AdvanceCRE, along with Max Sharkansky Managing Partner of Trion Properties, to break down the evolving talent landscape in commercial real estate—from the remote work debate and the shift back to in-office execution, to relocation trends, offshore competition, and the rising demand for high-impact executive roles. The conversation dives deep into how AI is reshaping hiring decisions, whether firms truly need a “Head of AI” or simply sharper junior talent, and why in a slower transaction market the bar for human capital is actually rising—not falling. Ultimately, this episode argues that in today’s cycle, great deals don’t start with capital—they start with people.

Chapters:

00:00 – Is Our Generation Soft? The Remote Work Debate

01:21 – Intro: Mark Silverman, Bryce Goldsen & AdvanceCRE

02:51 – From Investment Banking to Executive Search

05:05 – Why They Moved From LA to the East Coast

06:52 – Are People Still Relocating for Opportunity?

08:38 – Hiring Then vs Now: What Changed After COVID

09:16 – The First Question Candidates Ask Today

10:00 – Is the Trend Moving Back In-Office?

12:00 – Spontaneous Collaboration vs Scheduled Zoom Calls

13:20 – Scaling Culture Across Multiple Offices

14:40 – Back Office → No Office: Offshore Competition

15:30 – Why Executive Assistants Are in High Demand

16:45 – AI in Real Estate: Do You Need a Head of AI?

18:00 – Senior AI Hire vs Junior AI Talent

21:05 – How a 22-Year-Old Automated Accounting

23:30 – Fractional AI Officers & The Middle Market

25:05 – Will AI Reduce Headcount or Raise the Bar?

26:20 – Is the Hiring Slowdown AI or Just the Cycle?

27:15 – Jobs AI Can’t Replace in Real Estate

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Multifamily Asset Management Playbook: Brendan Van Deventer - CRES

David Moghavem — Fri, 06 Feb 2026 06:00:00 -0500

In this episode of Deal Flow Friday, David Moghavem sits down with Brendan Van Deventer, Co-Founder and Managing Partner of CRES (Consolidated Real Estate Strategies), for a tactical, operator-level discussion on what asset management actually looks like in today’s challenging multifamily environment.

Brendan breaks down the realities operators are facing post-rate hikes, including muted rent growth, rising expenses, and operational inefficiencies that are now impossible to ignore. Rather than focusing on surface-level reporting, the conversation centers on execution and discipline at the asset level, using Brendan’s Four Ps framework: People, Product, Pricing, and Promotion.

The episode dives deep into why on-site teams remain the highest-leverage variable, how retention has become one of the most important drivers of cash flow, and why many traditional renovation and marketing strategies no longer pencil. David and Brendan also explore collections discipline, backdoor eviction risk, renewal strategy, SEO-driven marketing, and why “back to basics” operations are outperforming flashy tools in this cycle.

This conversation is a must-listen for operators, asset managers, lenders, and investors managing through distress or repositioning assets heading into 2026.

Key topics covered include:

The Four Ps asset management framework
Retention vs. turnover economics (the 3x rule)
Expense pressure from insurance, payroll, and marketing
SEO and PPC vs. bloated ILS spend
Collections discipline and de-risking bad debt
Why clean operations and execution now drive real ROI

A practical playbook for navigating today’s multifamily headwinds.

Chapters:

00:00 Introduction to CRES Asset Management
05:21 The New Expense Stack: Insurance, Payroll, and Cost Shock
08:37 Marketing Spend Is Broken: Why More Zillow ≠ More Leases
12:06 SEO, PPC, and the Shift Away From ILS
15:33 entralization: When It Works, When It Backfires
21:03 Pricing Strategies and Tenant Retention
23:10 Why Retention Is Worth 3× New Leasing
28:24 The Backdoor Eviction Problem Operators Are Facing
34:41 FlexPay, Guarantors, and De-Risking Collections
37:21 What Dollars Spent on a Property Yield The Highest ROI Today?
42:39 Future Vision for Cress

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NMHC Recap [Multifamily Market Monologue]: David Moghavem Trion Properties

David Moghavem — Fri, 30 Jan 2026 09:34:18 -0500

David just returned from NMHC — the National Multifamily Housing Conference — and breaks down what the conference really revealed about the state of the multifamily market. Beyond panels and presentations, NMHC is about sentiment. This episode dives into the vibes, the psychology, and the quiet shifts happening behind the scenes.

2025 was a year full of near-misses: deals that almost traded, distress that never fully cleared, and pricing confusion driven as much by communication breakdowns as by valuation gaps. But something feels different now. Lenders are stepping back into the process earlier, sellers are more aligned with reality, and off-market executions are returning as a preferred path.

David explores the growing geographic divergence between markets, why macro headlines suddenly feel irrelevant to operators, and how industry fatigue has turned into a kind of stability. The takeaway isn’t hype — it’s discipline. Clean trades over hero trades. Execution over speculation.

This episode frames NMHC as the beginning of a healthier transaction cycle built on realism, alignment, and cautious optimism.

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Coast-to-Coast Multifamily Market Talk: Zihao Wang - PARES AI

David Moghavem — Fri, 23 Jan 2026 06:00:00 -0500

In this episode of Deal Flow Friday, host David Moghavem interviews Zihao Wang, founder of PARES AI, a software designed to streamline the underwriting process for commercial real estate. They discuss Zihao's journey, insights from the Florida Multi-Family Summit, and his contrarian investment strategies in the current real estate market. The conversation also delves into the importance of technology in real estate, particularly how PARES AI aims to enhance efficiency and decision-making for acquisition teams.

Chapters

00:00 Introduction to Zihao Wang and Paris AI
03:11 What the Florida Multifamily Summit Says About Today’s Market
04:07 Contrarian Investing: Older Vintage vs Newer Assets
06:28 Target Markets for Patient Capital
09:15 Target Sunbelt Submarkets & Strategies
12:19 Navigating the Carolinas and Secondary Markets
15:17 Would You Still Invest in Los Angeles?
17:50 Supply-Constrained Markets vs Sunbelt Volatility
19:09 The Case for Investing in Atlanta
20:49 Bullish on the Bay today, Can this also happen in LA?
23:19 Introducing PARES AI: Revolutionizing Underwriting Processes
29:10 The Future of PARES AI

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CREFC Miami Recap: Zachary Streit: Priority Capital Advisors

David Moghavem — Fri, 16 Jan 2026 06:00:00 -0500

In this episode of Deal Flow Friday, David Moghavem sits down with Zach Streit, Founder and President of Priority Capital Advisory, for a wide-ranging conversation on the shifting dynamics of today’s commercial real estate capital markets. Drawing on nearly two decades of experience, Zach breaks down why there is currently more capital than deals, how banks and insurance-backed debt funds are driving spread compression, and what that means for borrowers across the capital stack. The discussion explores why the long-anticipated wave of distress never fully materialized, how capital is now moving from credit and preferred equity back toward common equity, and where fixed-rate versus bridge financing fits in this new environment. Zach also walks through the closing of a $175 million construction and land recapitalization in California, sharing lessons on perseverance, counterparty risk, and relationship-driven dealmaking, before wrapping with insights on “naked brokerage,” building trust, and creating your own luck in a competitive market.

Chapters

00:00 Introduction: Zach Streit (Priority Capital Advisory)
03:12 CREFC Vibe Check: “More capital than deals”
06:08 Debt Funds Folding/Consolidating + Counterparty Risk
07:45 Credit-to-Equity Domino Effect + Capital Moving Up the Stack
12:05 Why Distress/Pref Equity Didn’t Deploy Like Everyone Expected
16:12 Why Acquisition Bridge is Muted (and where bridge is happening)
23:51 Case Study: $175M Santa Maria Construction + Land Recap (Deal Breakdown)
30:56 Creating Your Own Luck in Brokerage
35:26 “Naked Brokerage” Explained + Advice for Young Brokers

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2026 Predictions [Multifamily Market Monologue]: David Moghavem - Trion Properties

David Moghavem — Fri, 09 Jan 2026 06:02:00 -0500

In this episode of Deal Flow Friday, David Moghavem reflects on the past year in multifamily real estate, discussing predictions made for 2025 and how they played out. He emphasizes the importance of iterative reflection in real estate and shares insights on market conditions for 2026, including the potential for seller capitulation and the impact of AI on rental markets, particularly favoring Class B housing.

Chapters

00:00 Celebrating One Year of Deal Flow Friday
03:11 Reflecting on Predictions and Market Trends
07:36 2026 Market Winners: "Category 2 & 3"
16:54 AI Impact to Renters: Class B as the Winner

[REPLAY COMPILATION] Lessons From 2025 To Prepare for 2026

David Moghavem — Fri, 02 Jan 2026 06:00:00 -0500

Episode 37 is a masterclass in what actually drives long-term success in real estate: patience, differentiation, and relationships. This week, we pulled some of the most replayed moments on the show this year to reflect on the lessons learned from 2025, to prepare us for a stronger 2026.

This episode features valuable lessons from some of the most replayed guests this year:

Paul Daneshrad - CEO of Starpoint Properties
Alan Lazowski - CEO of LAZ Parking
Joseph Paskov - Senior VP of LaSalle Value Partners
Adrian Berger - Managing Director of Cypress Equity Investments
Garrett Nondorf - Director of Investments at Flagship Capital Partners
Henry Stimler - Executive Managing Director at Newmark, Capital Markets
Aleksey Chernobelskiy - CEO of GP-LP Match
Michael Khalilzad - President of CastleSquare

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The 5% Advantage in AI: Jake Heller - AL for CRE Collective

David Moghavem — Fri, 19 Dec 2025 10:57:52 -0500

In this conversation, David Moghavem and Jake Heller discuss the emergence of AI in commercial real estate, focusing on the creation of the AI for CRE Collective community. They explore the challenges and opportunities presented by AI adoption, emphasizing the importance of data organization, community engagement, and the mindset shift from viewing AI as a luxury to a necessity. The discussion highlights common pain points, the need for collaboration, and the future of AI in enhancing human capabilities within the industry.

Chapters

00:00 Introduction to AI for CRE Collective
02:52 The Accidental Community Builder
05:31 Understanding the Need for AI in Real Estate
08:17 Mindset Shift in the Real Estate Industry
11:16 Challenges of Data and Privacy in AI Adoption
13:55 Preparing for the Next Wave of AI
16:44 Community Engagement and Knowledge Sharing
20:21 Identifying Pain Points in Commercial Real Estate Workflows
23:02 Common Pitfalls in AI Adoption
26:35 The Role of AI in Replacing Human Jobs
31:09 Leveraging AI for Enhanced Productivity
38:17 Implementing AI Solutions in Real Estate

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"The MG Way": Jeff Gleiberman - President, MG Properties

David Moghavem — Fri, 12 Dec 2025 06:01:00 -0500

In this episode of Deal Flow Friday, host David Moghavem interviews Jeff Gleiberman, president of MG Properties, discussing the multifamily real estate market, investment strategies, and operational challenges. Jeff shares insights on the importance of specialization, market diversification, and the current performance of coastal versus inland markets. He emphasizes the significance of cash flow metrics and the challenges of managing properties in a changing economic landscape. The conversation also touches on the future of the market, the role of self-management, and advice for emerging sponsors in the industry.

Chapters

00:00 Introduction & MG Properties Overview
03:04 What the “MG Way” Really Means
04:10 Market Footprint: States, Sub-Markets & Strategy
06:06 Market Performance: Coastal vs Inland Trends
07:30 Pricing Disconnect in Denver & How MG Evaluates It
09:52 Investment Strategies: Balancing New and Older Assets
12:34 Where MG Is Buying Today
14:27 The Basis Plays
15:59 Target Metric of Choice
19:06 2026 Predictions: Seller Capitulation? Or more Extend & Pretend?
21:22 2026 Operational Trends/Headwinds
24:50 MG Properties' 2026 Acquisition/Disposition Goals
26:14 The Case for Self-Management
30:28 Jeff's Advice to Emerging Sponsors trying to Replicate "The MG Model"

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From Multifamily to Manufactured Housing: Enrique Huerta - Crystal View Capital

David Moghavem — Fri, 21 Nov 2025 06:00:00 -0500

In this episode of Deal Flow Friday, David sits down with Enrique Huerta, VP of Acquisitions at Crystal View Capital, to break down his transition from a decade in multifamily to a national platform focused on manufactured housing, self-storage, and industrial outdoor storage. Enrique shares why yield-driven investors are increasingly looking beyond conventional apartments, why manufactured housing offers rare supply constraints and outsized stabilization yields, and how Crystal View’s all-cash strategy gives them a competitive edge in today’s dislocated market. The conversation spans risk factors unique to manufactured housing, the shifting multifamily landscape, distress opportunities emerging across the Sunbelt and West Coast, and both David and Enrique’s predictions heading into 2026—including investor sentiment, inflation pressures, and where they see the best plays in the next cycle.

00:00 Introduction to Enrique Huerta and Crystal View Capital

03:34 Crystal View Capital's Acquisition Strategy

06:27 Understanding Yields in Manufactured Housing vs. Multifamily

09:36 Risks and Hurdles in Manufactured Housing Investments

12:58 Market Dynamics and Barriers to Entry in Manufactured Housing

15:44 Demographics and Delinquency in Manufactured Housing

18:46 Opportunities in Older Vintage Multifamily Assets

21:58 Evaluating Good Deals in Multifamily Investments

27:53 The Future of Multifamily Investments and Market Trends

31:50 Market Dynamics and Cash-Out Strategies

34:49 The All-Cash Advantage in Real Estate

39:15 Investor Sentiment and Predictions for 2026

48:22 Navigating Distress in the Market

52:41 AI's Impact on Real Estate and Market Trends

First-Ring Suburbs, Self-Management & Everything in Between: Chris Urso – URS Capital Partners

David Moghavem — Fri, 07 Nov 2025 06:00:00 -0500

In this episode of Deal Flow Friday, David sits down with Chris Urso, Managing Partner of URS Capital Partners, to talk about operating through today’s multifamily reset across the Southeast. They dig into why 2025 has been an “operator’s recession,” how first-ring suburbs in markets like Charlotte, Nashville, Charleston, and Atlanta are best positioned for recovery, and why focusing on gray-collar housing continues to drive stable demand. Chris shares lessons from building a vertically integrated platform, the importance of self-management and team culture, and how tools like Rentana and AI-driven asset management are transforming operations. They also cover capital strategy—how URS has leaned on private investors, navigated a tighter equity landscape, and why the next wave of opportunity may come from pref-equity-driven distress as the market normalizes into 2026.

00:00 Introduction to Multifamily Operations

04:30 Market Insights and Economic Challenges

07:27 Supply and Demand Dynamics in Key Markets

10:29 Investment Strategies in Secondary Markets

13:24 Focus on First Ring Suburbs

17:53 Self-Management and Operational Strategies

27:18 Navigating Third-Party Management vs. Self-Management

33:25 The Importance of Technology in Property Management

37:02 Capital Raising in a Changing Market

47:13 Future Predictions for the Real Estate Market

Multifamily Market Monologue: David Moghavem

David Moghavem — Fri, 31 Oct 2025 06:00:00 -0400

In this special solo episode of Deal Flow Friday, David Moghavem delivers a wide-angle “multi-market monologue,” offering a real-time pulse check on the multifamily landscape as 2025 comes to a close.
He unpacks how Jerome Powell’s decision to end the Fed’s balance sheet runoff marks a key pivot from quantitative tightening to easing liquidity, and what that means for buyers, sellers, and lenders heading into 2026.
David also explores the shifting capital landscape, from private credit compression to the resurgence of institutional platform investments, while introducing a critical underwriting metric for today’s environment: Going-In Yield on Cost, a mark-to-market lens that adjusts for higher delinquencies, concessions, insurance, and deferred maintenance.
The episode spotlights two contrasting markets — Denver, where oversupply and new landlord regulations are pressuring fundamentals, and the Bay Area, where AI-driven job growth, renewed office momentum, and strong civic leadership are fueling one of the most compelling rebound stories in the country.
David closes with a forward look at how discipline, creativity, and true partnerships will define the next phase of multifamily investing.

Chapters:

00:00 Introduction to the Multifamily Market Monologue
02:31 The Fed’s Announcement & Balance Sheet Runoff Ending
08:29 Seller Behavior: Meeting the Market
13:02 Shifts in Buyer and Seller Dynamics
17:09 Why Don't 7-Cap Deals Pencil? Going-In Yield on Cost.
24:12 Tough Love for Denver: Why the Mile High Market’s Struggling (...for Now)
33:25 Back to the Bay: Tech, Talent, and a Multifamily Revival

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Garage Condos & Self Storage: Gerrit Van Maanen - Playground Properties

David Moghavem — Fri, 10 Oct 2025 06:00:00 -0400

In this episode of Deal Flow Friday, David sits down with Gerrit Van Maanen, Principal at Playground Properties and Co-Host of the Best Ever Conference. Gerrit shares his journey from Spartan Investment Group’s self-storage growth story to pioneering the niche asset class of garage condos. They dive into how garage condos differ from traditional self-storage, who the typical buyers are, investor return profiles, pipeline opportunities in Colorado, and the importance of capital raising and reputation. Gerrit also highlights the evolution of the Best Ever Conference and its role in building a strong real estate community.

Chapters

01:49 – Intro
04:17 – Background and transition from Self Storage into Garage Condos
06:05 – COVID impact on Self Storage and institutional growth
10:44 – Lessons learned from Self Storage and challenges with operations
13:35 – Why Garage Condos: shifting from storage to for-sale product
14:25 – Key differences between Storage and Garage Condos
16:49 – Typical buyer profile and market selection
18:38 – Why buyers choose to own instead of rent
20:47 – Investor returns, IRR focus, and deal metrics
30:40 – Pipeline update: Golden and Grand Junction, CO
32:19 – Colorado focus and market education for Garage Condos
33:50 – Biggest misconceptions and importance of marketing
35:02 – Best Ever Conference mission and growth
37:20 – Origins from the Best Ever Podcast
38:30 – Where to connect with Gerrit
39:13 – Closing & Sign-off

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Agentic AI: Jacob Kosior - Elise AI

David Moghavem — Fri, 03 Oct 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem interviews Jacob Kosior, VP of Client Strategy at Elise AI, one of the fastest growing Prop Tech companies who've just completed a $250M Series E funding round, with over $100M in Annual Reccuring Revenue. In this episode, the two discuss the transformative impact of AI on multifamily operations. They explore how conversational and agentic AI are redefining leasing processes, enhancing resident interactions, and addressing operational challenges. Jacob shares insights on the importance of implementation, measuring ROI, and the future of AI in real estate, emphasizing the need for operators to embrace technology to stay competitive.

Chapters

00:00 Introduction to Elise AI and Its Impact
04:00 AI Redefining Multifamily Operations
05:50 Conversational AI: Enhancing Resident Interaction
09:15 Addressing Implementation Challenges
11:34 The Role of AI in Operational Efficiency
13:39 Generative AI vs. Agentic AI
17:13 Expanding AI Capabilities for Operators
19:08 Measuring ROI with AI Implementation
21:30 Tech Stack Consolidation and Centralization
24:26 Integrating with Existing Platforms
27:04 Advice for Multifamily Operators on AI Adoption
29:27 Future of AI in Real Estate Operations
32:36 Funding and Growth Plans for Elise AI

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Florida Development: Martin Aranzabe - Key International

David Moghavem — Fri, 26 Sep 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem interviews Martin Aranzabe from Key International, discussing the current state of real estate development in Florida, from high-rise luxury multifamily and condo developments in Miami, to garden-style product in Tampa, and everything in between, including hotels on the beach. They explore Key International's focus on residential and hospitality projects, the challenges of hotel development, and the dynamics of the multifamily market. Martin shares insights on capital strategies, market trends, and the importance of networking, particularly through his connection to Babson College. The conversation highlights the complexities of navigating supply and demand in Miami's real estate landscape, as well as the opportunities in suburban development.

Chapters

00:00 Introduction to Key International and Martin Aranzabe
03:05 Overview of Key International's Projects and Focus Areas
05:27 Hospitality Development and Market Trends
08:03 Multi-Family Development Strategies and Challenges
11:26 Capital Structure and Development Financing
15:00 Innovative Deal Structures and Joint Ventures
16:18 Market Analysis: Supply and Demand Dynamics
20:05 Shadow Inventory and Rental Market Insights
23:16 Urban Development and Infrastructure Challenges
29:56 Networking and the Babson Connection

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Rent Analytics: Alec Slocum - Apartment IQ Founder & CEO

David Moghavem — Fri, 19 Sep 2025 06:00:00 -0400

On this episode of Deal Flow Friday, David Moghavem sits down with Alec Slocum, Founder & CEO of ApartmentIQ, to explore how technology and AI are reshaping multifamily rent analytics. Alec shares how his team went from building a student housing ILS to launching ApartmentIQ, a platform now used by two-thirds of the NMHC Top 50 that delivers daily, unit-level rent data with unprecedented accuracy. The discussion covers the evolution of rent comps from art to science, how operators and asset managers can leverage automated market surveys to spot market shifts, and why data accuracy is such a competitive advantage. Alec also highlights how ApartmentIQ and Maven AI are applying artificial intelligence to concessions, renovations, and marketing automation, while sharing insights on where the multifamily industry is headed and why he’s bullish on markets like San Francisco amid the AI boom. This episode offers a front-row seat into the future of rent analytics and PropTech innovation for investors, operators, and asset managers alike.

Chapters

00:00 Introduction to Apartment IQ and Its Impact
02:47 The Origin Story of Apartment IQ
04:53 Market Surveys Reinvented
06:47 The "Art" vs "Science" in Pulling Rent Comparables
09:55 The Importance of Accurate Data in Real Estate
13:23 "Is it Me? Or is it the Market?" Spot Checking Your Portfolio Rents
16:38 Leveraging AI in Multifamily Data
19:35 Will AI Replace My Job?
22:56 Maven AI: Revolutionizing Marketing in Multifamily
28:35 Multifamily Market Trends From the Data
33:49 So Which Market is Alec Most Bullish On?

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LA RETAIL: Brandon Cohan - BCRE

David Moghavem — Fri, 29 Aug 2025 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Brandon Cohan, Founder and CEO of BCRE, one of the leading names in LA’s high-street retail scene. The conversation dives into the dynamics of retail real estate in Los Angeles, from Brentwood’s renaissance and the “Kreation Effect”, to the challenges restaurants face with labor costs, rents, and shifting consumer behaviors. Brandon shares insights on post-COVID retail resilience, the regional reinvention of LA neighborhoods, and how adaptive reuse and experiential retail are shaping the future. He also emphasizes the importance of community engagement, humility, and relationships as the cornerstone for long-term success in real estate. This episode offers a rare, candid look at what’s really happening on the ground in LA retail, blending market intelligence with personal lessons from Brandon’s journey building BCRE after his time as Vice President of CBRE.

00:00 – Introduction of Brandon Cohan & BCRE’s Rise
04:00 – Retail Market Challenges: Vacancy, Absorption & Labor Costs
07:45 – COVID’s Impact and Neighborhood Reinvention
08:50 – Brentwood’s Renaissance
10:38 – The “Kreation Effect”
14:38 – The Fate of Big Box Retail & Adaptive Reuse Opportunities
18:50 – Outdoor Shopping Centers & East Coast Trends
21:00 – Miami Design District "Destination Retail"
22:10 – Experiential Retail vs. Downturn Resilience
25:00 – Generational Shifts in Consumer & Business Trends
27:00 – Restaurant Struggles: Labor, Rents & Decision Making
30:30 – Exodus from LA, Entertainment Industry Decline, & Competitive Leasing
33:10 – Canon Drive, Beverly Hills, and High-End Leasing Competition
34:40 – Third Street: From Heyday to Recovery
37:10 – Robertson Boulevard: Evolving, Not Declining
41:00 – Emerging Markets: Highland Park, Echo Park, Marina del Rey, Pasadena
43:10 – Brandon’s Journey: Leaving CBRE to Found BCRE
47:10 – Relationships, Networks & Business Philosophy
49:40 – Advice for Restaurants: Humility & Community Engagement
51:30 – Closing Thoughts: Community, Resilience & LA’s Future

Asymmetric Returns: Paul Daneshrad - CEO of Starpoint Properties

David Moghavem — Fri, 22 Aug 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem sits down with Paul Daneshrad, Founder & CEO of Starpoint Properties, to explore how patience, discipline, and opportunistic strategies drive outsized returns in real estate. Paul shares insights on asymmetric returns, diversification across asset classes, and the evolving capital markets landscape. The conversation covers Starpoint’s approach to value-add investments, Opportunity Zone projects, and navigating the current challenges in multifamily acquisitions. Paul also discusses his book Money and Morons, which addresses the national debt crisis and its implications for future generations.

About Starpoint Properties: Founded in 1995, Starpoint is a privately held real estate investment and operating company specializing in the acquisition, development, and management of premier multifamily, retail, office, and mixed-use properties across the U.S. With a disciplined and value-oriented approach, Starpoint has completed more than $2 billion in transactions, focusing on creating long-term value for investors and communities, delivering weighted average IRRs in excess of ~26%.

Chapters

00:00 – Asymmetric Returns & Value-Add Strategy
01:40 – Introduction & Early Connections
03:00 – Miami vs. LA & Market Energy
05:00 – Buffett’s Wisdom & Patience in Investing
06:10 – Opportunity Zones & Long-Term Value
09:40 – Diversification & Risk Mitigation
13:25 – Specialization vs. Opportunism
16:30 – Beverly Hills Case Study
19:15 – Capital Flows & Institutional Competition
21:00 – The Challenge of Capital Raising Today
24:30 – Multifamily Returns & Positive Leverage
27:00 – Bridge Debt & Capital Stack Distress
29:00 – Active Starpoint Strategies
34:50 – Paul’s Book: Money and Morons
44:00 – Preparing for a Debt Crisis
48:00 – Closing Thoughts & Future Outlook

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Multifamily Operations: Trion Properties

David Moghavem — Fri, 15 Aug 2025 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with his fellow Trion Properties’ collegues and operation leaders:

Johnny De La Espriella Head of Property Management
Natalina Rettew Head of Asset Management
Max Sharkansky Managing Partner

The four Trion leaders dive deep into what it takes to run a high-performing multifamily portfolio in today’s market. They cover the operational fundamentals that drive NOI, from process discipline and people management to the latest proptech tools transforming property management. The team shares day-one impact strategies, insights on navigating complex regulations across multiple states, and the surprising trends emerging from Trion’s coast-to-coast portfolio.

The conversation also unveils Trion’s move into third-party property management, the philosophy behind their owner-operator approach, and how leveraging tech, talent, and market expertise can unlock alpha in even the toughest markets.

Chapters:

00:00 – Intro & Guest Introductions
04:05 – Day-One Operational Impact & NOI Growth
06:14 – Process Discipline and Regulatory Nuances
07:50 – People as the Core of Multifamily Success
09:55 – Proptech Tools Transforming Operations
14:06 – Empowering Staff with AI and Tech Platforms
15:56 – Asset Management Tools & Power BI Rollout
17:56 – Transparency & Communication with Capital Partners
22:29 – Surprising Portfolio Trends Across Markets
25:56 – Adapting to State Regulations & Process Changes
29:14 – Market Stabilization and Advocacy Efforts
31:08 – Lessons from California, Oregon, and Colorado Operations
31:44 – Aligning Operational Philosophies
35:00 – Looking Ahead: Opportunities Beyond AI
35:42 – Trion’s Move into Third-Party Management
41:04 – Leveraging Vintage Asset Expertise
41:34 – The Power of Strong Regional Teams
42:56 – Rapid-Fire Ops Insights
45:03 – Closing Thoughts & Team Appreciation

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www.trionproperties.com

Multifamily Capital Strategy: Brian Asheghian - Convoy Capital

David Moghavem — Fri, 08 Aug 2025 15:07:33 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with longtime friend and industry colleague Brian Asheghian, Vice President at Convoy Capital, to dive deep into today’s multifamily financing landscape. They cover the shifting dynamics in ground-up construction loans, the surge of LA’s ED1 affordable housing projects, and creative strategies for takeout financing in a high-rate environment.

Brian shares insights on navigating lender requirements, the growing role of private credit, and the challenges of financing modular construction. They also discuss the macro outlook for interest rates, why experience and liquidity matter more than ever, and the grit it takes to succeed in brokerage — including Brian’s story of working 50 straight weekends to build his career.

Whether you’re a developer, investor, or broker, this conversation is packed with practical takeaways on securing capital, structuring deals, and thriving in today’s market.

Chapters:

00:00 Intro

01:32 Mamba Edition & Old Memories

03:45 State of Ground-Up Construction Financing

05:10 ED1 Affordable Housing Boom in LA

09:15 Financing Nuances for ED1 Projects

11:55 Creative Takeout Loan Strategies

14:35 Macro Outlook & Anticipated Rate Cuts

16:45 Banks vs. Private Credit

19:05 Modular Construction & Non-Recourse Challenges

21:00 What Lenders Want from Borrowers

23:25 Work Ethic & Career Grit

29:05 Broker Life Reality Check

31:25 Leveraging Technology & AI

Portland: Ben Murphy - Commercial Integrity NW

David Moghavem — Fri, 01 Aug 2025 06:00:00 -0400

In this episode, David Moghavem interviews Ben Murphy, the investment sales director at Commercial Integrity, about the investment landscape in Portland, Oregon. They discuss the unique opportunities in the Portland market, including the impact of inclusionary zoning, the recovery of the urban core, and the growth of suburban areas. Ben shares insights on why investing in blue states can be beneficial, the challenges posed by regulatory environments, and the potential for value-add opportunities in older properties. The conversation emphasizes the importance of understanding local market dynamics and offers advice for new investors looking to enter the Portland market.

Chapters

00:00 Intro: Meet Ben Murphy
03:32 Why Portland? The Contrarian Case for Blue States
06:34 Portland = The Midwest of the West?
08:44 Unique Ownership Structure in Portland
10:05 The Affordability Advantage
12:26 Why No One Is Building in Portland
16:19 Urban Core Recovery & Deep Discounts
19:21 Policy Reversal & Urban Revitalization
22:56 Suburban Boom: Where to Look
26:29 Advice for New Investors in Portland
29:14 Don't Sleep on 60s & 70s Product
31:29 Final Thoughts & How to Reach Ben

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Ben Murphy Contact Info:
+1-503-707-6570

ben.murphy@cinw.com

Client-First Capital Advisory: Andrew Kwok - Arcus Harbor

David Moghavem — Fri, 25 Jul 2025 02:58:36 -0400

In this episode of Deal Flow Friday, David Moghavem sits down with Andrew Kwok, Principal at Arcus Harbor Real Estate Capital, to dive deep into the rapidly evolving debt and equity landscape in commercial real estate. They explore why private credit is on fire, the regulatory pressures driving borrowers away from traditional banks, and how debt funds are competing for deals. Andrew shares valuable insights from his 20+ years in the industry, including lessons learned from launching Arcus Harbor and navigating capital markets post-COVID.

From structured finance to agency lending, Andrew and David break down how sponsors can smartly recapitalize, refinance, or acquire assets in today’s climate—where positive leverage is back and the devil is in the details. If you're trying to make sound capital decisions in 2025, this episode is packed with strategy, nuance, and perspective.

Chapters

00:00 – Introduction & Arcus Swag Talk
01:38 – The Arcus Team’s Deep History
03:03 – USC Real Estate Board & Market Thought Leadership
04:48 – Why Private Credit is Booming
07:18 – Operators Entering the Credit Game
09:18 – Shifting from Credit to Equity?
10:38 – Appetite Swings in Debt Fund Lending
12:08 – CLOs, Back Leverage & Loan Sales Explained
13:48 – How Bank Regulation Benefits Private Credit
17:08 – Why Arcus Rebranded & How It’s Structured
20:18 – Arcus Lending Products and Market Coverage
23:18 – A More Nimble, Client-First Approach
27:18 – Deal Volume: Agency vs. Alternatives
29:48 – Refinances, Maturities & Acquisition Trends
34:18 – Seller Capitulation & Buying Below Replacement Cost
36:48 – Positive Leverage is Back
38:28 – Syndicators: Old School vs. New Age
40:38 – Strategic Recapitalizations with Cash-In Refinances
43:18 – Insurance Market Dislocation & Recovery
45:18 – Advice for Sponsors Making Tough Decisions
47:48 – Why Term Sheets Aren’t Always What They Seem
49:18 – Deep Diligence and Underwriting is Back
51:48 – Term Sheet Minutiae: Strike Prices, Floors, and Caps
53:38 – Creative Cap Structures and Market Nuances
55:08 – Wrapping Up With Golf & Gratitude

Capital Matchmaking: Michael Khalilzad - CastleSquare

David Moghavem — Fri, 11 Jul 2025 06:00:00 -0400

In this episode, David Moghavem sits down with Michael Khalilzad, founder of Castle Square, to discuss the realities of raising equity in today’s market and how creative structuring is unlocking deals. Michael shares why capital is demanding high cash-on-cash yields and strong basis, how he structured a second-loss equity position to overcome investor objections, and why reputation and certainty are driving discounted acquisitions. They dive into ground-up development challenges, co-GP structures with blue-chip developers to unlock financing, and why Michael believes innovative hybrid equity products will be key to getting deals done in this market. If you want real insights on where capital is flowing and how to structure deals creatively, this episode is packed with tactical takeaways.

Chapters

00:00 Introduction & Podcasting with Sam Zell
07:14 Today’s Capital Markets Reality
10:03 Creative Structures to Get Deals Done
15:26 What Investors Are Looking For Today
18:18 Midwest Six Caps, Below Replacement Cost
21:14 Seller Capitulation is Happening, We Have The Receipts!
24:54 How To Source Great Deals in This Market
27:48 PUBLIC SERVICE ANNOUNCEMENT: The Importance of Proper Underwriting
29:48 Underwriting Sponsors
33:58 Deploying Ground Up Construction Capital in An Unfavorable Development Market
36:55 CO-GP Ground Up Development Program
40:21 Loan Guarantee & Credit Enhancement Program
42:34 Advice for Emerging Operators and Capital Raisers
46:14 The Need for Innovative Capital Products

Smart Capital: Jared Zeisler - Capital Solutions

David Moghavem — Fri, 04 Jul 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem sits down with Jared Zeisler, Principal at Capital Solutions, to unpack where capital is (and isn’t) flowing in today’s market. Jared shares why buying below replacement cost remains core to their strategy, why rescue capital isn’t the opportunity it seems without resetting basis, and how Capital Solutions is approaching deals with a “downside first” framework. They discuss why bridge debt is creeping back into deals (and why it still scares them), the real story behind student housing deals they’re buying at half of replacement cost, how their portfolio has held up through rate hikes, what makes a deal actually get capitalized today, and why conviction and downside protection matter more than pro forma upside in this market. If you’re an operator looking to raise equity or an allocator looking to deploy smart capital, this episode is packed with candid insights on underwriting, market cycles, and what it takes to get deals done in 2025.

Chapters

00:00 Introduction to Capital Solutions and Market Overview
03:28 What Gets Funded Today vs. Passed On
07:56 Development Challenges: High Costs, Low Absorption
11:39 Portfolio Performance: Winners, Losers, and Lessons
15:13 Rescue Capital Reality Check
19:03 Does that "Positive Leverage Day One" deal really exist?
23:01 The Return of Bridge Debt. Did People Not Learn Their Lesson???
28:28 The "Perks" of Multifamily? Government-Backed Leverage
31:39 Investing in Student Housing
36:37 Picking The Right Partner, Especially in a Down Cycle
40:39 Advice for Operators Looking for Equity
44:45 Haven't seen the "Flush Out" of Distress... Yet.

Institutional Capital Eyes a Return: Joe Paskov - Bentall Green Oak (BGO)

David Moghavem — Fri, 20 Jun 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem speaks with Joe Paskov from Bentall Green Oak about the current state of the real estate investment market. They discuss the challenges and opportunities in various asset classes, the impact of interest rates on investment strategies, and the importance of building strong relationships in the industry. Joe shares insights on BGOs geographic focus, market analysis, AI-driven algorithmic approach to choosing markets, and the dynamics of institutional investors, emphasizing the need for a long-term perspective in navigating the evolving landscape of real estate investing.

Chapters

00:00 Introduction & BGO Overview
03:59 Where’s the Opportunity Now? ZIRP era vs. Today
12:17 Redemption Clauses & The Liquidity Crunch
16:34 What Will Get BGO Off the Sidelines?
24:16 Geographic Focuses in BGO's Fund Strategies
26:03 Inside BGO’s AI-Driven Decision Making in Market Analysis
33:26 Future Deal Activity and Market Trends
39:33 Building Relationships with Institutional Partners

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Corn, Koolaid, & Battle Scars: Garrett Nondorf - Flagship Capital Partners

David Moghavem — Fri, 13 Jun 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem speaks with Garrett Nondorf of Flagship Capital, a highly active Middle Market Credit and Equity allocator. They discuss the active deal flow at Flagship, including recent term sheets and the company's approach to investments in steady markets such as the Midwest, dive into the challenges in the Sun Belt, the supply side story within the Pacific Northwest, and operational issues affecting real estate in various geographies. Garrett shares insights on how sponsors can navigate the current market conditions and successfully raise capital.

Chapters

00:00 Intro, 'Stash talk', & LinkedIn Meme Game
02:55 How is Flagship Capital Getting Deals Done?
06:42 Focus on Equity Investments
09:30 Steady-eddy Midwest
16:39 SunBelt Owners Are Starting to Capitulate.
20:46 Operational Challenges in the Market
23:06 Pac-NorthWest, Supply-Side Story
24:50 Challenges in California's Housing Market
26:18 Navigating Investment Committee Challenges
29:32 Identifying Opportunities in Secondary Markets
32:18 Operational Challenges and Cost Stabilization
37:20 Advice for Capital Raising in Today's Market

www.dealflowfriday.com

Miami: Omar Morales - Berkadia (& Host of Real Estate Deal Markers Podcast)

David Moghavem — Fri, 30 May 2025 06:00:00 -0400

In this conversation, Omar Morales and David Moghavem delve into the intricacies of the Miami real estate market, discussing the challenges and opportunities that have emerged in the wake of COVID-19. They explore the evolution of Trion, the impact of tariffs on development, and the importance of understanding local dynamics in order to find value in real estate investments. The discussion also highlights the significance of insurance rates, the emergence of new markets, and the challenges of fundraising in a changing economic landscape.

Chapters

00:00 Intro
00:39 David's Background and Move to Miami
03:03 Navigating Market Dynamics and Opportunities
05:58 The Impact of Immigration on Miami's Growth
08:54 Understanding Supply and Demand in Multifamily
12:09 Challenges in Development and Construction
14:55 The Role of Tariffs in Real Estate
17:51 Investment Strategies and Market Trends
21:01 Fundraising in a Changing Market
24:08 Identifying Hidden Markets and Opportunities

From LA Developer to National Co-GP Partner: Adrian Berger - Cypress Equity Investments

David Moghavem — Fri, 23 May 2025 06:00:00 -0400

In this episode, David Moghavem speaks with Adrian Berger from Cypress Equity Investments about the current state of the real estate market, the challenges and surprises in lending, and the importance of networking. They discuss the shift in off-market deals, the company's development strategy, and the potential opportunities in self-storage and affordable housing. Adrian shares insights on navigating insurance and operating expenses in LA, as well as the significance of building relationships in the industry.

Chapters

00:00 Intro
01:35 Navigating the Current Market Landscape
04:37 Surprises in Lending and Valuation
07:38 The Shift in Deal Dynamics
10:33 Cypress Equity's Evolution and Strategy
13:26 Co-GP Partnerships and Diversification
16:36 Future Directions and Market Opportunities
21:07 Exploring Market Opportunities and Challenges
24:32 Impact of Local Regulations on Development
27:39 The Role of Long-Term Relationships in Development
30:30 Adjusting Underwriting for Current Market Conditions
32:30 Comparing LA with Other Markets
33:40 Covered Land Plays and Their Benefits
34:39 Investor Sentiment and Market Confidence
35:33 The Future of the Entertainment Industry in LA
37:54 The Ebb and Flow of LA's Market
40:40 Investment Strategies in a Changing Landscape
41:52 Navigating Affordable Housing Challenges
45:14 The Complexity of Building in LA
48:03 Insurance Challenges in Real Estate
49:45 The Importance of Networking in Real Estate

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State of the Multifamily Market: Max Sharkansky & Mitch Paskover - Trion Properties

David Moghavem — Fri, 16 May 2025 06:00:00 -0400

In this episode of Deal Flow Friday, David Moghavem, Max Sharkansky, and Mitch Paskover discuss the current state of the real estate market, focusing on the impact of tariffs, inflation, interest rates, and investment strategies. They explore how these factors are influencing consumer confidence, lender behavior, and overall market trends. The conversation also delves into geographical investment opportunities and the challenges faced by investors in today's economic climate, concluding with thoughts on future market predictions and operational challenges.

Chapters

00:00 Introduction and Yearly Recap
02:16 Tariffs and Economic Predictions
04:48 Impact of Tariffs on Multifamily Sector
08:10 Interest Rates and Future Predictions
11:31 Investment Strategies and Market Trends
15:31 "The Party Is Over" In The Midwest
19:28 Long West Coast? Depends Where.
23:06 Emerging Distress in the Market
28:33 Investor Sentiment and Market Dynamics
33:46 Long-Term Perspectives on Real Estate Investments
39:50 Optimism and Future Market Predictions

PropTech: Mike Sroka - Dealpath

David Moghavem — Fri, 02 May 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem interviews Mike Sroka, founder and CEO of Dealpath, discussing the evolution of PropTech, the impact of economic changes on the real estate market, and the role of AI in enhancing real estate management. They explore how Deal Path has adapted to client needs and the importance of technology in navigating the current market landscape. The conversation also touches on the future of real estate technology and the potential for a rebound in the Bay Area.

Chapters

00:00 Introduction to Deal Path and PropTech Innovations
03:31 Mike Sroka's Journey and the Birth of Dealpath
09:27 Evolution of the Real Estate Software Landscape
12:48 Navigating CRE Market Changes as a PropTech Company
15:44 The Value of Dealpath in Different Market Conditions
21:42 Adapting to Client Needs and Market Trends
27:52 Leveraging Data for Product Development
31:04 The Role of AI in Real Estate
38:34 Assessing Technology Needs in Real Estate
40:13 Real Estate's Digital Transformation Journey
45:50 The Future of Real Estate in a Tech-Driven Market

The GP LP Match Platform: Aleksey Chernobelskiy - Centrio Capital Partners

David Moghavem — Fri, 11 Apr 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem speaks with Aleksey Chernobelskiy, founder of the GPLP match platform. They discuss the journey of entrepreneurship, the creation of the GPLP match platform, and the importance of connecting general partners (GPs) with limited partners (LPs) in real estate. Aleksey shares insights on leveraging technology, social media strategies, and common pitfalls in GP presentations. The conversation also touches on market insights, asset classes, and advice for LPs navigating investment opportunities.

Chapters

00:00 Introduction
04:19 The GPLP Match Platform: Concept and Creation
05:18 The GP-LP Match Platform
06:50 The People Behind the Deal
10:39 Solution to Managing Deal Flow
13:44 Leveraging Technology to Increase Efficiency
15:20 Social Media Presence & Strategy
18:26 Common Pitfalls in GP Decks
18:32 Navigating Political Risks in Real Estate
20:55 Advice for LPs: Sifting Through Deals
21:20 Aleksey's GP Pet Peeves & Red Flags
24:21 What type of deals is Aleksey Bullish on?
29:24 Aleksey's Recommendations to LPs

Contrarian Investments: Greg Rollman - Tryperion Holdings

David Moghavem — Fri, 04 Apr 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem speaks with Greg Rollman, Managing Director at Tryperion Holdings. They discuss insights on contrarian investment strategies in office, retail, and multifamily sectors. Greg shares his contrarian approach to investing in regional malls and emphasizes the importance of in-place operations. The conversation also touches on geographic preferences in investment and the future outlook amidst market uncertainty. Last but not least, David and Greg foreshadow the looming effect on tariffs on commercial real estate, and the impact it will have on the industry.

Chapters

00:00 Introduction and Background
04:39 Investment Strategies in Office and Retail
15:06 Exploring the Mall Investment Philosophy
20:21 Future Outlook and Market Dynamics
29:12 Future Outlook
33:52 Tariffs effect on CRE

Navigating Cap Rate Volatility: IMN Panel Discussion

David Moghavem — Thu, 27 Mar 2025 06:00:00 -0400

David Moghavem was hosted with 3 other esteemed guests in the Real Estate Multifamily industry at IMN's annual Florida Middle-Market Multifamily Forum in Coral Gables, FL at The Loews Coral Gables. Their conversation delves into the complexities of the real estate market, focusing on the interplay between cap rates, interest rates, and market dynamics. The speakers, all experienced professionals in real estate development and investment, discuss the current state of the market, the challenges posed by rising interest rates, and the implications for future investments. They explore operational distress, the impact of supply and demand, and the importance of understanding regional market differences. The discussion also highlights strategies for navigating the current landscape, including the need for flexibility and the potential for future opportunities as interest rates fluctuate.

Moderator: Fernando Levy Hara, Principal, Unico Developers

Panelists:
David Moghavem, Director of Acquisitions, Trion Properties
Branko Kuzmanovic, Director of Acquisitions, Empira Group
Jeffrey Ardizon, Principal, The Estate Companies

Chapters:

00:00 Intro
01:52 Understanding Cap Rates and Interest Rates
07:16 Market Trends and Operational Distress
09:58 Navigating Construction and Value-Add Strategies
13:01 The Impact of Supply and Demand
15:52 Investment Strategies in a Changing Market
18:39 Regional Market Comparisons
21:18 Future Projections and Market Sentiment

MobileHome Parks: Andrew Cramer - Bridgeview

David Moghavem — Fri, 21 Mar 2025 06:00:00 -0400

In this episode of Deal Flow Friday, host David Moghavem interviews Andrew T. Cramer, owner of Bridgeview Asset Management, who shares insights on mobile home park investments, the evolution of the manufactured housing market, and the challenges posed by stigma and rent control. Andrew discusses his investment strategies, the importance of adding value for tenants, and the unique opportunities in the Pacific Northwest. The conversation emphasizes the need for education and awareness in addressing the housing crisis and highlights the potential for manufactured housing to provide affordable solutions.

Chapters

00:00 Introduction to Bridgeview Asset Management
03:45 Investment Thesis in Mobile Home Parks
05:55 Evolution of Mobile Home Parks
07:22 Shifting Investor Perceptions
09:15 Target Metrics and Investment Strategies
12:56 Value Creation for Tenants via Value Add Play
17:20 Challenges and Opportunities in Rent Control
20:43 The Impact of Legislative Decisions on Housing
23:25 Challenges and Opportunities in the Pacific Northwest
27:14 Navigating Risks in Tertiary Markets
34:23 Addressing the Housing Crisis with Innovative Solutions

Atlanta: Brooks Colquitt - NEWMARK

David Moghavem — Fri, 07 Mar 2025 06:00:00 -0500

In this episode, David Moghavem and Brooks Colquitt delve into the Atlanta real estate market, exploring its growth, appeal, and the various economic drivers that make it a prime location for investment. They discuss the geographical dynamics of the city using the 'Martini Glass' analogy, highlighting the differences between North and South Atlanta. The conversation also covers current market conditions, the impact of bad debt and evictions, and the role of institutional capital in shaping the market's future. With insights on cap rates and investment strategies, this episode provides a comprehensive overview of why Atlanta remains a hot spot for real estate investment, and why now may be the time to strike.

Chapters

00:00 Introduction to Atlanta's Real Estate Market
04:26 Why Atlanta?
09:47 "The Martini Glass" - Understanding Atlanta on a Map
10:40 "The Stem" HWY 400 Corridor (Buckhead, Midtown)
12:08 "The Glass" North Atlanta
13:44 Belief in the Basis Play for North Atlanta
17:20 "The Base of the Martini Glass" South Atlanta
23:16 Values have dropped, but has much changed operationally?
27:27 The Bad Debt Situation and Its Impact
35:21 Institutional Capital's Return to Atlanta
39:13 Identifying Bullish Markets in Atlanta
42:34 Investment Strategies for Current Market Conditions
45:19 0306(1).mp4

YOU CAN CONTACT BROOKS COLQUITT AT brooks.colquitt@nmrk.com

Parking, Properties, & Philanthropy: Alan Laz - LAZ Parking

David Moghavem — Fri, 28 Feb 2025 23:44:56 -0500

In this episode of Deal Flow Friday, David Moghavem hosts Alan "LAZ" Lazowski, founder and CEO of LAZ Parking, shares his journey from starting a valet parking service in Hartford to building one of the largest privately held parking companies in the U.S. He discusses key moments of growth, the importance of mentorship, and the transition into commercial real estate investments, including starting LPRI, LAZ Investments, and other successful partnerships in commercial real estate. Alan emphasizes the significance of conscious capitalism, philanthropy, and the value of building genuine relationships in business. He also offers valuable advice for young entrepreneurs on resilience, integrity, and the importance of giving back to the community.

Chapters

00:00 Introduction to Alan Laz and Laz Parking
04:13 The Founding Story of Laz Parking
06:36 Key Moments and Breakthroughs in Business
14:19 Breaking into New Markets
16:04 LAZ Investments, Opportunities in Commercial Real Estate
19:22 Why Alan is Bullish on Hartford Connecticut
21:52 LPRI Strategy - Parking Lot Covered Land Plays
23:49 Dolby Theatre Acquisition
28:41 Conscious Capitalism
30:39 Being a Force for Good; Helping Others Unconditionally
32:17 How Alan's Parents as Holocaust Survivors Shaped His Outlook On Life
35:24 Facing Adversity
40:05 Paying it Forward
43:04 Having a Higher Purpose and Giving Back

CONNECT WITH ALAN at alaz@LAZparking.com

DFF & No Vacancy Collab! : Taylor Avakian - The CRE Group & Farhan Mahmood - Trion Properties

David Moghavem — Fri, 14 Feb 2025 13:32:05 -0500

Deal Flow Friday & No Vacancy Collab! On This weeks episode of Deal Flow Friday, David Moghavem sits with Taylor Avakian, Founder of The Group CRE and host of No Vacancy Podcast, along with Farhan Mahmood, Partner at Trion Properties, to discuss the latest opportunities in Multifamily Real Estate.

Microchapters:

0:00 Teaser & Intro

1:11 Introduction to Farhan & David from Trion Properties

3:11 Getting into Real Estate & Early Career Experience

5:07 Experience During the 2008 Financial Crisis

8:26 Introduction to Trion Properties ($1.5B AUM, 7,500 units)

12:19 Current Market Analysis: LA vs Other Markets

15:01 Breaking Down Cap Rates Across Markets

16:31 Downtown LA Market Analysis & Olympic Impact

21:56 Institutional Investment Strategy 2024

26:41:00 Deal Structure & Investment Returns Discussion

32:26:00 Evolution of Syndication Models

36:51:00 Fixed vs Floating Rate Debt Strategy

43:26:00 Long-term Hold vs Sale Strategy Discussion

49:41:00 Market Analysis: Portland & Out-of-Favor Markets

54:26:00 Technology & AI in Real Estate

1:00:41 Building Trust in Real Estate Investment

1:06:56 The Future of Los Angeles Real Estate

1:15:31 Alternative Asset Class Opportunities

1:21:56 Closing Thoughts & Miami Plans

Structured Financing: Ray Cleeman - Pensam Capital

David Moghavem — Fri, 07 Feb 2025 07:00:00 -0500

In this conversation, David Moghavem invites Ray Cleeman, Principal and Head of Capital Markets at Pensam Capital, to discuss the evolving landscape of the real estate market, focusing on the significant changes from 2021 to 2022, the impact of rising interest rates, and the operational challenges faced by real estate owners. They explore the shift from acquisition strategies to refinancing, the changing dynamics of equity and debt, and the implications of government deficits on economic stability. The discussion highlights the need for innovative financial strategies in a challenging market environment. They explore the challenges of finding new buyers for debt, the importance of understanding macroeconomic factors, and the strategies that real estate sponsors can employ to navigate these turbulent times. The discussion emphasizes the significance of partnerships and the role of Pensam in providing capital market solutions to support sponsors in achieving their investment goals. Looking ahead, they express optimism about the multifamily sector's long-term performance despite current challenges.

Chapters

00:00 Introduction and Context Setting

02:39 Impact of Rising Interest Rates

13:53 Current Market Challenges and Strategies

18:29 Future Outlook and Predictions

29:53 Refinancing Challenges in the Current Market

38:47 The Importance of Macro Perspectives in Real Estate

40:36 Current Challenges in Floating Rate Debt

45:50 2025: Year of Recognition and Market Adjustments

47:41 Navigating the Debt Landscape

48:40 Understanding Pensum's Dual Approach

53:27 The Role of Capital in Distressed Situations

54:25 Certainty of Closure in Financing

01:00:57 Aligning Interests for Success

01:04:50 The Future of Multifamily Investments

Colorado Springs: Kevin McKenna - CBRE

David Moghavem — Fri, 31 Jan 2025 12:51:42 -0500

In this episode, David Moghavem interviews Kevin McKenna, a seasoned broker in the Colorado Springs multifamily market. They discuss the significant population growth, the quality of life that attracts residents, and the military's influence on the local economy. Kevin provides insights into the geographic layout of Colorado Springs, the current cap rates, and investment opportunities in the multifamily sector. They also address common misconceptions about the market and share expectations for the future of the multifamily landscape.

Chapters

00:00 Introduction to Colorado Springs Market
01:50 Population Growth and Quality of Life
05:48 Military Influence on Employment
10:19 Geographic Overview of Colorado Springs
18:02 Cap Rates and Market Opportunities
30:43 Investor Insights and Market Sentiment

Orlando: Ryan Moody - NEWMARK

David Moghavem — Fri, 24 Jan 2025 05:00:00 -0500

In this episode, David Moghavem interviews Ryan Moody, Executive Managing Director at Newmark, focusing on the Orlando real estate market. They discuss the transformation of Orlando from a tourism-centric economy to a diverse employment hub, the various submarkets within Orlando, and the investment opportunities available, particularly in South Orlando. The conversation also touches on the challenges of insurance in Florida, the current market dynamics, and the outlook for future growth in the region.

Chapters

00:00 Introduction to the Orlando Market

03:28 Why Invest in Orlando?

06:21 Understanding Orlando's Submarkets

09:41 The Dynamics of Downtown Orlando

12:28 Growth in South Orlando

14:41 Market Trends and Cap Rates

19:44 Navigating Insurance Challenges

23:14 Older Vintage Opportunities vs Flight To Quality in Orlando

24:05 Investor Sentiment and Future Outlook

27:35 Where in Orlando is the best buying opportunity?

30:33 Biggest Mistake Investors Make Entering/Operating in Orlando

34:57 [Lack of] Distressed Opportunities in Orlando

37:34 NMHC 2025 Expectations

Insurance: Michael Brodie - Marsh

David Moghavem — Fri, 17 Jan 2025 09:25:31 -0500

LA WILDFIRE - DONATION LINKS:

⁠Red Cross Wildfire Relief Efforts⁠⁠
GoFundMe.org Wildfire Relief Fund⁠
⁠Los Angeles Fire Department Foundation⁠
⁠Salvation Army Wildfire Relief⁠

In this episode of Deal Flow Friday, David Moghavem invites Michael Brodie from Marsh Insurance, along with Max Sharkansky from Trion Properties, to discuss the current state of the commercial and residential insurance market, particularly in light of recent natural disasters such as wildfires and hurricanes. They explore the implications of taxpayer-funded insurance programs, the importance of resilience in property investment, and the evolving philosophy around insurance coverage. The conversation also touches on the future of construction materials and market trends, including predictions for insurance premiums and the challenges faced in the casualty insurance market. The episode concludes with a hopeful outlook for the insurance landscape as it begins to stabilize after years of volatility.

Chapters

00:00 Acknowledgment of Los Angeles Wildfires [Donation Links Available in Show Notes]

04:14 Introduction, Max and Michael

08:09 Understanding Residential Taxpayer-Funded Insurance Programs

11:52 Resilience in Property Investment

18:17 The Balance of Coverage vs Premium

21:26 Insurable Construction Standards vs Cost of Construction

24:38 How Catastrophic Residential Losses affect Commercial Insurance Market

30:27 "Park Place & Boardwalk": Top Markets for Insurers?

33:16 Underwriting Trends in Adjusting Risk Models

36:25 Predictions on Where Insurance Premiums are Going

39:32 Casualty Insurance Trends

Capital Markets: Henry Stimler & Ricky Warner - NMRK

David Moghavem — Fri, 10 Jan 2025 07:00:00 -0500

In this conversation, David Moghavem invites Henry Stimler and Ricky Warner from Newmark Capital Market's team out of New York, to discuss the current state of the real estate market, focusing on investment opportunities, the importance of relationships in the industry, and the multifamily financing landscape. They explore trends in acquisitions and recaps, the shift in value-add strategies, and identify promising markets for 2025. The discussion also highlights the resilience of major cities and future developments in the real estate sector. In this conversation, the three dive into the state of the housing market, emphasizing the importance of thorough market research and communication in real estate investments. They share insights on identifying undervalued markets, the significance of maintaining relationships with clients and stakeholders, and the expectations for upcoming industry conferences. The discussion also touches on the impact of interest rates on market sentiment and the necessity of creative financing strategies in the current economic climate. Finally, Moghavem highlights the critical role of effective property management in ensuring long-term success in real estate investments.

Chapters

00:00 Market Dynamics and Investment Opportunities
02:55 Building Relationships in Real Estate
05:47 Navigating the Multifamily Financing Landscape
09:04 Current Trends in Acquisitions and Recaps
11:50 The Shift in Value-Add Strategies
15:13 Identifying Promising Markets for 2025
18:03 The Resilience of Major Cities
20:54 Future Developments and Market Predictions
23:19 Navigating the New York Rental Market
24:42 Investment Strategies in Undervalued Markets
27:01 The Importance of Communication in Real Estate
30:24 Expectations for the NMHC Conference
33:08 Interest Rates and Market Sentiment
36:30 Creative Financing and Equity Strategies
39:52 The Role of Management in Property Success

Trion's Founders' Year End Reflection and Future Outlook: Max Sharkansky & Mitch Paskover - Trion Properties

David Moghavem — Fri, 03 Jan 2025 00:33:34 -0500

About This Episode

In this episode, we’re joined by Max Sharkansky and Mitch Paskover, the managing partners of Trion Properties. Founded in 2005, Trion Properties is a private equity investment firm specializing in multifamily real estate with a proven track record of transforming undervalued properties into high-performing assets. With over $1 billion in assets under management and a focus on the West Coast and Southeast markets, Trion has built its reputation on delivering superior returns through strategic value-add initiatives. Max and Mitch share their extensive expertise, entrepreneurial journeys, and insights into the real estate industry, providing a behind-the-scenes look at how Trion has become a leader in the multifamily investment space.

Chapters

00:00 Intro
00:17 Episode Teaser
00:55 2024 Reflection and Community Connections
02:27 The Move to Miami
04:14 2024 Biggest Surprises
09:48 The Future of Interest Rates and Economic Predictions
13:20 Tariff Policy vs Inflation and Impact on Borrowing Costs
15:24 Trion's Bullish Markets Heading into 2025
19:08 Insurance Challenges and Opportunities
21:43 Shifts in Trion's Investment Strategy over The Years
25:19 Urban vs. Suburban Dynamics
29:36 Distress in the Market: Future Outlook
32:09 Comparing Current Market to the Great Recession
35:06 IRR, Cash on Cash, Return on Cost, and Target Returns in 2025
37:29 Why Invest in Multifamily Real Estate?
41:12 Looking Ahead to 2025