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. Aug 7

    Beyond Vibe Coding: Adam Rian - AKTUS AI

    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 this episode, David and Adam get into why out-of-the-box AI keeps failing on real estate work, what actually separates a prototype from a production system, and why Adam thinks the org chart itself is the thing AI ends up rewriting.What we get intoWhy generic AI can't do real estate. The models were trained on public data. Real estate runs on proprietary data, domain judgment, and a secret sauce that was never on the internet — and it's multidisciplinary on top of that: finance, legal, architectural, relationship-driven.Vibe coding: 100% and 0%. Adam's line is blunt. Vibe coding is 100% the right tool for prototyping and requirement gathering — it replaced weeks of whiteboarding and Figma mockups. For production code, it's 0%. None of it survives. He explains why, and it comes down to edge cases and maintainability.The maintenance trap. David's own experience: building something that works, then spending half your day keeping it alive instead of doing the job. The productivity gain never shows up.Digital teammates, not software. You're not buying an application. You're onboarding something you train, give feedback to, and measure — the same way you'd manage a first-year analyst.How you actually measure success. Booking a meeting is not the same as booking the right meeting. Adam walks through how AKTUS defines KPIs with a client during onboarding, and why measurement has to be designed in from day one rather than bolted on.Why AI hallucinates, explained simply. Context windows, the myth of the million-token window (only about 10% of it is effective), and why AI forgets the middle of a document the same way you forget the middle of a novel.Context engineering — and hiding data on purpose. Sometimes the right move is keeping data away from the model. Adam explains the system AKTUS built to ingest thousands of leases, zoning docs, and a 60-tab underwriting model without the whole thing falling apart.Five years to autopilot. Today AI recommends and a senior analyst edits. Adam's estimate for when AI makes the call itself — and why the answer depends entirely on how much high-quality decision data you've logged.Can AI invent something better than Excel? AKTUS is training AI to operate inside Excel. The next frontier is AI inventing the next abstraction layer entirely.Inside the Trion project. David breaks down the lead gen platform they're building with AKTUS — power-ranking properties against portfolio performance, drafting genuinely customized outreach, and killing spray and pray. Plus why AI drafts the email but doesn't send it.Overhyped and underhyped. Adam's answer: like the internet, AI is overhyped in the short term and underhyped in the long term. Specifically overhyped right now — drag-and-drop, one-shot deal screening.Chapters: 00:17 Introduction to AKTUS AI04:35 "Out-of-the-Box" AI Flaws in CRE07:19 The Role of Custom AI in Real Estate10:52 Where Vibe Coding Ends and Real Engineering Begins18:01 Iterative Learning and Decision-Making in AI18:31 Measuring Success in AI Implementations23:27 Future of AI in Financial Modeling25:04 Five Years Until AI Edits the Model Itself30:18 Real-Use Cases of AKTUS AI: 1,000s of Docs, 60-Tab Models, & More.35:42 Context Management and AI Limitations39:37 Digital Teammates: Redefining Roles in Real Estate44:49 Overhyped vs. Underhyped AI in Real Estate46:51 The Evolution of Organizational Structures with AIwww.dealflowfriday.comIG: @dealflowfridayX:@dealflowfriday

    Beyond Vibe Coding: Adam Rian - AKTUS AI

  2. Jul 24

    Can't Build in LA? Buy in LA - Paul Schon - SDG

    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 what it cost to build before the pandemic. David and Paul break down why newer Los Angeles multifamily assets can now offer attractive going-in yields, positive leverage and limited new supply, despite the city’s political and regulatory risks. The conversation also explores the importance of in-house property management, the operational challenges of co-living, the risks surrounding ED1 affordable-housing projects and the difficulties of underwriting an exit without established comparable sales. Paul also offers advice for aspiring developers, including starting with smaller SB 9 or ADU projects, learning property operations and bringing valuable opportunities to experienced developers as a potential partner.Chapters00:17 Introduction: Paul Schon - SDG01:30 Waving the White Flag on Ground-Up Development05:18 Where are the Bottlenecks in LA Development?08:37 Buying Back His Own Building at a Discount13:21 The Bull Case for LA20:33 What Went Wrong With Co-Living?24:59 Breaking Down ED130:44 SB9 (The ADU Play)www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

    Can't Build in LA? Buy in LA - Paul Schon - SDG

  3. Jul 10

    [Panel] Global Economic Headwinds & Its Impact on CRE: IMN - Newport RI

    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 Head of Investment Research at Heitman, Douglas J. Elsbeck, Partner at King & Spalding, Uma Moriarity, Senior Investment Strategist and Global Head of Sustainability at CenterSquare Investment Management, and Stephany Chen, Head of Investor Relations at Trinity Investments.Together, the panel breaks down how today’s higher-for-longer interest rate environment is reshaping underwriting, capital deployment, and investor expectations across real estate sectors. Uma explains why the valuation disconnect between public REIT markets, private appraisals, and transaction pricing continues to create friction in capital flows. With cap rate compression no longer driving returns, investors are being forced to focus on asset-level execution, durable cash flow, and hands-on management.David brings the multifamily operator perspective, highlighting how inflation, shelter cost data, and renter stress are showing up differently on the ground than in headline numbers. He discusses the shift from cap stack distress to operational distress, with owners now paying closer attention to bad debt, delinquency, rent roll deterioration, deferred maintenance, and true day-one yield. In this environment, he argues that operators must go back to the basics: positive leverage, realistic rent assumptions, and disciplined underwriting.Stephany offers the hospitality perspective, explaining why hotels can act as an inflation hedge through daily rate adjustments, while also emphasizing the importance of yield management, labor costs, diversified demand drivers, and local operating expertise. She also discusses how international and domestic investors are approaching U.S. hospitality differently in today’s geopolitical and capital markets environment.The panel also covers how institutional investors are changing the way they access real estate. Uma and Doug discuss the move away from traditional commingled funds toward joint ventures, separate accounts, sidecars, club deals, and other structures that give investors more agency over capital deployment. The discussion closes with a look at regulation, rent stabilization, political risk, and why operators with vertically integrated platforms may be best positioned to navigate the next phase of the cycle.Overall, this episode explores a central theme for today’s market: when falling rates and cap rate compression are no longer available to bail out a deal, returns have to be earned through disciplined underwriting, operational execution, and a clear understanding of risk.www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

    [Panel] Global Economic Headwinds & Its Impact on CRE: IMN - Newport RI

  4. Jun 26

    Multifamily Operator POVs: Reed Goossens - RSN

    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, and how operators are navigating the cracks now showing across both capital stacks and operations.David and Reed dig into the post-2022 multifamily reset, explaining why markets are finally being priced differently again after years of compressed cap rates and cheap debt. They discuss why going-in yield, day-one cash flow, positive leverage, and conservative rent growth assumptions matter more today than speculative value-add upside. They also unpack the difference between cap stack distress and operational distress, and why the next wave of forced sales may depend on whether property-level fundamentals continue to weaken.The episode also covers how operators are evaluating today’s market opportunities across the Sun Belt, West Coast, and secondary markets. David explains why Trion is focused on supply-demand fundamentals, market-specific strategies, and assets that can stand on their own without relying on aggressive rent growth or a quick refinance.Toward the end of the conversation, David shares why AI is one of the areas he is most excited about over the next six to twelve months. He discusses how Trion is using AI to connect underwriting data, CRM history, meeting notes, email, and market intelligence to create better workflows and sharper investment theses. Reed and David also explore how AI is lowering the barrier to building custom tools, improving lead generation, and helping operators find efficiencies that previously required expensive software development.This episode is a candid look inside how two experienced multifamily operators are thinking through today’s reset, what they are watching closely, and why the next cycle will reward discipline, creativity, and operational excellence.Chapters:00:00 Introduction to Trion Properties and David Moghavem02:09 The Evolution of Trion Properties06:24 Market Strategies and Portfolio Diversification11:20 Navigating the Multifamily Market Reset22:30 The Role of AI in Real Estate Investment31:42 Conclusion and Future Outlookwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

    Multifamily Operator POVs: Reed Goossens - RSN

  5. Jun 12

    My Take on AI in CRE [from the AI for CRE Collective Podcast]

    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 value-add multifamily in workforce and first-ring suburban markets. The conversation dives into today’s multifamily environment, where capital stack distress is creating new opportunities for experienced operators. David explains why he believes the market is becoming increasingly bifurcated, with high-quality, “perfect box” deals still attracting aggressive capital, while older Class B and workforce housing assets are seeing yield expansion and less institutional competition. He also discusses why bridge loan maturities, lender workouts, and operational stress may create a generational buying opportunity for groups that know how to operate through complexity. A major theme of the episode is AI’s growing role in commercial real estate. David breaks down how Trion is using AI across acquisitions, operations, data analysis, and workflows. He explains how years of proprietary deal tracking in Dealpath, combined with tools like Claude, Granola, Outlook integrations, and MCP systems, are allowing the firm to synthesize internal data in ways that were not possible before. Rather than just using AI for productivity, David sees the real opportunity in using AI to think differently, make better investment decisions, and unlock insights from proprietary data. David and Quinn also discuss AI in property management, including the use of tools like Elise AI, centralization, Yardi Virtuoso, and portfolio-level data analysis. David explains that owners and operators today need to think more like tech companies, with real estate as the product and data-driven decision-making as the operating system. The episode closes with a broader discussion on the “art and science” of real estate. David argues that AI does not replace the relationship-driven, human side of the business. Instead, it frees real estate professionals to spend more time on the parts of the business that matter most: relationships, networking, property tours, broker conversations, lender relationships, and brand building. David also shares how launching Deal Flow Friday has helped him build relationships, accelerate his own AI adoption, and create value for Trion. In an age where knowledge is becoming increasingly commoditized, he believes brand, relationships, and execution will matter more than ever. Chapters 00:00 Introduction to the Series and Guest 02:23 David Movhavam's Background and Experience 04:35 Current Market Trends in Real Estate 12:05 Navigating Non-Performing Loans and Market Challenges 20:21 The Role of AI in Real Estate Investment 30:14 Balancing Art and Science in Real Estate 36:20 Closing Thoughts and Future Opportunities www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday ORIGINALLY RECORDED FROM THE AI FOR CRE PODCAST: https://www.youtube.com/watch?v=JaELi6ZrViI&t=6s

    My Take on AI in CRE [from the AI for CRE Collective Podcast]

  6. Jun 5

    Talk to Your Data: John Zalkin - AdviseAI (& RKW)

    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 explains how AdviseAI acts as a fractional chief AI officer, helping real estate firms build practical systems around their existing data, software, and workflows.David and John also explore a key tension in the AI era: while automation can eliminate repetitive work, the real advantage may come from using that saved time to build stronger human relationships. From conferences and handwritten notes to investor follow-up and sales pipelines, John argues that the operators who combine AI fluency with real relationship-building will be the ones who win. Chapters 00:00 Introduction to John Zalkin 01:44 Building RKW into 35,000+ Units 09:13 How AdviseAI Started 13:27 The AdviseAI Ecosystem: One Pane of Glass 24:16 Why Real Estate-Specific LLMs Beat General Ones 27:16 The DIY Trap: "It Just Keeps Breaking" 30:27 Customer-Centric Approaches in AI Advisory 33:27 The Importance of Personal Touch in a Digital Age 36:10 Inside John's Daily AI Workflow with ARIA 49:14 Streamlining Processes with AI and Automation www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday

    Talk to Your Data: John Zalkin - AdviseAI (& RKW)

  7. 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

    Capital Raising & Market Outlook: Joe Fairless - Ashcroft Capital

  8. 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

    Building Beyond a Basis: Matt Thomson - Trilogy
See All (58)

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
    58
  • Rating
    Explicit
  • Copyright
    © David Moghavem
  • Show Website
    Deal Flow Friday

You Might Also Like