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.

Chapters

00:00 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 Markets
12:39 Why Lenders Aren’t Forcing Sales Like 2008
16:08 Expanding Beyond Denver: Wyoming, Montana & Salt Lake
20:33 Salt Lake City Is So Competitive Right Now
23:05 The Biggest Mistake Investors Make When Choosing Submarkets
25:50 Why Deals Take Months to Trade Today
29:36 What Happened to Denver’s Cap Hill Submarket?!
32:37 How Real Estate Deals Are Getting Capitalized Today
36:50 Stocks vs Real Estate: Where Investors Are Putting Money
40:44 Advice for New Investors in Denver's Market

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