Deal Flow Friday

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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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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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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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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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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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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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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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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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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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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