Building Beyond a Basis: Matthew 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 Introduction01:04 Transitioning from AMLI to Trilogy03:08 Trilogy's Development Strategy06:02 Navigating the Current Market Landscape10:00 Demographic Shifts in Miami11:21 Trilogy's Focus Areas in Florida14:00 Long-Term Perspectives on Miami's Market15:49 Challenges in the Midwest Market18:11 Niche Strategies and Unique Investments20:19 The Importance of Data in Real Estate23:28 Building Community and Networking31:42 The ULI Leadership Institute Experiencewww.dealflowfriday.comIG: @dealflowfridayX:@dealflowfriday