#335: Working on Institutional Multifamily Development Deals, Building an Acquisitions Process, and Fun Deal Stories with Pat Carino

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 acquisitionThe three-bucket deal sourcing framework: broker deals, referral network (architects, engineers, land use attorneys, economic development offices), and true off-market direct-to-ownerThe 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 persistenceWhy 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 scaleThe 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 shortThe three boxes DealNav was built to check: simplicity (prospecting only, no bloat), a map-first interface, and single-user affordable pricingHow 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 peopleWhat makes a good development site: rent comps that justify new construction, favorable taxes (or abatements), manageable affordability requirements, and the right construction typeSign up for the DealNav CRM HEREConnect with Pat Carino:Follow him on Twitter/XConnect with him on LinkedinLearn more about DealNavAre you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners