Deal Flow Friday

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.Chapters00:00 Current Global Inflection Point01:38 Personal Background and Family Influence02:41 The Value of Perspective and Gratitude03:19 Starting the Podcast and Market Knowledge04:46 AI Tools and Market Data Access06:35 The Future of Capital Markets and Relationships07:24 Podcasting and Deal Nuggets09:51 Development Challenges and Market Conditions11:50 Market Outlook for Los Angeles and Beyond16:01 Building Trust and Relationships in Capital Markets19:16 The Power of Introductions and Networking22:21 Market Cycles and Credit Spreads23:45 Market Bottoms and Future Opportunities25:53 Operational Challenges and Asset Management28:55 Lessons from the GFC and Market Resilience36:50 The Impact of AI on Operations and Tenant Experience41:05 Operational Performance and Asset Management43:56 The Future of Capital and Relationship Building47:28 Unshackling Bandwidth for Greater Deal Flow49:21 Evolving Perspectives from Podcast Conversations52:33 The Next Generation and Technological Edgewww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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 resurgenceShift from treasury-based borrowingBlurring of credit and equity rolesCreative lender strategies and profit participationEvolving capital raising tactics in real estateChapters00:00 Introduction and Overview of Market Trends01:36 The Impact of Interest Rates on Real Estate06:07 Blurring Lines Between Credit and Equity14:33 Evolving Strategies in Capital Raisingwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Nowruz, New Cycles & Real Estate: From Iran to Building a $1.5B Portfolio06:02 The Most Unusual Market Cycle I’ve Ever Seen11:03 Investment Strategies and Lessons Learned16:11 Expanding Horizons: New Markets and Opportunities21:03 Building a Family Business and Brand24:23 Legacy and Ambition: A Family's Journey25:45 Market Insights: Identifying Opportunities28:19 Political Landscape: The Impact on Real Estate30:07 Wealth Migration: The Shift to Other States33:16 Capital Raising: Strategies for Success43:07 Advice for Emerging Entrepreneurs: Perseverance and Focuswww.dealflowfriday.comIG: @DealflowfridayX: @Dealflowfriday

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.Chapters00:00 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 Markets12:39 Why Lenders Aren’t Forcing Sales Like 200816:08 Expanding Beyond Denver: Wyoming, Montana & Salt Lake20:33 Salt Lake City Is So Competitive Right Now23:05 The Biggest Mistake Investors Make When Choosing Submarkets25:50 Why Deals Take Months to Trade Today29:36 What Happened to Denver’s Cap Hill Submarket?!32:37 How Real Estate Deals Are Getting Capitalized Today36:50 Stocks vs Real Estate: Where Investors Are Putting Money40:44 Advice for New Investors in Denver's Marketwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction to the Panel and Participants02:27 Evaluating Deals in 2026: Yield on Cost and Market Trends05:07 Texas Multifamily Market: Opportunities and Challenges07:41 Impact of Supply on Market Dynamics11:26 Local Market Knowledge and Investment Strategies13:22 Managing Properties Remotely and Building Local Teams16:53 Vertical Integration and Third-Party Management22:14 Adjusting Investment Strategies in a Changing Market24:47 Market Segmentation: Class A, B, and C Properties33:06 Property Management: Self-Management vs Third-Party37:17 Proactive Risk Management and Market Adaptation38:04 Closing Remarks and Panel Wrap-Upwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Intro [Will Krasne - Spectre Equities LLC & The Promote Pod]04:41 Investment Strategies in the Mid Atlantic07:35 Bullish on Central PA10:51 Small-bay industrial niche13:50 Interconnection of Industrial and Multifamily Investments16:29 Supply and Demand in Real Estate Markets19:09 Cash yield > IRR26:21 Core principle: Risk/Reward30:29 The Evolution of the Promote Pod31:35 The Characters of Real Estate34:46 Institutionalization: are the cowboys disappearing from CRE?37:12 Creating Institutional Quality Assets42:30 The Importance of Differentiation in Investingwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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 Debate01:21 – Intro: Mark Silverman, Bryce Goldsen & AdvanceCRE02:51 – From Investment Banking to Executive Search05:05 – Why They Moved From LA to the East Coast06:52 – Are People Still Relocating for Opportunity?08:38 – Hiring Then vs Now: What Changed After COVID09:16 – The First Question Candidates Ask Today10:00 – Is the Trend Moving Back In-Office?12:00 – Spontaneous Collaboration vs Scheduled Zoom Calls13:20 – Scaling Culture Across Multiple Offices14:40 – Back Office → No Office: Offshore Competition15:30 – Why Executive Assistants Are in High Demand16:45 – AI in Real Estate: Do You Need a Head of AI?18:00 – Senior AI Hire vs Junior AI Talent21:05 – How a 22-Year-Old Automated Accounting23:30 – Fractional AI Officers & The Middle Market25:05 – 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 Estatewww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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 frameworkRetention vs. turnover economics (the 3x rule)Expense pressure from insurance, payroll, and marketingSEO and PPC vs. bloated ILS spendCollections discipline and de-risking bad debtWhy clean operations and execution now drive real ROIA practical playbook for navigating today’s multifamily headwinds.Chapters:00:00 Introduction to CRES Asset Management05:21 The New Expense Stack: Insurance, Payroll, and Cost Shock08:37 Marketing Spend Is Broken: Why More Zillow ≠ More Leases12:06 SEO, PPC, and the Shift Away From ILS15:33 entralization: When It Works, When It Backfires21:03 Pricing Strategies and Tenant Retention23:10 Why Retention Is Worth 3× New Leasing28:24 The Backdoor Eviction Problem Operators Are Facing34:41 FlexPay, Guarantors, and De-Risking Collections37:21 What Dollars Spent on a Property Yield The Highest ROI Today?42:39 Future Vision for Cresswww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction to Zihao Wang and Paris AI03:11 What the Florida Multifamily Summit Says About Today’s Market04:07 Contrarian Investing: Older Vintage vs Newer Assets06:28 Target Markets for Patient Capital09:15 Target Sunbelt Submarkets & Strategies 12:19 Navigating the Carolinas and Secondary Markets15:17 Would You Still Invest in Los Angeles?17:50 Supply-Constrained Markets vs Sunbelt Volatility19:09 The Case for Investing in Atlanta20:49 Bullish on the Bay today, Can this also happen in LA?23:19 Introducing PARES AI: Revolutionizing Underwriting Processes29:10 The Future of PARES AIwww.dealflowfriday.comIG: @DealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction: Zach Streit (Priority Capital Advisory)03:12 CREFC Vibe Check: “More capital than deals”06:08 Debt Funds Folding/Consolidating + Counterparty Risk07:45 Credit-to-Equity Domino Effect + Capital Moving Up the Stack12:05 Why Distress/Pref Equity Didn’t Deploy Like Everyone Expected16:12 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 Brokerage35:26 “Naked Brokerage” Explained + Advice for Young Brokerswww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Celebrating One Year of Deal Flow Friday03:11 Reflecting on Predictions and Market Trends07:36 2026 Market Winners: "Category 2 & 3"16:54 AI Impact to Renters: Class B as the Winner

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 PropertiesAlan Lazowski - CEO of LAZ ParkingJoseph Paskov - Senior VP of LaSalle Value PartnersAdrian Berger - Managing Director of Cypress Equity InvestmentsGarrett Nondorf - Director of Investments at Flagship Capital PartnersHenry Stimler - Executive Managing Director at Newmark, Capital MarketsAleksey Chernobelskiy - CEO of GP-LP MatchMichael Khalilzad - President of CastleSquarewww.dealflowfriday.comIG: @DealflowfridayX: @Dealflowfriday

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.Chapters00:00 Introduction to AI for CRE Collective02:52 The Accidental Community Builder05:31 Understanding the Need for AI in Real Estate08:17 Mindset Shift in the Real Estate Industry11:16 Challenges of Data and Privacy in AI Adoption13:55 Preparing for the Next Wave of AI16:44 Community Engagement and Knowledge Sharing20:21 Identifying Pain Points in Commercial Real Estate Workflows23:02 Common Pitfalls in AI Adoption26:35 The Role of AI in Replacing Human Jobs31:09 Leveraging AI for Enhanced Productivity38:17 Implementing AI Solutions in Real Estatewww.dealflowfriday.comIG: @DealFlowFridayX: @DealFlowFriday

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.Chapters00:00 Introduction & MG Properties Overview03:04 What the “MG Way” Really Means04:10 Market Footprint: States, Sub-Markets & Strategy06:06 Market Performance: Coastal vs Inland Trends07:30 Pricing Disconnect in Denver & How MG Evaluates It09:52 Investment Strategies: Balancing New and Older Assets12:34 Where MG Is Buying Today14:27 The Basis Plays15:59 Target Metric of Choice19:06 2026 Predictions: Seller Capitulation? Or more Extend & Pretend?21:22 2026 Operational Trends/Headwinds24:50 MG Properties' 2026 Acquisition/Disposition Goals26:14 The Case for Self-Management30:28 Jeff's Advice to Emerging Sponsors trying to Replicate "The MG Model"www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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 Capital03:34 Crystal View Capital's Acquisition Strategy06:27 Understanding Yields in Manufactured Housing vs. Multifamily09:36 Risks and Hurdles in Manufactured Housing Investments12:58 Market Dynamics and Barriers to Entry in Manufactured Housing15:44 Demographics and Delinquency in Manufactured Housing18:46 Opportunities in Older Vintage Multifamily Assets21:58 Evaluating Good Deals in Multifamily Investments27:53 The Future of Multifamily Investments and Market Trends31:50 Market Dynamics and Cash-Out Strategies34:49 The All-Cash Advantage in Real Estate39:15 Investor Sentiment and Predictions for 202648:22 Navigating Distress in the Market52:41 AI's Impact on Real Estate and Market Trends

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 Operations04:30 Market Insights and Economic Challenges07:27 Supply and Demand Dynamics in Key Markets10:29 Investment Strategies in Secondary Markets13:24 Focus on First Ring Suburbs17:53 Self-Management and Operational Strategies27:18 Navigating Third-Party Management vs. Self-Management33:25 The Importance of Technology in Property Management37:02 Capital Raising in a Changing Market47:13 Future Predictions for the Real Estate Market

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 Monologue02:31 The Fed’s Announcement & Balance Sheet Runoff Ending08:29 Seller Behavior: Meeting the Market13:02 Shifts in Buyer and Seller Dynamics17:09 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 www.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfridayLinkedIn: @davidmoghavem

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 www.dealflowfriday.comInstagram @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction to Elise AI and Its Impact04:00 AI Redefining Multifamily Operations05:50 Conversational AI: Enhancing Resident Interaction09:15 Addressing Implementation Challenges11:34 The Role of AI in Operational Efficiency13:39 Generative AI vs. Agentic AI17:13 Expanding AI Capabilities for Operators19:08 Measuring ROI with AI Implementation21:30 Tech Stack Consolidation and Centralization24:26 Integrating with Existing Platforms27:04 Advice for Multifamily Operators on AI Adoption29:27 Future of AI in Real Estate Operations32:36 Funding and Growth Plans for Elise AIwww.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction to Key International and Martin Aranzabe03:05 Overview of Key International's Projects and Focus Areas05:27 Hospitality Development and Market Trends08:03 Multi-Family Development Strategies and Challenges11:26 Capital Structure and Development Financing15:00 Innovative Deal Structures and Joint Ventures16:18 Market Analysis: Supply and Demand Dynamics20:05 Shadow Inventory and Rental Market Insights23:16 Urban Development and Infrastructure Challenges29:56 Networking and the Babson Connectionwww.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfridaySubstack: @dealflowfriday

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. Chapters00:00 Introduction to Apartment IQ and Its Impact02:47 The Origin Story of Apartment IQ04:53 Market Surveys Reinvented06:47 The "Art" vs "Science" in Pulling Rent Comparables09:55 The Importance of Accurate Data in Real Estate13:23 "Is it Me? Or is it the Market?" Spot Checking Your Portfolio Rents16:38 Leveraging AI in Multifamily Data19:35 Will AI Replace My Job?22:56 Maven AI: Revolutionizing Marketing in Multifamily28:35 Multifamily Market Trends From the Data33:49 So Which Market is Alec Most Bullish On?www.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfriday

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

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%. Chapters00:00 – 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 Outlookwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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 ManagementNatalina Rettew Head of Asset ManagementMax 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 Appreciationwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfridaywww.trionproperties.com

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 Intro01:32 Mamba Edition & Old Memories03:45 State of Ground-Up Construction Financing05:10 ED1 Affordable Housing Boom in LA09:15 Financing Nuances for ED1 Projects11:55 Creative Takeout Loan Strategies14:35 Macro Outlook & Anticipated Rate Cuts16:45 Banks vs. Private Credit19:05 Modular Construction & Non-Recourse Challenges21:00 What Lenders Want from Borrowers23:25 Work Ethic & Career Grit29:05 Broker Life Reality Check31:25 Leveraging Technology & AI

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.Chapters00:00 Intro: Meet Ben Murphy03:32 Why Portland? The Contrarian Case for Blue States06:34 Portland = The Midwest of the West?08:44 Unique Ownership Structure in Portland10:05 The Affordability Advantage12:26 Why No One Is Building in Portland16:19 Urban Core Recovery & Deep Discounts19:21 Policy Reversal & Urban Revitalization22:56 Suburban Boom: Where to Look26:29 Advice for New Investors in Portland29:14 Don't Sleep on 60s & 70s Product31:29 Final Thoughts & How to Reach Benwww.dealflowfriday.comX:@dealflowfridayInstagram:@dealflowfridayBen Murphy Contact Info:[email protected]

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 Talk01:38 – The Arcus Team’s Deep History03:03 – USC Real Estate Board & Market Thought Leadership04:48 – Why Private Credit is Booming07:18 – Operators Entering the Credit Game09:18 – Shifting from Credit to Equity?10:38 – Appetite Swings in Debt Fund Lending12:08 – CLOs, Back Leverage & Loan Sales Explained13:48 – How Bank Regulation Benefits Private Credit17:08 – Why Arcus Rebranded & How It’s Structured20:18 – Arcus Lending Products and Market Coverage23:18 – A More Nimble, Client-First Approach27:18 – Deal Volume: Agency vs. Alternatives29:48 – Refinances, Maturities & Acquisition Trends34:18 – Seller Capitulation & Buying Below Replacement Cost36:48 – Positive Leverage is Back38:28 – Syndicators: Old School vs. New Age40:38 – Strategic Recapitalizations with Cash-In Refinances43:18 – Insurance Market Dislocation & Recovery45:18 – Advice for Sponsors Making Tough Decisions47:48 – Why Term Sheets Aren’t Always What They Seem49:18 – Deep Diligence and Underwriting is Back51:48 – Term Sheet Minutiae: Strike Prices, Floors, and Caps53:38 – Creative Cap Structures and Market Nuances55:08 – Wrapping Up With Golf & Gratitude

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. Chapters00:00 Introduction & Podcasting with Sam Zell07:14 Today’s Capital Markets Reality10:03 Creative Structures to Get Deals Done15:26 What Investors Are Looking For Today18:18 Midwest Six Caps, Below Replacement Cost21:14 Seller Capitulation is Happening, We Have The Receipts! 24:54 How To Source Great Deals in This Market27:48 PUBLIC SERVICE ANNOUNCEMENT: The Importance of Proper Underwriting29:48 Underwriting Sponsors33:58 Deploying Ground Up Construction Capital in An Unfavorable Development Market36:55 CO-GP Ground Up Development Program40:21 Loan Guarantee & Credit Enhancement Program42:34 Advice for Emerging Operators and Capital Raisers46:14 The Need for Innovative Capital Products

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. Chapters00:00 Introduction to Capital Solutions and Market Overview03:28 What Gets Funded Today vs. Passed On07:56 Development Challenges: High Costs, Low Absorption11:39 Portfolio Performance: Winners, Losers, and Lessons15:13 Rescue Capital Reality Check19:03 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 Leverage31:39 Investing in Student Housing36:37 Picking The Right Partner, Especially in a Down Cycle40:39 Advice for Operators Looking for Equity44:45 Haven't seen the "Flush Out" of Distress... Yet.

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.Chapters00:00 Introduction & BGO Overview03:59 Where’s the Opportunity Now? ZIRP era vs. Today12:17 Redemption Clauses & The Liquidity Crunch16:34 What Will Get BGO Off the Sidelines?24:16 Geographic Focuses in BGO's Fund Strategies26:03 Inside BGO’s AI-Driven Decision Making in Market Analysis33:26 Future Deal Activity and Market Trends39:33 Building Relationships with Institutional Partnerswww.dealflowfriday.com

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.Chapters00:00 Intro, 'Stash talk', & LinkedIn Meme Game02:55 How is Flagship Capital Getting Deals Done?06:42 Focus on Equity Investments09:30 Steady-eddy Midwest16:39 SunBelt Owners Are Starting to Capitulate.20:46 Operational Challenges in the Market23:06 Pac-NorthWest, Supply-Side Story24:50 Challenges in California's Housing Market26:18 Navigating Investment Committee Challenges29:32 Identifying Opportunities in Secondary Markets32:18 Operational Challenges and Cost Stabilization37:20 Advice for Capital Raising in Today's Marketwww.dealflowfriday.com

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.Chapters00:00 Intro00:39 David's Background and Move to Miami03:03 Navigating Market Dynamics and Opportunities05:58 The Impact of Immigration on Miami's Growth08:54 Understanding Supply and Demand in Multifamily12:09 Challenges in Development and Construction14:55 The Role of Tariffs in Real Estate17:51 Investment Strategies and Market Trends21:01 Fundraising in a Changing Market24:08 Identifying Hidden Markets and Opportunities

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.Chapters00:00 Intro01:35 Navigating the Current Market Landscape04:37 Surprises in Lending and Valuation07:38 The Shift in Deal Dynamics10:33 Cypress Equity's Evolution and Strategy13:26 Co-GP Partnerships and Diversification16:36 Future Directions and Market Opportunities21:07 Exploring Market Opportunities and Challenges24:32 Impact of Local Regulations on Development27:39 The Role of Long-Term Relationships in Development30:30 Adjusting Underwriting for Current Market Conditions32:30 Comparing LA with Other Markets33:40 Covered Land Plays and Their Benefits34:39 Investor Sentiment and Market Confidence35:33 The Future of the Entertainment Industry in LA37:54 The Ebb and Flow of LA's Market40:40 Investment Strategies in a Changing Landscape41:52 Navigating Affordable Housing Challenges45:14 The Complexity of Building in LA48:03 Insurance Challenges in Real Estate49:45 The Importance of Networking in Real EstateIG: https://www.instagram.com/dealflowfriday/X: https://x.com/dealflowfridayLinkedIn: https://www.linkedin.com/in/davidmoghavem/www.dealflowfriday.com

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.Chapters00:00 Introduction and Yearly Recap02:16 Tariffs and Economic Predictions04:48 Impact of Tariffs on Multifamily Sector08:10 Interest Rates and Future Predictions11:31 Investment Strategies and Market Trends15:31 "The Party Is Over" In The Midwest19:28 Long West Coast? Depends Where. 23:06 Emerging Distress in the Market28:33 Investor Sentiment and Market Dynamics33:46 Long-Term Perspectives on Real Estate Investments39:50 Optimism and Future Market Predictions

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.Chapters00:00 Introduction to Deal Path and PropTech Innovations03:31 Mike Sroka's Journey and the Birth of Dealpath09:27 Evolution of the Real Estate Software Landscape12:48 Navigating CRE Market Changes as a PropTech Company15:44 The Value of Dealpath in Different Market Conditions21:42 Adapting to Client Needs and Market Trends27:52 Leveraging Data for Product Development31:04 The Role of AI in Real Estate38:34 Assessing Technology Needs in Real Estate40:13 Real Estate's Digital Transformation Journey45:50 The Future of Real Estate in a Tech-Driven Market

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.Chapters00:00 Introduction04:19 The GPLP Match Platform: Concept and Creation05:18 The GP-LP Match Platform06:50 The People Behind the Deal10:39 Solution to Managing Deal Flow13:44 Leveraging Technology to Increase Efficiency15:20 Social Media Presence & Strategy18:26 Common Pitfalls in GP Decks18:32 Navigating Political Risks in Real Estate20:55 Advice for LPs: Sifting Through Deals21:20 Aleksey's GP Pet Peeves & Red Flags24:21 What type of deals is Aleksey Bullish on? 29:24 Aleksey's Recommendations to LPs

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.Chapters00:00 Introduction and Background04:39 Investment Strategies in Office and Retail15:06 Exploring the Mall Investment Philosophy20:21 Future Outlook and Market Dynamics29:12 Future Outlook33:52 Tariffs effect on CRE

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 DevelopersPanelists:David Moghavem, Director of Acquisitions, Trion PropertiesBranko Kuzmanovic, Director of Acquisitions, Empira GroupJeffrey Ardizon, Principal, The Estate CompaniesChapters:00:00 Intro01:52 Understanding Cap Rates and Interest Rates07:16 Market Trends and Operational Distress09:58 Navigating Construction and Value-Add Strategies13:01 The Impact of Supply and Demand15:52 Investment Strategies in a Changing Market18:39 Regional Market Comparisons21:18 Future Projections and Market Sentiment

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.Chapters00:00 Introduction to Bridgeview Asset Management03:45 Investment Thesis in Mobile Home Parks05:55 Evolution of Mobile Home Parks07:22 Shifting Investor Perceptions09:15 Target Metrics and Investment Strategies12:56 Value Creation for Tenants via Value Add Play17:20 Challenges and Opportunities in Rent Control20:43 The Impact of Legislative Decisions on Housing23:25 Challenges and Opportunities in the Pacific Northwest27:14 Navigating Risks in Tertiary Markets34:23 Addressing the Housing Crisis with Innovative Solutions

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. Chapters00:00 Introduction to Atlanta's Real Estate Market04:26 Why Atlanta?09:47 "The Martini Glass" - Understanding Atlanta on a Map10:40 "The Stem" HWY 400 Corridor (Buckhead, Midtown) 12:08 "The Glass" North Atlanta 13:44 Belief in the Basis Play for North Atlanta17:20 "The Base of the Martini Glass" South Atlanta23:16 Values have dropped, but has much changed operationally? 27:27 The Bad Debt Situation and Its Impact35:21 Institutional Capital's Return to Atlanta39:13 Identifying Bullish Markets in Atlanta42:34 Investment Strategies for Current Market Conditions45:19 0306(1).mp4YOU CAN CONTACT BROOKS COLQUITT AT [email protected]

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.Chapters00:00 Introduction to Alan Laz and Laz Parking04:13 The Founding Story of Laz Parking06:36 Key Moments and Breakthroughs in Business14:19 Breaking into New Markets16:04 LAZ Investments, Opportunities in Commercial Real Estate19:22 Why Alan is Bullish on Hartford Connecticut21:52 LPRI Strategy - Parking Lot Covered Land Plays23:49 Dolby Theatre Acquisition 28:41 Conscious Capitalism30:39 Being a Force for Good; Helping Others Unconditionally 32:17 How Alan's Parents as Holocaust Survivors Shaped His Outlook On Life35:24 Facing Adversity40:05 Paying it Forward43:04 Having a Higher Purpose and Giving BackCONNECT WITH ALAN at [email protected]

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 & Intro1:11 Introduction to Farhan & David from Trion Properties3:11 Getting into Real Estate & Early Career Experience5:07 Experience During the 2008 Financial Crisis8:26 Introduction to Trion Properties ($1.5B AUM, 7,500 units)12:19 Current Market Analysis: LA vs Other Markets15:01 Breaking Down Cap Rates Across Markets16:31 Downtown LA Market Analysis & Olympic Impact21:56 Institutional Investment Strategy 202426:41:00 Deal Structure & Investment Returns Discussion32:26:00 Evolution of Syndication Models36:51:00 Fixed vs Floating Rate Debt Strategy43:26:00 Long-term Hold vs Sale Strategy Discussion49:41:00 Market Analysis: Portland & Out-of-Favor Markets54:26:00 Technology & AI in Real Estate1:00:41 Building Trust in Real Estate Investment1:06:56 The Future of Los Angeles Real Estate1:15:31 Alternative Asset Class Opportunities1:21:56 Closing Thoughts & Miami Plans

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.Chapters00:00 Introduction and Context Setting02:39 Impact of Rising Interest Rates13:53 Current Market Challenges and Strategies18:29 Future Outlook and Predictions29:53 Refinancing Challenges in the Current Market38:47 The Importance of Macro Perspectives in Real Estate40:36 Current Challenges in Floating Rate Debt45:50 2025: Year of Recognition and Market Adjustments47:41 Navigating the Debt Landscape48:40 Understanding Pensum's Dual Approach53:27 The Role of Capital in Distressed Situations54:25 Certainty of Closure in Financing01:00:57 Aligning Interests for Success01:04:50 The Future of Multifamily Investments

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.Chapters00:00 Introduction to Colorado Springs Market01:50 Population Growth and Quality of Life05:48 Military Influence on Employment10:19 Geographic Overview of Colorado Springs18:02 Cap Rates and Market Opportunities30:43 Investor Insights and Market Sentiment

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.Chapters00:00 Introduction to the Orlando Market03:28 Why Invest in Orlando?06:21 Understanding Orlando's Submarkets09:41 The Dynamics of Downtown Orlando12:28 Growth in South Orlando14:41 Market Trends and Cap Rates19:44 Navigating Insurance Challenges23:14 Older Vintage Opportunities vs Flight To Quality in Orlando24:05 Investor Sentiment and Future Outlook27:35 Where in Orlando is the best buying opportunity?30:33 Biggest Mistake Investors Make Entering/Operating in Orlando34:57 [Lack of] Distressed Opportunities in Orlando37:34 NMHC 2025 Expectations

LA WILDFIRE - DONATION LINKS:⁠Red Cross Wildfire Relief Efforts⁠⁠GoFundMe.org Wildfire Relief Fund⁠⁠Los Angeles Fire Department Foundation⁠⁠Salvation Army Wildfire Relief⁠In 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.Chapters00:00 Acknowledgment of Los Angeles Wildfires [Donation Links Available in Show Notes]04:14 Introduction, Max and Michael08:09 Understanding Residential Taxpayer-Funded Insurance Programs11:52 Resilience in Property Investment 18:17 The Balance of Coverage vs Premium21:26 Insurable Construction Standards vs Cost of Construction 24:38 How Catastrophic Residential Losses affect Commercial Insurance Market30:27 "Park Place & Boardwalk": Top Markets for Insurers? 33:16 Underwriting Trends in Adjusting Risk Models36:25 Predictions on Where Insurance Premiums are Going39:32 Casualty Insurance Trends

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.Chapters00:00 Market Dynamics and Investment Opportunities02:55 Building Relationships in Real Estate05:47 Navigating the Multifamily Financing Landscape09:04 Current Trends in Acquisitions and Recaps11:50 The Shift in Value-Add Strategies15:13 Identifying Promising Markets for 202518:03 The Resilience of Major Cities20:54 Future Developments and Market Predictions23:19 Navigating the New York Rental Market24:42 Investment Strategies in Undervalued Markets27:01 The Importance of Communication in Real Estate30:24 Expectations for the NMHC Conference33:08 Interest Rates and Market Sentiment36:30 Creative Financing and Equity Strategies39:52 The Role of Management in Property Success