Deal Flow Friday

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

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

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

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

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

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

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 Debate01:21 – Intro: Mark Silverman, Bryce Goldsen & AdvanceCRE02:51 – From Investment Banking to Executive Search05:05 – Why They Moved From LA to the East Coast06:52 – Are People Still Relocating for Opportunity?08:38 – Hiring Then vs Now: What Changed After COVID09:16 – The First Question Candidates Ask Today10:00 – Is the Trend Moving Back In-Office?12:00 – Spontaneous Collaboration vs Scheduled Zoom Calls13:20 – Scaling Culture Across Multiple Offices14:40 – Back Office → No Office: Offshore Competition15:30 – Why Executive Assistants Are in High Demand16:45 – AI in Real Estate: Do You Need a Head of AI?18:00 – Senior AI Hire vs Junior AI Talent21:05 – How a 22-Year-Old Automated Accounting23:30 – Fractional AI Officers & The Middle Market25:05 – 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 Estatewww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.The episode dives deep into why on-site teams remain the highest-leverage variable, how retention has become one of the most important drivers of cash flow, and why many traditional renovation and marketing strategies no longer pencil. David and Brendan also explore collections discipline, backdoor eviction risk, renewal strategy, SEO-driven marketing, and why “back to basics” operations are outperforming flashy tools in this cycle.This conversation is a must-listen for operators, asset managers, lenders, and investors managing through distress or repositioning assets heading into 2026.Key topics covered include:The Four Ps asset management frameworkRetention vs. turnover economics (the 3x rule)Expense pressure from insurance, payroll, and marketingSEO and PPC vs. bloated ILS spendCollections discipline and de-risking bad debtWhy clean operations and execution now drive real ROIA practical playbook for navigating today’s multifamily headwinds.Chapters:00:00 Introduction to CRES Asset Management05:21 The New Expense Stack: Insurance, Payroll, and Cost Shock08:37 Marketing Spend Is Broken: Why More Zillow ≠ More Leases12:06 SEO, PPC, and the Shift Away From ILS15:33 entralization: When It Works, When It Backfires21:03 Pricing Strategies and Tenant Retention23:10 Why Retention Is Worth 3× New Leasing28:24 The Backdoor Eviction Problem Operators Are Facing34:41 FlexPay, Guarantors, and De-Risking Collections37:21 What Dollars Spent on a Property Yield The Highest ROI Today?42:39 Future Vision for Cresswww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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-market executions are returning as a preferred path.David explores the growing geographic divergence between markets, why macro headlines suddenly feel irrelevant to operators, and how industry fatigue has turned into a kind of stability. The takeaway isn’t hype — it’s discipline. Clean trades over hero trades. Execution over speculation.This episode frames NMHC as the beginning of a healthier transaction cycle built on realism, alignment, and cautious optimism.www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

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.Chapters00:00 Introduction to Zihao Wang and Paris AI03:11 What the Florida Multifamily Summit Says About Today’s Market04:07 Contrarian Investing: Older Vintage vs Newer Assets06:28 Target Markets for Patient Capital09:15 Target Sunbelt Submarkets & Strategies 12:19 Navigating the Carolinas and Secondary Markets15:17 Would You Still Invest in Los Angeles?17:50 Supply-Constrained Markets vs Sunbelt Volatility19:09 The Case for Investing in Atlanta20:49 Bullish on the Bay today, Can this also happen in LA?23:19 Introducing PARES AI: Revolutionizing Underwriting Processes29:10 The Future of PARES AIwww.dealflowfriday.comIG: @DealflowfridayX: @dealflowfriday