Oct. 30, 2025

From Fix-and-Flip to $225M: August Biniaz on Multifamily, BTR, and Cross-Border Capital - Episode 364

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Show Notes

Real-estate operator August Biniaz (Co-Founder & CIO, CPI Capital) breaks down how he grew from agent and small developer to closing $225M+ in multifamily assets—plus the boutique advantages that win in today's market: cross-border investor structures, a mid-market acquisition lane ($20–$50M), and ruthless underwriting discipline (rent growth, exit caps, and debt selection). We cover value-add vs BTR, lessons from deals walked away from, and why talent, conservative debt, and 95% occupancy targets matter more than spreadsheets.

Highlights

The mid-market moat: Why 100–300 doors, < $50M assets in Tampa (FL) and San Antonio (TX) are a sweet spot.
LP economics first: Targeting 15–20% average annualized returns and passing the "net-to-investor" test before bidding.
Underwriting levers that kill deals: Keeping organic rent growth to ~2.5%–3%, and being conservative on exit cap rates.
Debt is destiny: Why fixed, interest-only 5-year debt reduces "debt distress" risk.
Boutique advantage: Direct access to principals, tight asset management, investor dinners, and hands-on ops.
Cross-border structure: How Canadian LPs invest into U.S. deals while avoiding double taxation and using registered retirement funds (via MFT).
Lessons learned: "Best deals are often the ones you walk away from," plus "hire slow, fire fast.

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