Episode Details

MB519: How to Build a Real Estate Private Equity Firm and Raise Capital Across Borders — With August Biniaz

Episode 519 Published 6 hours ago

Description

In this episode, Michael sits down with August Biniaz, co-founder and Chief Investment Officer of CPI Capital, to discuss why he believes multifamily is approaching a major recovery—and how investors can position themselves now. August shares his perspective on the current market cycle, the challenges of raising foreign capital into U.S. deals, and why he remains bullish on multifamily despite recent headwinds.

The conversation also explores why U.S. real estate remains so attractive compared to Canada, how to structure cross-border syndications, and why investors must stay disciplined and continue underwriting deals even in a difficult market.

Key Takeaways

August believes multifamily fundamentals remain strong because new construction has slowed dramatically while population growth continues.
Today’s biggest challenge is the “bid-ask spread”—sellers still want 2022 pricing while buyers need lower prices to make deals work.
Finding great deals is still a numbers game: the investors closing deals are underwriting far more properties than everyone else.
U.S. multifamily remains more attractive than Canadian real estate because of stronger cash flow, fewer regulations, and better long-term yields.
Cross-border investing requires the right legal and tax structure, especially when bringing Canadian capital into U.S. syndications.
Multifamily is still one of the best industries for entrepreneurs because even the largest operators control only a tiny share of the market.