U.S. Multifamily Reset: August Biniaz on Distress, Debt Maturities, and BTR

This Episode
August Biniaz of CPI Capital joins Chris to unpack why his firm is bringing Canadian capital into U.S. real estate and why he believes the U.S. remains one of the most attractive rental markets in the world. August walks through his path from fix-and-flips and ground-up construction to launching CPI Capital, a firm built to help Canadian investors access U.S. multifamily and build-to-rent opportunities.

Chris and August dig into the cross-border investing mechanics, including why Canadian investors look south for stronger yields, how withholding taxes and entity structures matter, and why CPI uses limited partnerships rather than LLCs for syndicated deals involving Canadian capital. August also explains how CPI recently created a vehicle that allows Canadian investors to use retirement accounts for U.S. real estate investments.

The conversation then shifts to the current multifamily cycle. August shares why he believes Sunbelt multifamily is near the bottom of the cycle, why distress and repricing may create attractive entry points, and how CPI is evaluating a Dallas-area deal that has corrected significantly from its 2022 basis. Chris pushes on downside risk, debt maturity, interest rates, and macro uncertainty, while August explains why he believes conviction, basis, and business plan discipline matter most in this phase of the cycle.

They also discuss CPI’s build-to-rent strategy, including duplex communities in San Antonio, a build-to-hold project in Denton, and why August views BTR as “horizontal multifamily” serving a growing renter-by-choice demographic.

• Key takeaways:
• Why CPI Capital was created to help Canadian investors access U.S. real estate
• How U.S. multifamily yields compare to similar Canadian markets
• Why cross-border tax structure, withholding, and entity choice matter
• How Canadian retirement accounts can be directed into certain real estate vehicles
• Why August believes Sunbelt multifamily is near the bottom of the cycle
• How CPI is underwriting distressed or repriced multifamily opportunities today
• Why CPI is focused on Texas and Florida, especially DFW, San Antonio, and Tampa
• How build-to-rent fits CPI’s thesis and serves renters by choice