Deal Flow Friday

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

Chapters

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

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

Chapters

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

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

Chapters

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

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

Chapters

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

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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%. 

Chapters

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

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

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

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

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

Chapters:

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

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

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

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

Chapters:

00:00 Intro

01:32 Mamba Edition & Old Memories

03:45 State of Ground-Up Construction Financing

05:10 ED1 Affordable Housing Boom in LA

09:15 Financing Nuances for ED1 Projects

11:55 Creative Takeout Loan Strategies

14:35 Macro Outlook & Anticipated Rate Cuts

16:45 Banks vs. Private Credit

19:05 Modular Construction & Non-Recourse Challenges

21:00 What Lenders Want from Borrowers

23:25 Work Ethic & Career Grit

29:05 Broker Life Reality Check

31:25 Leveraging Technology & AI

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

Chapters

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

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

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