Real Estate Deal Flow to Close: What It Takes to Acquire Multifamily in Today's Market - August Biniaz

In this episode of What's Your Deal?, Matt breaks down real estate through the lens of business acquisition with August Biniaz, Co-Founder and CIO of CPI Capital.

This conversation goes beyond property investing and gets into what it really means to acquire, operate, and scale assets like a business.

August shares how he evaluates deals, raises capital, structures deals, and manages risk—principles that directly mirror buying operating companies, not just real estate.

 

TIMESTAMPS:

 

00:16 Meet August Biniaz + CPI Capital overview

 

 

01:55 From broker → fix & flips → becoming the GC

 

 

03:25 Homebuilding in Vancouver/Toronto and the desire to scale

 

 

04:05 Why August moved into private equity + the motivation behind CPI

 

 

05:25 Why CPI pivoted toward U.S. deals for Canadian investors

 

 

07:17 Funds vs. syndications: how the capital-raise process works

 

 

08:48 Why CPI likes multifamily: demand, rent-to-value ratios, and scale

 

 

13:12 CPI's strategy: multifamily value-add and "forced appreciation"

 

 

16:24 Build-to-rent (BTR): what it is and how CPI approaches it

 

 

19:55 Stabilization timelines and what "lease-up" really looks like

 

 

21:26 CPI's BTR approach: partnering locally + selling to investor buyers

 

 

22:10 Timelines: entitlements, permits, and project milestones

 

 

24:27 Structuring deals: SPVs, U.S. master fund + Canadian feeder fund

 

 

25:46 Tax complexity, investor psychology, and cross-border challenges

 

 

28:49 When deals fall apart—and why walking away can be the best move

 

 

31:33 2026 goals: deal flow challenges and where opportunity is forming

 

 

34:17 1031 exchanges: do exchange buyers impact CPI's acquisitions?

 

 

36:26 Who helped August most: his mother + early lessons on real estate

 

 

 

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