Deal Flow Friday

In this episode of Deal Flow Friday, David sits down with Gerrit Van Maanen, Principal at Playground Properties and Co-Host of the Best Ever Conference. Gerrit shares his journey from Spartan Investment Group’s self-storage growth story to pioneering the niche asset class of garage condos. They dive into how garage condos differ from traditional self-storage, who the typical buyers are, investor return profiles, pipeline opportunities in Colorado, and the importance of capital raising and reputation. Gerrit also highlights the evolution of the Best Ever Conference and its role in building a strong real estate community.Chapters 01:49 – Intro  04:17 – Background and transition from Self Storage into Garage Condos 06:05 – COVID impact on Self Storage and institutional growth 10:44 – Lessons learned from Self Storage and challenges with operations 13:35 – Why Garage Condos: shifting from storage to for-sale product 14:25 – Key differences between Storage and Garage Condos 16:49 – Typical buyer profile and market selection 18:38 – Why buyers choose to own instead of rent 20:47 – Investor returns, IRR focus, and deal metrics 30:40 – Pipeline update: Golden and Grand Junction, CO 32:19 – Colorado focus and market education for Garage Condos 33:50 – Biggest misconceptions and importance of marketing 35:02 – Best Ever Conference mission and growth 37:20 – Origins from the Best Ever Podcast 38:30 – Where to connect with Gerrit 39:13 – Closing & Sign-off  www.dealflowfriday.comInstagram @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, host David Moghavem interviews Jacob Kosior, VP of Client Strategy at Elise AI, one of the fastest growing Prop Tech companies who've just completed a $250M Series E funding round, with over $100M in Annual Reccuring Revenue. In this episode, the two discuss the transformative impact of AI on multifamily operations. They explore how conversational and agentic AI are redefining leasing processes, enhancing resident interactions, and addressing operational challenges. Jacob shares insights on the importance of implementation, measuring ROI, and the future of AI in real estate, emphasizing the need for operators to embrace technology to stay competitive.Chapters00:00 Introduction to Elise AI and Its Impact04:00 AI Redefining Multifamily Operations05:50 Conversational AI: Enhancing Resident Interaction09:15 Addressing Implementation Challenges11:34 The Role of AI in Operational Efficiency13:39 Generative AI vs. Agentic AI17:13 Expanding AI Capabilities for Operators19:08 Measuring ROI with AI Implementation21:30 Tech Stack Consolidation and Centralization24:26 Integrating with Existing Platforms27:04 Advice for Multifamily Operators on AI Adoption29:27 Future of AI in Real Estate Operations32:36 Funding and Growth Plans for Elise AIwww.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, host David Moghavem interviews Martin Aranzabe from Key International, discussing the current state of real estate development in Florida, from high-rise luxury multifamily and condo developments in Miami, to garden-style product in Tampa, and everything in between, including hotels on the beach. They explore Key International's focus on residential and hospitality projects, the challenges of hotel development, and the dynamics of the multifamily market. Martin shares insights on capital strategies, market trends, and the importance of networking, particularly through his connection to Babson College. The conversation highlights the complexities of navigating supply and demand in Miami's real estate landscape, as well as the opportunities in suburban development.Chapters00:00 Introduction to Key International and Martin Aranzabe03:05 Overview of Key International's Projects and Focus Areas05:27 Hospitality Development and Market Trends08:03 Multi-Family Development Strategies and Challenges11:26 Capital Structure and Development Financing15:00 Innovative Deal Structures and Joint Ventures16:18 Market Analysis: Supply and Demand Dynamics20:05 Shadow Inventory and Rental Market Insights23:16 Urban Development and Infrastructure Challenges29:56 Networking and the Babson Connectionwww.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfridaySubstack: @dealflowfriday

On this episode of Deal Flow Friday, David Moghavem sits down with Alec Slocum, Founder & CEO of ApartmentIQ, to explore how technology and AI are reshaping multifamily rent analytics. Alec shares how his team went from building a student housing ILS to launching ApartmentIQ, a platform now used by two-thirds of the NMHC Top 50 that delivers daily, unit-level rent data with unprecedented accuracy. The discussion covers the evolution of rent comps from art to science, how operators and asset managers can leverage automated market surveys to spot market shifts, and why data accuracy is such a competitive advantage. Alec also highlights how ApartmentIQ and Maven AI are applying artificial intelligence to concessions, renovations, and marketing automation, while sharing insights on where the multifamily industry is headed and why he’s bullish on markets like San Francisco amid the AI boom. This episode offers a front-row seat into the future of rent analytics and PropTech innovation for investors, operators, and asset managers alike. Chapters00:00 Introduction to Apartment IQ and Its Impact02:47 The Origin Story of Apartment IQ04:53 Market Surveys Reinvented06:47 The "Art" vs "Science" in Pulling Rent Comparables09:55 The Importance of Accurate Data in Real Estate13:23 "Is it Me? Or is it the Market?" Spot Checking Your Portfolio Rents16:38 Leveraging AI in Multifamily Data19:35 Will AI Replace My Job?22:56 Maven AI: Revolutionizing Marketing in Multifamily28:35 Multifamily Market Trends From the Data33:49 So Which Market is Alec Most Bullish On?www.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, David Moghavem sits down with Brandon Cohan, Founder and CEO of BCRE, one of the leading names in LA’s high-street retail scene. The conversation dives into the dynamics of retail real estate in Los Angeles, from Brentwood’s renaissance and the “Kreation Effect”, to the challenges restaurants face with labor costs, rents, and shifting consumer behaviors. Brandon shares insights on post-COVID retail resilience, the regional reinvention of LA neighborhoods, and how adaptive reuse and experiential retail are shaping the future. He also emphasizes the importance of community engagement, humility, and relationships as the cornerstone for long-term success in real estate. This episode offers a rare, candid look at what’s really happening on the ground in LA retail, blending market intelligence with personal lessons from Brandon’s journey building BCRE after his time as Vice President of CBRE. 00:00 – Introduction of Brandon Cohan & BCRE’s Rise 04:00 – Retail Market Challenges: Vacancy, Absorption & Labor Costs 07:45 – COVID’s Impact and Neighborhood Reinvention 08:50 – Brentwood’s Renaissance 10:38 – The “Kreation Effect”14:38 – The Fate of Big Box Retail & Adaptive Reuse Opportunities 18:50 – Outdoor Shopping Centers & East Coast Trends 21:00 – Miami Design District "Destination Retail" 22:10 – Experiential Retail vs. Downturn Resilience 25:00 – Generational Shifts in Consumer & Business Trends 27:00 – Restaurant Struggles: Labor, Rents & Decision Making 30:30 – Exodus from LA, Entertainment Industry Decline, & Competitive Leasing 33:10 – Canon Drive, Beverly Hills, and High-End Leasing Competition 34:40 – Third Street: From Heyday to Recovery 37:10 – Robertson Boulevard: Evolving, Not Declining 41:00 – Emerging Markets: Highland Park, Echo Park, Marina del Rey, Pasadena 43:10 – Brandon’s Journey: Leaving CBRE to Found BCRE 47:10 – Relationships, Networks & Business Philosophy 49:40 – Advice for Restaurants: Humility & Community Engagement 51:30 – Closing Thoughts: Community, Resilience & LA’s Future

In this episode of Deal Flow Friday, host David Moghavem sits down with Paul Daneshrad, Founder & CEO of Starpoint Properties, to explore how patience, discipline, and opportunistic strategies drive outsized returns in real estate. Paul shares insights on asymmetric returns, diversification across asset classes, and the evolving capital markets landscape. The conversation covers Starpoint’s approach to value-add investments, Opportunity Zone projects, and navigating the current challenges in multifamily acquisitions. Paul also discusses his book Money and Morons, which addresses the national debt crisis and its implications for future generations.About Starpoint Properties: Founded in 1995, Starpoint is a privately held real estate investment and operating company specializing in the acquisition, development, and management of premier multifamily, retail, office, and mixed-use properties across the U.S. With a disciplined and value-oriented approach, Starpoint has completed more than $2 billion in transactions, focusing on creating long-term value for investors and communities, delivering weighted average IRRs in excess of ~26%. Chapters00:00 – Asymmetric Returns & Value-Add Strategy 01:40 – Introduction & Early Connections 03:00 – Miami vs. LA & Market Energy 05:00 – Buffett’s Wisdom & Patience in Investing 06:10 – Opportunity Zones & Long-Term Value 09:40 – Diversification & Risk Mitigation 13:25 – Specialization vs. Opportunism 16:30 – Beverly Hills Case Study 19:15 – Capital Flows & Institutional Competition 21:00 – The Challenge of Capital Raising Today 24:30 – Multifamily Returns & Positive Leverage 27:00 – Bridge Debt & Capital Stack Distress 29:00 – Active Starpoint Strategies 34:50 – Paul’s Book: Money and Morons 44:00 – Preparing for a Debt Crisis 48:00 – Closing Thoughts & Future Outlookwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, David Moghavem sits down with his fellow Trion Properties’ collegues and operation leaders:Johnny De La Espriella Head of Property ManagementNatalina Rettew Head of Asset ManagementMax Sharkansky Managing Partner The four Trion leaders dive deep into what it takes to run a high-performing multifamily portfolio in today’s market. They cover the operational fundamentals that drive NOI, from process discipline and people management to the latest proptech tools transforming property management. The team shares day-one impact strategies, insights on navigating complex regulations across multiple states, and the surprising trends emerging from Trion’s coast-to-coast portfolio.The conversation also unveils Trion’s move into third-party property management, the philosophy behind their owner-operator approach, and how leveraging tech, talent, and market expertise can unlock alpha in even the toughest markets.Chapters:00:00 – Intro & Guest Introductions 04:05 – Day-One Operational Impact & NOI Growth 06:14 – Process Discipline and Regulatory Nuances 07:50 – People as the Core of Multifamily Success 09:55 – Proptech Tools Transforming Operations 14:06 – Empowering Staff with AI and Tech Platforms 15:56 – Asset Management Tools & Power BI Rollout 17:56 – Transparency & Communication with Capital Partners 22:29 – Surprising Portfolio Trends Across Markets 25:56 – Adapting to State Regulations & Process Changes 29:14 – Market Stabilization and Advocacy Efforts 31:08 – Lessons from California, Oregon, and Colorado Operations 31:44 – Aligning Operational Philosophies 35:00 – Looking Ahead: Opportunities Beyond AI 35:42 – Trion’s Move into Third-Party Management 41:04 – Leveraging Vintage Asset Expertise 41:34 – The Power of Strong Regional Teams 42:56 – Rapid-Fire Ops Insights 45:03 – Closing Thoughts & Team Appreciationwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfridaywww.trionproperties.com

In this episode of Deal Flow Friday, David Moghavem sits down with longtime friend and industry colleague Brian Asheghian, Vice President at Convoy Capital, to dive deep into today’s multifamily financing landscape. They cover the shifting dynamics in ground-up construction loans, the surge of LA’s ED1 affordable housing projects, and creative strategies for takeout financing in a high-rate environment.Brian shares insights on navigating lender requirements, the growing role of private credit, and the challenges of financing modular construction. They also discuss the macro outlook for interest rates, why experience and liquidity matter more than ever, and the grit it takes to succeed in brokerage — including Brian’s story of working 50 straight weekends to build his career.Whether you’re a developer, investor, or broker, this conversation is packed with practical takeaways on securing capital, structuring deals, and thriving in today’s market.Chapters:00:00 Intro01:32 Mamba Edition & Old Memories03:45 State of Ground-Up Construction Financing05:10 ED1 Affordable Housing Boom in LA09:15 Financing Nuances for ED1 Projects11:55 Creative Takeout Loan Strategies14:35 Macro Outlook & Anticipated Rate Cuts16:45 Banks vs. Private Credit19:05 Modular Construction & Non-Recourse Challenges21:00 What Lenders Want from Borrowers23:25 Work Ethic & Career Grit29:05 Broker Life Reality Check31:25 Leveraging Technology & AI

In this episode, David Moghavem interviews Ben Murphy, the investment sales director at Commercial Integrity, about the investment landscape in Portland, Oregon. They discuss the unique opportunities in the Portland market, including the impact of inclusionary zoning, the recovery of the urban core, and the growth of suburban areas. Ben shares insights on why investing in blue states can be beneficial, the challenges posed by regulatory environments, and the potential for value-add opportunities in older properties. The conversation emphasizes the importance of understanding local market dynamics and offers advice for new investors looking to enter the Portland market.Chapters00:00 Intro: Meet Ben Murphy03:32 Why Portland? The Contrarian Case for Blue States06:34 Portland = The Midwest of the West?08:44 Unique Ownership Structure in Portland10:05 The Affordability Advantage12:26 Why No One Is Building in Portland16:19 Urban Core Recovery & Deep Discounts19:21 Policy Reversal & Urban Revitalization22:56 Suburban Boom: Where to Look26:29 Advice for New Investors in Portland29:14 Don't Sleep on 60s & 70s Product31:29 Final Thoughts & How to Reach Benwww.dealflowfriday.comX:@dealflowfridayInstagram:@dealflowfridayBen Murphy Contact Info:+1-503-707-6570ben.murphy@cinw.com

In this episode of Deal Flow Friday, David Moghavem sits down with Andrew Kwok, Principal at Arcus Harbor Real Estate Capital, to dive deep into the rapidly evolving debt and equity landscape in commercial real estate. They explore why private credit is on fire, the regulatory pressures driving borrowers away from traditional banks, and how debt funds are competing for deals. Andrew shares valuable insights from his 20+ years in the industry, including lessons learned from launching Arcus Harbor and navigating capital markets post-COVID.From structured finance to agency lending, Andrew and David break down how sponsors can smartly recapitalize, refinance, or acquire assets in today’s climate—where positive leverage is back and the devil is in the details. If you're trying to make sound capital decisions in 2025, this episode is packed with strategy, nuance, and perspective. Chapters 00:00 – Introduction & Arcus Swag Talk01:38 – The Arcus Team’s Deep History03:03 – USC Real Estate Board & Market Thought Leadership04:48 – Why Private Credit is Booming07:18 – Operators Entering the Credit Game09:18 – Shifting from Credit to Equity?10:38 – Appetite Swings in Debt Fund Lending12:08 – CLOs, Back Leverage & Loan Sales Explained13:48 – How Bank Regulation Benefits Private Credit17:08 – Why Arcus Rebranded & How It’s Structured20:18 – Arcus Lending Products and Market Coverage23:18 – A More Nimble, Client-First Approach27:18 – Deal Volume: Agency vs. Alternatives29:48 – Refinances, Maturities & Acquisition Trends34:18 – Seller Capitulation & Buying Below Replacement Cost36:48 – Positive Leverage is Back38:28 – Syndicators: Old School vs. New Age40:38 – Strategic Recapitalizations with Cash-In Refinances43:18 – Insurance Market Dislocation & Recovery45:18 – Advice for Sponsors Making Tough Decisions47:48 – Why Term Sheets Aren’t Always What They Seem49:18 – Deep Diligence and Underwriting is Back51:48 – Term Sheet Minutiae: Strike Prices, Floors, and Caps53:38 – Creative Cap Structures and Market Nuances55:08 – Wrapping Up With Golf & Gratitude