Deal Flow Friday

David Moghavem
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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. The Texas Reset: Jack Stone - Greysteel

    3D AGO

    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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. Know What Game You’re Playing: Will Krasne - Spectre Equities LLC & The Promote Pod

    FEB 20

    Know What Game You’re Playing: Will Krasne - Spectre Equities LLC & The Promote Pod

    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.Chapters00:00 Intro [Will Krasne - Spectre Equities LLC & The Promote Pod]04:41 Investment Strategies in the Mid Atlantic07:35 Bullish on Central PA10:51 Small-bay industrial niche13:50 Interconnection of Industrial and Multifamily Investments16:29 Supply and Demand in Real Estate Markets19:09 Cash yield > IRR26:21 Core principle: Risk/Reward30:29 The Evolution of the Promote Pod31:35 The Characters of Real Estate34:46 Institutionalization: are the cowboys disappearing from CRE?37:12 Creating Institutional Quality Assets42:30 The Importance of Differentiation in Investingwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

    46 min
  8. Talent Wars in CRE: Mark Silverman & Bryce Goldsen - Advance CRE

    FEB 13

    Talent Wars in CRE: Mark Silverman & Bryce Goldsen - Advance CRE

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

    53 min
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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
    50
  • Rating
    Clean
  • Copyright
    © David Moghavem
  • Show Website
    Deal Flow Friday

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