Deal Flow Friday

In this episode of Deal Flow Friday, David Moghavem sits down with Mark Kenney, co-founder and CEO of Think Multifamily, a multifamily syndication firm whose track record includes more than 120 deals, 18,000 units, and over $1 billion in closed transactions across 15 states.

Mark grew up in Michigan and started buying two- to four-unit properties with his identical twin brother while still in college. He went on to work as a CPA at a Big Four firm, in management consulting, and running his own IT company before he began raising capital for his own syndications in 2015. Think Multifamily focused on...

In this episode of Deal Flow Friday, David Moghavem sits down with Dwight Dunton, Founder and CEO of Bonaventure, a vertically integrated real estate investment firm with over $2.9 billion in assets under management and 9,200 apartment units across the Mid-Atlantic, Midwest, and Southeast.

With 27 years of experience building Bonaventure, Dwight shares how the firm has carved out a unique niche in tax-efficient real estate investing, leveraging Delaware Statutory Trusts (DSTs), 1031 exchanges, and 721 UPREIT structures to help investors preserve wealth, defer taxes, and compound capital over the long term.

The conversation...

Sponsored by ApartmentIQ.

In Episode 62 of Deal Flow Friday, David Moghavem sits down with Will Stark, Director of Revenue and Asset Strategy at NRP Group, to break down how multifamily operators are approaching pricing, lease-ups, concessions, and revenue management in a more competitive market.

Will explains how NRP evaluates submarket health, comp sets, asking rents, and concessions when building lease-up strategies, and why operators need to get far more granular than broad market-level data. The conversation also covers renewal strategy, early-bird offers, the growing renter expectation for concessions, and the “game theory” that comes with pric...

In Episode 61 of Deal Flow Friday, David Moghavem sits down with Zach Haptonstall, CEO and Co-Founder of Rise48, for an operator-to-operator conversation on how multifamily owners are navigating today’s reset.

Zach and David break down why the industry can no longer rely on falling interest rates or traditional renovation-driven value-add strategies. Instead, the focus has shifted toward buying at the right basis, protecting day-one cash flow, understanding supply pipelines, and creating value through operations. They discuss the impact of new supply across Phoenix, Dallas, and the Carolinas, aggressive concessions, resident retention, delinquency, and why operational execution ha...

In this Multifamily Market Monologue, David Moghavem breaks down what the latest move in interest rates means for apartment investors and why the market may be entering a new phase of the cycle.

With the 10-year Treasury approaching 5%, optimism around a quick return to lower rates is fading. David discusses how that shift is changing lender behavior, accelerating foreclosures, and forcing owners, lenders, and buyers to accept a higher-for-longer interest rate environment.

At the same time, the operating picture is beginning to improve. ApartmentIQ data shows 69 of 83 major metros posting positive net-effective rent growth over...

In this episode of Deal Flow Friday, David sits down with Shervin Lalezari, also known as @DebtCeilingDaddy on X, for a debate that goes beyond the usual real estate conversation and asks a bigger question: where should investors be allocating capital today?

Shervin brings a unique perspective across investment banking, tech startups, operating businesses, public equities, and real estate. The conversation breaks down the risk-reward spectrum across asset classes and explores why Shervin believes some of the best opportunities today can be found in concentrated public-market investments, while David makes the case for the operational...

Everyone in real estate has had the weekend where they vibe coded a tool and felt like a genius. Adam Rian's take: that feeling is real, and it's also where most of these projects die.

Adam is the founder and CEO of AKTUS AI, a Silicon Valley company building custom AI systems for finance and real estate — and a firm Trion has been working with directly. He has a PhD in computer science, spent 15 years in AI and machine learning, and was product lead for data and ML at Twitter before co-founding Flowcode.

In th...

In this episode of Deal Flow Friday, David Moghavem sits down with veteran Los Angeles developer Paul Schon of SDG to discuss why the current market favors buying existing multifamily properties rather than pursuing ground-up development. After more than 15 years and 30 projects, Paul explains why rising construction and financing costs, extended timelines, inspection delays, Measure ULA and operational challenges have forced many experienced developers to pause new projects.

Paul shares the details of a particularly compelling acquisition: buying back a property he originally developed and sold in 2021 for nearly 30% less than the previous sale price—and below wh...

In this episode of Deal Flow Friday, David Moghavem, Chief Investment Officer of Trion Properties, shares a live panel conversation from IMN’s Real Estate Private Funds Summer event in Newport, Rhode Island.

The panel, titled “Global Economic Headwinds: Industry Leaders Dissect Macro Trends Reshaping CRE Valuations,” brought together leaders across real estate investment management, hospitality, multifamily operations, and fund structuring to discuss how capital is being underwritten and deployed in a market where returns can no longer rely on falling rates or cap rate compression.

The conversation features Emi Adachi, Managing Director and Global...

In this episode of Deal Flow Friday, David Moghavem sits down with Reed Goossens for an in-person operator-to-operator conversation on the current state of multifamily investing, capital markets, and where opportunity is starting to emerge after the reset.

David shares the story of Trion Properties, from its roots buying non-performing notes and REO multifamily during the GFC to building a vertically integrated platform with a national footprint across California, Oregon, Colorado, the Southeast, and Texas. The conversation explores how Trion has evolved through market cycles, why vertical integration and property management have become even more important...

In this episode, David Moghavem joins Quinn Edwards on the AI for CRE Collective Podcast to discuss the current state of multifamily, the next wave of distress, and how AI is reshaping the way real estate operators make decisions.

David shares his journey from joining Trion Properties as an entry-level analyst in 2015 to helping scale the firm into a vertically integrated multifamily owner-operator with more than 6,000 apartment units across multiple states. He explains how Trion’s strategy has evolved from California and Oregon into a broader national footprint, including growth markets across the Southeast, while staying focused on...

In this episode of Deal Flow Friday, David Moghavem sits down with John Zalkin, founder of AdviseAI, to discuss how artificial intelligence is beginning to reshape the real estate industry. John shares his background scaling RKW from a startup third-party management platform into a major multifamily operator, and how that experience now informs his work helping owners, developers, and operators implement AI inside their businesses.

The conversation covers the shift from simple generative AI tools to agentic AI workflows that can automate leasing reports, acquisition screening, underwriting support, CRM follow-up, investor DDQs, and internal data analysis. John...

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 yi...

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 co...

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 len...

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:

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...

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...

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 down...

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. Th...

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.<...

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 act...

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.

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...

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

Chapters

00:00 Introduction to Zihao Wang and Paris AI
03:11 What the Florida Multifamily Summit Says About Today’s Market
04:07 Co...

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 co...

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

Chapters

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

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

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

Paul Daneshrad - CEO of Starpoint Properties
Alan Lazowski - CEO of LAZ Parking
Joseph Paskov - Senior VP of LaSalle Value Partners
Adrian Berger - Managing Director of Cypress Equity Investments
Ga...

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

Chapters

00:00 Introduction to AI for CRE Collective
02:52 The Accidental Community Builder
05:31 Understanding...

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

Chapters

00:00 Introduction & MG Properties Overview
03:04 What...

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...

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...

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 ma...

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

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...

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...

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...

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 c...

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...

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 state...

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...