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.

• 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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How one multifamily operator is adapting to a prolonged market correction — and why rolling up CPA firms became the next logical move for RSN Property Group.

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When multifamily deal flow slows to a grind, most operators wait. Reed Goossens went looking for a better use of his operator skills. In this episode, Gary Lipsky sits down with Reed — founder of RSN Property Group and host of the Investing in the U.S. podcast — to get into how he's managing through one of the most drawn-out corrections the sector has seen, and what led him to launch Accounting First Group, a CPA firm rollup targeting the fragmented, succession-gap-heavy accounting market.

Reed breaks down why 85,000 CPA firms — more than 60% owned by someone over 50 with no exit plan — represent a genuine platform-building opportunity, and how the same operational instincts that built his multifamily portfolio apply directly to acquiring and modernizing professional services firms. He also gets into the talent war that defines the space, how AI is set to disrupt the seasonal tax prep model, and why he's capping W2 exposure at 30–40% when underwriting acquisition targets.

On the multifamily side, Reed shares what the market actually looks like on the ground — rents still flat or slightly negative, institutional capital cautious, and a recovery that's been two to three years away for what feels like years. He covers where RSN is finding deals worth chasing, how they're using 1031 exchange structures to source larger checks from sophisticated investors, and why doubling down on existing investor relationships is the most underrated fundraising move in the current environment.

Key takeaways:

00:00 Intro

01:38 Why Reed launched a CPA firm rollup

03:43 The fragmentation opportunity in the accounting space

05:33 Talent as the real competitive edge in CPA acquisitions

07:33 How AI will reshape the accounting industry

10:03 Where the multifamily market stands today

12:13 Why this cycle feels worse than 2008

14:03 Finding deals in a bifurcated market

15:53 Expanding into new markets without losing operational discipline

18:18 How RSN structures 1031 exchange equity

21:33 Cultivating investor relationships in a tough fundraising environment

24:43 Advice for operators and capital raisers right now

25:53 Outro

Additional resources:

➡️ Visit https://reedgoossens.com/

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

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• Instagram: https://www.instagram.com/reedgoossens/

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—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

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💸 Invest passively in multifamily real estate: https://reedgoossens.com/

Reed Goossens is a multifamily operator and syndicator, founder of RSN Property Group, with assets across Texas, Phoenix, and the Carolinas.

This episode is hosted by Gary. We're joined by Reed Goossens, founder of RSN Property Group and host of the Investing in the U.S. podcast.

In this conversation, Reed shares what it actually looks like to operate multifamily assets through one of the most drawn-out downturns in the sector's recent history — from rents hitting new lows in 2025 to distributions stopping and equity raises stalling out across the board.

We get into why Reed believes this cycle is harder than 2008, how he's finding deals in a bifurcated market, why basis matters more than ever right now, and what led him to launch a CPA firm rollup as a way to future-proof his business outside of multifamily deal flow.

If you're a multifamily operator or passive investor trying to make sense of where the market stands today, this episode gives you a ground-level view from someone actively working through it.

Key Takeaways:

00:00 Intro

02:29 Is multifamily in a recession right now?

04:13 Why this cycle is harder than 2008

06:44 How technology changed the commercial real estate landscape

08:35 Where to find deals in today's bifurcated market

10:24 Distressed operators vs. distressed deals — knowing the difference

12:41 Why raising equity is the defining challenge for sponsors right now

14:38 The CPA firm rollup strategy explained 18:03 Structuring acquisitions with seller equity rollovers and carry notes

21:13 Future-proofing a sponsor business beyond deal flow

22:34 Outro

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Additional resources:

➡️ Visit https://reedgoossens.com/

• Invest passively in multifamily real estate

• Get FREE access to my 100% Passive Real Estate Investment Masterclass

• Take a look at my portfolio

• Get FREE multifamily real estate resources

➡️ Follow me on social media:

• LinkedIn: https://www.linkedin.com/in/reed-goossens-b2a6a933/

• Instagram: https://www.instagram.com/reedgoossens/

• Facebook: https://www.facebook.com/reed.goossens/

➡️ Subscribe to my podcast:

• YouTube: @ReedGoossensREI

• Apple: https://apple.co/44MiDN7

• Spotify: https://spoti.fi/45fVIcR

• Stitcher: https://bit.ly/3OHHJqJ

• Soundcloud: https://soundcloud.com/investing-in-the-us

—

Investing in the U.S. is a podcast for real estate investors and entrepreneurs who want to break into the U.S. market and grow their wealth!

Subscribe/Follow so you never miss an episode!