Building Beyond a Basis: Matt Thomson - Trilogy

Capital Raising & Market Outlook: Joe Fairless - Ashcroft Capital

In this episode of Deal Flow Friday, host David Moghavem sits down with Joe Fairless, founder of Ashcroft Capital to discuss how the multifamily industry is evolving in the post-rate hike environment. Joe shares lessons from scaling Ashcroft to more than 14,000 units and explains why today’s market is no longer just about finding a good deal — it’s about building trust, operational infrastructure, and long-term relationships that can survive difficult cycles.David and Joe dive into the major shifts happening in capital raising and institutional investing, including why many institutions are moving away from one-off joint ventures and instead backing vertically integrated operating platforms. They unpack the growing divide between Class A and Class B multifamily opportunities, where cap rate compression is already returning in certain Sunbelt markets while operational distress continues creating selective buying opportunities elsewhere. The conversation also explores how lenders are becoming more active participants in workouts and recapitalizations, leading to more creative structures across the capital stack.Throughout the episode, Joe shares insights on systematic relationship building, scaling an operating platform, and navigating downturns with discipline and adaptability. David and Joe also discuss market-specific trends across Dallas, Atlanta, and Orlando, the long-term outlook for Sunbelt multifamily, and why the operators who emerge strongest from this cycle will likely be the ones who focused on specialization, consistency, and execution during the downturn.This episode is a candid conversation about the future of multifamily investing, institutional capital, and what it really takes to build a durable real estate platform in today’s market. Chapters 00:00 Introduction to Joe Fairless and Ashcroft Capital 01:39 Mindset and Overcoming Challenges in Real Estate 03:38 Shifts in Capital Raising Strategies 07:10 Diversification of Equity Sources 18:25 Institutional Capital Trends 21:10 Market Insights: Dallas, Atlanta, and Orlando 28:24 Advice for Aspiring Operators and Capital Raisers www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday

Building Beyond a Basis: Matt Thomson - Trilogy

In this episode of Deal Flow Friday, David Moghavem sits down with Matthew Thomson, SVP of Development & Ventures at Trilogy, to unpack how today’s multifamily landscape is reshaping investment strategy and where the most sophisticated capital is placing its bets. The conversation explores the shift from institutional, highly structured investing toward a more flexible private capital approach. While much of the market is focused on acquiring assets below replacement cost, Thomson explains why Trilogy is leaning into development, emphasizing long-term conviction over short-term exit assumptions. This perspective highlights a growing divide between investors solving for immediate yield and those building for future market positioning. Moghavem and Thomson also dive into the South Florida market, addressing the current wave of supply and concessions while framing the longer-term demand story. They discuss how demographic shifts, rising incomes, and land constraints continue to support the region’s growth, even as near-term fundamentals face pressure. The conversation positions markets like Miami not as overbuilt, but as undergoing a necessary phase of absorption. Beyond market dynamics, the episode highlights a broader industry theme: in a world where data and technology are increasingly commoditized, relationships and trust have become the true competitive advantage. Thomson shares how intentional community-building and curated networks can expand opportunities and create long-term value, reinforcing the idea that success in real estate is ultimately driven by people, not just numbers. Chapters 00:00 Introduction 00:46 Transitioning from AMLI to Trilogy 02:50 Trilogy's Development Strategy 05:44 Navigating the Current Market Landscape 09:42 Demographic Shifts in Miami 11:03 Trilogy's Focus Areas in Florida 13:42 Long-Term Perspectives on Miami's Market 15:31 Challenges in the Midwest Market 17:53 Niche Strategies and Unique Investments 20:01 The Importance of Data in Real Estate 23:10 Building Community and Networking 31:24 The ULI Leadership Institute Experience www.dealflowfriday.com IG: @dealflowfriday X:@dealflowfriday

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

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. Chapters 00:00 Current Global Inflection Point 01:38 Personal Background and Family Influence 02:41 The Value of Perspective and Gratitude 03:19 Starting the Podcast and Market Knowledge 04:46 AI Tools and Market Data Access 06:35 The Future of Capital Markets and Relationships 07:24 Podcasting and Deal Nuggets 09:51 Development Challenges and Market Conditions 11:50 Market Outlook for Los Angeles and Beyond 16:01 Building Trust and Relationships in Capital Markets 19:16 The Power of Introductions and Networking 22:21 Market Cycles and Credit Spreads 23:45 Market Bottoms and Future Opportunities 25:53 Operational Challenges and Asset Management 28:55 Lessons from the GFC and Market Resilience 36:50 The Impact of AI on Operations and Tenant Experience 41:05 Operational Performance and Asset Management 43:56 The Future of Capital and Relationship Building 47:28 Unshackling Bandwidth for Greater Deal Flow 49:21 Evolving Perspectives from Podcast Conversations 52:33 The Next Generation and Technological Edge www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday

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 resurgence * Shift from treasury-based borrowing * Blurring of credit and equity roles * Creative lender strategies and profit participation * Evolving capital raising tactics in real estate Chapters 00:00 Introduction and Overview of Market Trends 01:36 The Impact of Interest Rates on Real Estate 06:07 Blurring Lines Between Credit and Equity 14:33 Evolving Strategies in Capital Raising www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday