Deal Flow Friday

In this episode of Deal Flow Friday, David Moghavem sits down with Zach Streit, Founder and President of Priority Capital Advisory, for a wide-ranging conversation on the shifting dynamics of today’s commercial real estate capital markets. Drawing on nearly two decades of experience, Zach breaks down why there is currently more capital than deals, how banks and insurance-backed debt funds are driving spread compression, and what that means for borrowers across the capital stack. The discussion explores why the long-anticipated wave of distress never fully materialized, how capital is now moving from credit and preferred equity back toward common equity, and where fixed-rate versus bridge financing fits in this new environment. Zach also walks through the closing of a $175 million construction and land recapitalization in California, sharing lessons on perseverance, counterparty risk, and relationship-driven dealmaking, before wrapping with insights on “naked brokerage,” building trust, and creating your own luck in a competitive market.Chapters00:00 Introduction: Zach Streit (Priority Capital Advisory)03:12 CREFC Vibe Check: “More capital than deals”06:08 Debt Funds Folding/Consolidating + Counterparty Risk07:45 Credit-to-Equity Domino Effect + Capital Moving Up the Stack12:05 Why Distress/Pref Equity Didn’t Deploy Like Everyone Expected16:12 Why Acquisition Bridge is Muted (and where bridge is happening)23:51 Case Study: $175M Santa Maria Construction + Land Recap (Deal Breakdown)30:56 Creating Your Own Luck in Brokerage35:26 “Naked Brokerage” Explained + Advice for Young Brokerswww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, David Moghavem reflects on the past year in multifamily real estate, discussing predictions made for 2025 and how they played out. He emphasizes the importance of iterative reflection in real estate and shares insights on market conditions for 2026, including the potential for seller capitulation and the impact of AI on rental markets, particularly favoring Class B housing.Chapters00:00 Celebrating One Year of Deal Flow Friday03:11 Reflecting on Predictions and Market Trends07:36 2026 Market Winners: "Category 2 & 3"16:54 AI Impact to Renters: Class B as the Winner

Episode 37 is a masterclass in what actually drives long-term success in real estate: patience, differentiation, and relationships. This week, we pulled some of the most replayed moments on the show this year to reflect on the lessons learned from 2025, to prepare us for a stronger 2026. This episode features valuable lessons from some of the most replayed guests this year: Paul Daneshrad - CEO of Starpoint PropertiesAlan Lazowski - CEO of LAZ ParkingJoseph Paskov - Senior VP of LaSalle Value PartnersAdrian Berger - Managing Director of Cypress Equity InvestmentsGarrett Nondorf - Director of Investments at Flagship Capital PartnersHenry Stimler - Executive Managing Director at Newmark, Capital MarketsAleksey Chernobelskiy - CEO of GP-LP MatchMichael Khalilzad - President of CastleSquarewww.dealflowfriday.comIG: @DealflowfridayX: @Dealflowfriday

In this conversation, David Moghavem and Jake Heller discuss the emergence of AI in commercial real estate, focusing on the creation of the AI for CRE Collective community. They explore the challenges and opportunities presented by AI adoption, emphasizing the importance of data organization, community engagement, and the mindset shift from viewing AI as a luxury to a necessity. The discussion highlights common pain points, the need for collaboration, and the future of AI in enhancing human capabilities within the industry.Chapters00:00 Introduction to AI for CRE Collective02:52 The Accidental Community Builder05:31 Understanding the Need for AI in Real Estate08:17 Mindset Shift in the Real Estate Industry11:16 Challenges of Data and Privacy in AI Adoption13:55 Preparing for the Next Wave of AI16:44 Community Engagement and Knowledge Sharing20:21 Identifying Pain Points in Commercial Real Estate Workflows23:02 Common Pitfalls in AI Adoption26:35 The Role of AI in Replacing Human Jobs31:09 Leveraging AI for Enhanced Productivity38:17 Implementing AI Solutions in Real Estatewww.dealflowfriday.comIG: @DealFlowFridayX: @DealFlowFriday

In this episode of Deal Flow Friday, host David Moghavem interviews Jeff Gleiberman, president of MG Properties, discussing the multifamily real estate market, investment strategies, and operational challenges. Jeff shares insights on the importance of specialization, market diversification, and the current performance of coastal versus inland markets. He emphasizes the significance of cash flow metrics and the challenges of managing properties in a changing economic landscape. The conversation also touches on the future of the market, the role of self-management, and advice for emerging sponsors in the industry.Chapters00:00 Introduction & MG Properties Overview03:04 What the “MG Way” Really Means04:10 Market Footprint: States, Sub-Markets & Strategy06:06 Market Performance: Coastal vs Inland Trends07:30 Pricing Disconnect in Denver & How MG Evaluates It09:52 Investment Strategies: Balancing New and Older Assets12:34 Where MG Is Buying Today14:27 The Basis Plays15:59 Target Metric of Choice19:06 2026 Predictions: Seller Capitulation? Or more Extend & Pretend?21:22 2026 Operational Trends/Headwinds24:50 MG Properties' 2026 Acquisition/Disposition Goals26:14 The Case for Self-Management30:28 Jeff's Advice to Emerging Sponsors trying to Replicate "The MG Model"www.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, David sits down with Enrique Huerta, VP of Acquisitions at Crystal View Capital, to break down his transition from a decade in multifamily to a national platform focused on manufactured housing, self-storage, and industrial outdoor storage. Enrique shares why yield-driven investors are increasingly looking beyond conventional apartments, why manufactured housing offers rare supply constraints and outsized stabilization yields, and how Crystal View’s all-cash strategy gives them a competitive edge in today’s dislocated market. The conversation spans risk factors unique to manufactured housing, the shifting multifamily landscape, distress opportunities emerging across the Sunbelt and West Coast, and both David and Enrique’s predictions heading into 2026—including investor sentiment, inflation pressures, and where they see the best plays in the next cycle.00:00 Introduction to Enrique Huerta and Crystal View Capital03:34 Crystal View Capital's Acquisition Strategy06:27 Understanding Yields in Manufactured Housing vs. Multifamily09:36 Risks and Hurdles in Manufactured Housing Investments12:58 Market Dynamics and Barriers to Entry in Manufactured Housing15:44 Demographics and Delinquency in Manufactured Housing18:46 Opportunities in Older Vintage Multifamily Assets21:58 Evaluating Good Deals in Multifamily Investments27:53 The Future of Multifamily Investments and Market Trends31:50 Market Dynamics and Cash-Out Strategies34:49 The All-Cash Advantage in Real Estate39:15 Investor Sentiment and Predictions for 202648:22 Navigating Distress in the Market52:41 AI's Impact on Real Estate and Market Trends

In this episode of Deal Flow Friday, David sits down with Chris Urso, Managing Partner of URS Capital Partners, to talk about operating through today’s multifamily reset across the Southeast. They dig into why 2025 has been an “operator’s recession,” how first-ring suburbs in markets like Charlotte, Nashville, Charleston, and Atlanta are best positioned for recovery, and why focusing on gray-collar housing continues to drive stable demand. Chris shares lessons from building a vertically integrated platform, the importance of self-management and team culture, and how tools like Rentana and AI-driven asset management are transforming operations. They also cover capital strategy—how URS has leaned on private investors, navigated a tighter equity landscape, and why the next wave of opportunity may come from pref-equity-driven distress as the market normalizes into 2026. 00:00 Introduction to Multifamily Operations04:30 Market Insights and Economic Challenges07:27 Supply and Demand Dynamics in Key Markets10:29 Investment Strategies in Secondary Markets13:24 Focus on First Ring Suburbs17:53 Self-Management and Operational Strategies27:18 Navigating Third-Party Management vs. Self-Management33:25 The Importance of Technology in Property Management37:02 Capital Raising in a Changing Market47:13 Future Predictions for the Real Estate Market

In this special solo episode of Deal Flow Friday, David Moghavem delivers a wide-angle “multi-market monologue,” offering a real-time pulse check on the multifamily landscape as 2025 comes to a close. He unpacks how Jerome Powell’s decision to end the Fed’s balance sheet runoff marks a key pivot from quantitative tightening to easing liquidity, and what that means for buyers, sellers, and lenders heading into 2026. David also explores the shifting capital landscape, from private credit compression to the resurgence of institutional platform investments, while introducing a critical underwriting metric for today’s environment: Going-In Yield on Cost, a mark-to-market lens that adjusts for higher delinquencies, concessions, insurance, and deferred maintenance. The episode spotlights two contrasting markets — Denver, where oversupply and new landlord regulations are pressuring fundamentals, and the Bay Area, where AI-driven job growth, renewed office momentum, and strong civic leadership are fueling one of the most compelling rebound stories in the country. David closes with a forward look at how discipline, creativity, and true partnerships will define the next phase of multifamily investing. Chapters:00:00 Introduction to the Multifamily Market Monologue02:31  The Fed’s Announcement & Balance Sheet Runoff Ending08:29  Seller Behavior: Meeting the Market13:02 Shifts in Buyer and Seller Dynamics17:09  Why Don't 7-Cap Deals Pencil? Going-In Yield on Cost.24:12  Tough Love for Denver: Why the Mile High Market’s Struggling (...for Now)33:25  Back to the Bay: Tech, Talent, and a Multifamily Revival www.dealflowfriday.comInstagram: @dealflowfridayX: @dealflowfridayLinkedIn: @davidmoghavem

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