Deal Flow Friday

David Moghavem
  • 5.0 (1)
  • Investing
  • Updated Daily

Every Friday, join us as we dive into the latest in real estate multifamily with David Moghavem, Head of Acquisitions at Trion Properties. David invites top experts who know the ins, outs, and trends shaping the real estate multifamily market across the nation!

  1. Capital Raising & Market Outlook: Joe Fairless - Ashcroft Capital

    May 15

    Capital Raising & Market Outlook: Joe Fairless - Ashcroft Capital

    In this episode of Deal Flow Friday, host David Moghavem sits down with Joe Fairless, founder of Ashcroft Capital to discuss how the multifamily industry is evolving in the post-rate hike environment. Joe shares lessons from scaling Ashcroft to more than 14,000 units and explains why today’s market is no longer just about finding a good deal — it’s about building trust, operational infrastructure, and long-term relationships that can survive difficult cycles.David and Joe dive into the major shifts happening in capital raising and institutional investing, including why many institutions are moving away from one-off joint ventures and instead backing vertically integrated operating platforms. They unpack the growing divide between Class A and Class B multifamily opportunities, where cap rate compression is already returning in certain Sunbelt markets while operational distress continues creating selective buying opportunities elsewhere. The conversation also explores how lenders are becoming more active participants in workouts and recapitalizations, leading to more creative structures across the capital stack.Throughout the episode, Joe shares insights on systematic relationship building, scaling an operating platform, and navigating downturns with discipline and adaptability. David and Joe also discuss market-specific trends across Dallas, Atlanta, and Orlando, the long-term outlook for Sunbelt multifamily, and why the operators who emerge strongest from this cycle will likely be the ones who focused on specialization, consistency, and execution during the downturn.This episode is a candid conversation about the future of multifamily investing, institutional capital, and what it really takes to build a durable real estate platform in today’s market.Chapters00:00 Introduction to Joe Fairless and Ashcroft Capital01:39 Mindset and Overcoming Challenges in Real Estate03:38 Shifts in Capital Raising Strategies07:10 Diversification of Equity Sources18:25 Institutional Capital Trends21:10 Market Insights: Dallas, Atlanta, and Orlando28:24 Advice for Aspiring Operators and Capital Raiserswww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

    31 min
  2. Building Beyond a Basis: Matt Thomson - Trilogy

    May 1

    Building Beyond a Basis: Matt Thomson - Trilogy

    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 00:46 Transitioning from AMLI to Trilogy 02:50 Trilogy's Development Strategy 05:44 Navigating the Current Market Landscape 09:42 Demographic Shifts in Miami 11:03 Trilogy's Focus Areas in Florida 13:42 Long-Term Perspectives on Miami's Market 15:31 Challenges in the Midwest Market 17:53 Niche Strategies and Unique Investments 20:01 The Importance of Data in Real Estate 23:10 Building Community and Networking 31:24 The ULI Leadership Institute Experience www.dealflowfriday.com IG: @dealflowfriday X:@dealflowfriday

    36 min
  3. The Texas Reset: Jack Stone - Greysteel

    Apr 10

    The Texas Reset: Jack Stone - Greysteel

    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 www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday

    41 min
  4. Relationship-Driven Capital: Malcolm Davies WAY Capital

    Apr 3

    Relationship-Driven Capital: Malcolm Davies WAY Capital

    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

    55 min
  5. Multifamily Market Monologue [Q1 2026]: David Moghavem - Trion Properties

    Mar 28

    Multifamily Market Monologue [Q1 2026]: David Moghavem - Trion Properties

    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

    18 min
  6. Strategy through Cycles: Henry Manoucheri - Universe Holdings

    Mar 20

    Strategy through Cycles: Henry Manoucheri - Universe Holdings

    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

    50 min
  7. Mountain Markets: Jason Koch - MMG

    Mar 13

    Mountain Markets: Jason Koch - MMG

    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

    43 min
  8. BEC X [Panel]: State of the Multifamily Market

    Mar 6

    BEC X [Panel]: State of the Multifamily Market

    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

    36 min
See All (52)

About

Every Friday, join us as we dive into the latest in real estate multifamily with David Moghavem, Head of Acquisitions at Trion Properties. David invites top experts who know the ins, outs, and trends shaping the real estate multifamily market across the nation!

Information

  • Creator
    David Moghavem
  • Years Active
    2024 - 2026
  • Episodes
    52
  • Rating
    Clean
  • Copyright
    © David Moghavem
  • Show Website
    Deal Flow Friday

You Might Also Like