
Los Angeles’ multifamily market is entering a new phase of transformation. As issues around housing affordability, development policy, and urban growth gain political visibility, the challenges surrounding how projects are built, financed, and operated have become increasingly complex. Rising construction costs, entitlement hurdles, evolving resident expectations, and ongoing capital market pressures are reshaping the multifamily landscape across Southern California.
Bringing together leaders from across multifamily investment, development, operations, lending, and property management, this roundtable will examine the trends and forces shaping the market today. The discussion will explore how firms are approaching development strategy, navigating financing challenges, evaluating investment opportunities, and positioning assets for long-term growth in one of the country’s most dynamic housing markets.
Hosted by The Real Deal in partnership with Amazon Key on September 15th, the conversation will provide an inside look at where multifamily in Los Angeles — and beyond — is headed next.

Tyson Sayles co-leads TruAmerica Multifamily’s Development platform, where he oversees strategic acquisitions and drives the continued expansion of the company’s affordable and mixed-use housing initiatives. With more than 30 years of experience in residential and multifamily real estate, he brings extensive expertise in acquisitions, entitlements, construction management, and long-term asset optimization. His leadership compliments TruAmerica’s ability to expand its residential development platform while pursuing targeted growth opportunities in California’s evolving housing market.
Previously, Mr. Sayles held senior leadership roles at Ensemble and Cityview. Over the course of his career, he has residential investment platforms, affordable housing developments including the acquisition and development of over 12,000 units and $3BB of transaction including tax credit financing and complex mixed-use projects, successfully navigating every stage of the real estate lifecycle. His background includes sourcing and evaluating new opportunities, structuring investments, managing entitlement processes, overseeing construction execution, and optimizing portfolio performance over the long term.
His comprehensive experience and disciplined approach to development, positions TruAmerica to scale strategically while addressing growing demand for high-quality housing solutions in key California markets. By combining institutional investment expertise with a deep understanding of development execution, Mr. Sayles plays a central role in advancing TruAmerica’s residential strategy and broadening the company’s capabilities across multiple housing sectors.

Carl Chang is the Chief Executive Officer and Founder of Kairos Investment Management Company, a privately owned real estate investment and asset management firm. Under Mr. Chang's leadership, Kairos focuses on capital preservation and wealth creation through value-based real estate investment
strategies, capitalizing on market dislocations and opportunities across economic cycles. Mr. Chang has led Kairos to acquire, develop, and manage over $4.3 billion worth of real estate across the United States. The firm specializes in multiple asset classes, including workforce and affordable
(LIHTC) housing, market-rate multifamily properties, retail, office, industrial, and structured financing. Kairos' team brings extensive expertise in acquisitions, value-add repositioning, property development and management, distressed asset acquisitions, debt, and complex capital structuring.
Prior to founding Kairos, Mr. Chang co-founded Chang Family Partners Limited Partnership and CMCB Development Company, both focused on real estate investments and development. He also served as CEO of SullivanHayes, a commercial real estate brokerage firm, and Dunton Commercial, a property
management company, both of which were successfully sold. Mr. Chang's experience extends beyond real estate. He has managed numerous private equity investments, guiding early-stage ventures to successful exits through M&A or IPO. His diverse background includes being named Tennis Magazine's 1996 Coach of the Year for his work on the Association of Tennis Professionals Tour and spearheading the design and development of the Prince Longbody tennis racquet, one of the bestselling racquets in the world at that time. In recognition of his expertise, Mr. Chang served on the Head Office Board of Directors of the Federal Reserve Bank of San Francisco and chaired its Los Angeles branch board. He currently manages the Carl and Diana Chang Family Office and serves on the Board of Advisors at UC Irvine's Center for Investment and Wealth Management. Mr. Chang holds a Bachelor of Arts degree in Political Economy of Industrial Societies, with a focus on International Business and Multinationals, from the University of California, Berkeley.

David M. Brickman is the President of D2 Residential and a Partner at D2 Asset Management, a global investment management firm specializing in real estate and asset-based credit. He was previously the Chief Executive Officer and founder of NewPoint Real Estate Capital, a real estate finance company focused on serving the multifamily, residential, and healthcare markets and one of the fastest-growing commercial real estate finance firms in the US from 2021 to 2024. During this time, he also served as a Senior Advisor at Stone Point Capital.
Up through January of 2021, Brickman was Chief Executive Officer of Freddie Mac, one of the largest providers of mortgage financing in the U.S. Prior to that he was President. He also served as a member of the company’s Board of Directors. During his tenure he led the 3+ trillion-dollar company through a period of significant growth, change, and disruption as the company successfully navigated the challenges of the COVID crisis. Brickman spent most of his career at Freddie Mac working in and leading the Multifamily business, where he presided over a period of remarkable growth and established the company’s K-Deal securitization program as one of the leading securitized products in the structured finance markets. He also drove significant innovation and an expansion in Freddie Mac's products and offerings – particularly those serving the growing need for affordable and workforce housing.
Brickman completed all doctoral coursework for the Ph.D. program in economics and real estate at the Massachusetts Institute of Technology. He holds a master's degree in public policy from Harvard University and a bachelor's degree from the University of Pennsylvania. He currently serves as a non-resident Fellow at the Urban Institute and sits on the board of Enterprise Community Partners, and he has also held positions as a Professorial Lecturer at George Washington University and an Adjunct professor at Johns Hopkins University. He is also the holder of a US Patent for a unique mortgage-backed security structure.

Niv V. Davidovich is an experienced litigator and counselor and has a diverse legal experience which focuses his
practice on representing private developers, landlords/owners, property managers, architects, engineers, contractors, and investors in contract
construction litigation and also includes representing clients in real estate matters, landlord/tenant litigation, commercial lease negotiations, land use issues, intellectual property and entertainment matters, employment disputes, wage and hour claims, general business transactional matters and commercial business litigation. Niv also represents numerous corporations in the health field in both litigation and transactional matters. Niv has represented his clients in trial, arbitration, mediation, and administrative hearings involving substantially complex issues of fact and law, both in the State and Federal courts. Niv also has substantial appellate experience representing clients in front of the California Court of Appeal.
Niv received his Bachelor of Science degree in electrical engineering from the University of Southern California in 2002, and his juris doctorate from Southwestern College of Law in 2006. He is admitted to practice in all California state courts and the United States District Court, Central District. During law school, Niv was a member of the Southwestern Law Review and served as an Associate Editor his final year. He also served as an assistant instructor to Associate Dean Christopher Cameron for Civil Procedure and was a finalist in Moot Court competition. Niv also won a CALI Excellence Award for receiving the highest grade in his class in Torts II and also completed an internship for EMI Recorded Music in the Film and Television Department, writing and negotiating licenses for the inclusion of EMI master recordings in film, television, and other media products.
Niv also represents a number of clients pro bono on select matters related to evictions and general legal needs for educational and religious institutions.
In his spare time, Niv is a published songwriter and music producer with gold albums in Japan. He has both television and film credits and has worked with domestic and international artists, producers, and songwriters in Greece, England, Japan, Germany and the United States and is currently signed with Downtown Music Publishing in New York City. He is fluent in Russian. But most of all, Niv enjoys spending time with his wife and playing with his five young children.

Before becoming an attorney, James had been a productive member of society working as an exploration geologist in the late 1970s throughout the southwestern United States. However, after several years of dealing with irrational government bureaucrats and environmental policies untethered from reality, James decided that what the world needs is more lawyers — if they are willing to fight for rationality in regulatory regimes, property rights, and liberty.
James attended the University of Arizona College of Law in Tucson, where he served as an editor for the Law Review and received a J.D. degree in 1983. He had previously received a Masters degree in geological sciences from Brown University and an undergraduate degree from Hamilton College in New York. James received the Professional Achievement Award from the University of Arizona Alumni Association in 2018.
James has worked with Pacific Legal Foundation since 1983, litigating cases from Alaska to Florida. He is a member of the Federalist Society’s Environmental Law and Property Rights Practice Group’s Executive Committee, a member of the American College of Real Estate Lawyers, and an honorary member of Owners Counsel of America, an organization comprised of eminent domain attorneys who represent property owners. The Owners Counsel awarded James its Crystal Eagle award in 2013. In 2022, James was awarded the Brigham-Kanner Property Rights Prize at the William & Mary College of Law. The prize is awarded annually to an individual whose work has advanced the cause of property rights and has contributed to the overall awareness of the important role property rights occupy in the broader scheme of individual liberty.
In 2001, James successfully argued a major property rights case, Palazzolo v. Rhode Island, before the United States Supreme Court, a case which affirmed that rights in regulated property do not disappear when land is bought and sold. He has written extensively on all aspects of property rights and environmental law and frequently speaks on these subjects throughout the nation.
When James is not suing the government he enjoys skiing faster than he should, bicycling, hiking, swimming, and spending quality time with his wife, family, and grandchild.
Mr. Burling’s book Nowhere to Live: The Hidden Story of America’s Housing Crisis is available now on Amazon.
James is a member of the bar only in the states of Alaska and California.
The Real Deal NYC Roundtable series brings together a curated group of C-suite executives and principals for an intimate exchange of ideas. Here, the industry’s "inner circle" moves beyond small talk to engage in the kind of raw, unfiltered dialogue that rarely happens on a public stage.
The evening begins with a filmed Roundtable Discussion featuring industry leaders and ends with a private off-the-record dinner.
