Deal Flow Friday

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

About This EpisodeIn 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. Chapters00:00 Intro00:17 Episode Teaser00:55 2024 Reflection and Community Connections02:27 The Move to Miami04:14 2024 Biggest Surprises09:48 The Future of Interest Rates and Economic Predictions13:20 Tariff Policy vs Inflation and Impact on Borrowing Costs 15:24 Trion's Bullish Markets Heading into 202519:08 Insurance Challenges and Opportunities21:43 Shifts in Trion's Investment Strategy over The Years25:19 Urban vs. Suburban Dynamics29:36 Distress in the Market: Future Outlook32:09 Comparing Current Market to the Great Recession35:06 IRR, Cash on Cash, Return on Cost, and Target Returns in 202537:29 Why Invest in Multifamily Real Estate?41:12 Looking Ahead to 2025