With tariff uncertainty, Valger’s insights connect the dots between Washington’s policy shifts and real estate dealmaking on the ground.
The newest episode of Navatar A-Game features an insightful conversation with David Valger, President of DVO Real Estate, who shares why now may be one of the most attractive times to invest in multifamily real estate—despite uncertainty in the market.
Hosted by Alok Misra, CEO of Navatar, the episode dives deep into macroeconomic trends, political risk, capital allocation, and how emerging technologies like AI are influencing deal-making and portfolio management in real estate.
“We are in a historically low spot of valuation,” said Valger. “Cap rates are up, net operating income is down, and capital has been on pause. If you can make a deal work today without betting on cap rate compression or rent growth—you preserve the optionality to outperform when the cycle turns.”
Key themes explored in the episode include:
Supply-Demand Imbalance Sets the Stage for Rent Growth
Valger points out that while multifamily has faced a temporary glut of new supply in high-growth markets, development starts have plummeted due to interest rate hikes and material costs. As a result, the U.S. may face a multifamily unit shortfall of 800,000 to 1 million units over the next 3–5 years, fueling long-term rent growth.
“Demand is rising. Single-family homes are increasingly unaffordable. If supply stalls, as we expect, rents will climb significantly—even if the Fed doesn’t lower rates immediately,” Valger noted.
Dislocated Pricing Creates Opportunity for Disciplined Buyers
As both net operating income (NOI) and cap rates have moved unfavorably, multifamily valuations have fallen. But for investors with dry powder and a long-term view, that creates a rare opportunity to acquire high-quality assets at a discount.
“You don’t need to underwrite for a home run to end up hitting one,” Valger said. “If you buy right and manage well, the optionality for outperformance is baked in.”
Tariffs & Trade Policy: Hidden Drivers of Development Economics
The discussion tackles the Trump administration’s evolving tariff policy and its likely effect on construction materials and development. While some see tariffs as a risk, Valger believes they will raise the cost of entry for less experienced operators and developers—ultimately benefiting firms with strong operations and sourcing capabilities.
“We’re already well-positioned on cost controls and sourcing. If tariffs raise the bar, it only strengthens the advantage for disciplined investors.”
Technology & AI: Real Estate’s Next Competitive Edge
Valger shares how DVO Real Estate is beginning to experiment with AI to improve investor communication and surface distressed opportunities faster.
“AI can help us identify assets at risk, find signals in data, and make our time more impactful. That’s where the real promise lies.”
Navatar: Enabling the Future of Private Market Deal-Making
Throughout the episode, Alok Misra and Valger highlight how technology like Navatar empowers firms to manage deal flow, fundraising, and investor relationships with greater speed and insight—something especially critical in times of market dislocation.
“We’re seeing a shift. Executives want more than just reporting—they want insights. Navatar is building for that future, bringing together CRM, AI, and deal intelligence in ways that real estate and private equity firms can finally act on,” said Misra.
Watch the full episode: https://www.youtube.com/watch?v=c_0y7H0dv5Y&t=605s
Learn more about DVO Real Estate: https://www.dvorealestate.com
Learn more about on Navatar’s CRM: https://www.navatargroup.com
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