My Take on AI in CRE [from the AI for CRE Collective Podcast]

My Take on AI in CRE [from the AI for CRE Collective Podcast]

In this episode, David Moghavem joins Quinn Edwards on the AI for CRE Collective Podcast to discuss the current state of multifamily, the next wave of distress, and how AI is reshaping the way real estate operators make decisions. David shares his journey from joining Trion Properties as an entry-level analyst in 2015 to helping scale the firm into a vertically integrated multifamily owner-operator with more than 6,000 apartment units across multiple states. He explains how Trion’s strategy has evolved from California and Oregon into a broader national footprint, including growth markets across the Southeast, while staying focused on value-add multifamily in workforce and first-ring suburban markets. The conversation dives into today’s multifamily environment, where capital stack distress is creating new opportunities for experienced operators. David explains why he believes the market is becoming increasingly bifurcated, with high-quality, “perfect box” deals still attracting aggressive capital, while older Class B and workforce housing assets are seeing yield expansion and less institutional competition. He also discusses why bridge loan maturities, lender workouts, and operational stress may create a generational buying opportunity for groups that know how to operate through complexity. A major theme of the episode is AI’s growing role in commercial real estate. David breaks down how Trion is using AI across acquisitions, operations, data analysis, and workflows. He explains how years of proprietary deal tracking in Dealpath, combined with tools like Claude, Granola, Outlook integrations, and MCP systems, are allowing the firm to synthesize internal data in ways that were not possible before. Rather than just using AI for productivity, David sees the real opportunity in using AI to think differently, make better investment decisions, and unlock insights from proprietary data. David and Quinn also discuss AI in property management, including the use of tools like Elise AI, centralization, Yardi Virtuoso, and portfolio-level data analysis. David explains that owners and operators today need to think more like tech companies, with real estate as the product and data-driven decision-making as the operating system. The episode closes with a broader discussion on the “art and science” of real estate. David argues that AI does not replace the relationship-driven, human side of the business. Instead, it frees real estate professionals to spend more time on the parts of the business that matter most: relationships, networking, property tours, broker conversations, lender relationships, and brand building. David also shares how launching Deal Flow Friday has helped him build relationships, accelerate his own AI adoption, and create value for Trion. In an age where knowledge is becoming increasingly commoditized, he believes brand, relationships, and execution will matter more than ever. Chapters 00:00 Introduction to the Series and Guest 02:23 David Movhavam's Background and Experience 04:35 Current Market Trends in Real Estate 12:05 Navigating Non-Performing Loans and Market Challenges 20:21 The Role of AI in Real Estate Investment 30:14 Balancing Art and Science in Real Estate 36:20 Closing Thoughts and Future Opportunities www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday ORIGINALLY RECORDED FROM THE AI FOR CRE PODCAST: https://www.youtube.com/watch?v=JaELi6ZrViI&t=6s

Talk to Your Data: John Zalkin - AdviseAI (& RKW)

In this episode of Deal Flow Friday, David Moghavem sits down with John Zalkin, founder of AdviseAI, to discuss how artificial intelligence is beginning to reshape the real estate industry. John shares his background scaling RKW from a startup third-party management platform into a major multifamily operator, and how that experience now informs his work helping owners, developers, and operators implement AI inside their businesses. The conversation covers the shift from simple generative AI tools to agentic AI workflows that can automate leasing reports, acquisition screening, underwriting support, CRM follow-up, investor DDQs, and internal data analysis. John explains how AdviseAI acts as a fractional chief AI officer, helping real estate firms build practical systems around their existing data, software, and workflows.David and John also explore a key tension in the AI era: while automation can eliminate repetitive work, the real advantage may come from using that saved time to build stronger human relationships. From conferences and handwritten notes to investor follow-up and sales pipelines, John argues that the operators who combine AI fluency with real relationship-building will be the ones who win. Chapters 00:00 Introduction to John Zalkin 01:44 Building RKW into 35,000+ Units 09:13 How AdviseAI Started 13:27 The AdviseAI Ecosystem: One Pane of Glass 24:16 Why Real Estate-Specific LLMs Beat General Ones 27:16 The DIY Trap: "It Just Keeps Breaking" 30:27 Customer-Centric Approaches in AI Advisory 33:27 The Importance of Personal Touch in a Digital Age 36:10 Inside John's Daily AI Workflow with ARIA 49:14 Streamlining Processes with AI and Automation www.dealflowfriday.com IG: @dealflowfriday X: @dealflowfriday

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