David Moghavem (CIO, Trion Properties) on Where Multifamily Investing Is Headed Next

The multifamily market has gone through one of the most significant corrections in decades. Rising interest rates, slowing rent growth, operational challenges, and tightening capital markets have forced operators to rethink how they invest.

In this episode of Investing in the U.S., Reed Goossens sits down with David Moghavem, Chief Investment Officer at Trion Properties, to discuss how one of the country's leading vertically integrated multifamily firms is navigating today's market.

With over $1.5 billion in assets under management and more than 6,000 apartment units, Trion has experienced multiple real estate cycles—from purchasing distressed assets after the Global Financial Crisis to today's focus on disciplined acquisitions and operational excellence.

Reed and David discuss why today's opportunity isn't simply about buying distressed deals—it's about identifying markets with strong long-term fundamentals, structuring investments with positive leverage, and operating assets better than the competition.

The conversation also explores why operational distress may become a much larger issue than capital stack distress, how investors should think about today's interest rate environment, and why the best opportunities may no longer be in the obvious Sun Belt markets.

Finally, David shares how Trion is leveraging artificial intelligence across acquisitions, underwriting, and portfolio management to create a competitive advantage that few real estate operators currently possess.

In this episode you'll learn:

Why the current multifamily correction is unlike previous cycles
The difference between capital stack distress and operational distress
How Trion selects markets in today's environment
Why positive leverage matters more than ever
What investors should expect from interest rates over the next 12–24 months
Why long-term real estate investing still creates exceptional wealth
How AI is changing acquisitions, underwriting, and investment management

Whether you're an active syndicator, passive investor, or simply interested in the future of commercial real estate, this conversation offers valuable insights into where experienced operators see opportunity today.

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