Axel sits down with Pat Carino — a multifamily developer, acquisitions professional at NRP Group, and co-founder of DealNav — for a wide-ranging conversation that spans institutional development, deal sourcing at the highest level, and the origin story of a software tool that Aligned Real Estate Partners actually uses in their own business.

Pat breaks down the three-bucket deal sourcing framework he uses at the institutional level — brokers, referral network (architects, engineers, attorneys), and true off-market sourcing.

The second half of the conversation dives into DealNav — what it is, why Pat built it, and why a purpose-built deal tracking CRM with a map beats bloated all-in-one platforms for acquisitions-focused operators. This episode is essential listening for any investor who wants to understand how deal sourcing is done at the institutional level — and how the same principles apply whether you're buying a 10-unit or a 300-unit ground-up development.

Join us as we dive into:

The three-phase development contract lifecycle: due diligence, entitlement approvals (6 months to 1+ year), and closing — and how it differs from a traditional value-add acquisition
The three-bucket deal sourcing framework: broker deals, referral network (architects, engineers, land use attorneys, economic development offices), and true off-market direct-to-owner
The story of a vacant 30,000 sq ft retail building: a two-year follow-up campaign, tracking down the decision-maker through her daughter's Instagram DM, and closing the deal after years of patient persistence
Why having a CRM with clean notes, timestamped follow-up reminders, and a linked map is the only way to manage a multi-year, multi-contact off-market pipeline at scale
The origin story of DealNav: from colored pins on a Jersey City poster board to an Excel/Google My Maps hybrid to a purpose-built SaaS product — and why 15 demos of competing CRMs came up short
The three boxes DealNav was built to check: simplicity (prospecting only, no bloat), a map-first interface, and single-user affordable pricing
How DealNav became a deal source for Pat's institutional acquisitions work — and why building a real estate community and a real estate software company often leads to the same people
What makes a good development site: rent comps that justify new construction, favorable taxes (or abatements), manageable affordability requirements, and the right construction type

Sign up for the DealNav CRM HERE

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Learn more about DealNav

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