Capital Gains Tax Solutions Podcast Why Supply is the Real Secret in Multifamily Investing with Dwight Dunton
Feb 12, 2026
Dwight Dunton, founder and CEO of Bonaventure and long-time multifamily investor, discusses why limited new supply drives NOI growth. He covers surprising recent market trends, shifts in investment strategy since 2021, conservative long-term HUD lending, and how 721 UPREITs and other wrappers create liquidity and tax flexibility.
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Use Long Fixed-Rate Debt
- Avoid floating-rate debt and prefer long-term fixed-rate loans to remove interest-rate speculating from real estate investing.
- Dwight says fixed rates let you focus on fundamentals, not interest-rate bets.
Capitulation Happens Unevenly
- Market capitulation is uneven because owners realize losses at different speeds, creating buying opportunities.
- Dwight expects more rationalization and distressed sales as owners adjust expectations and loan timelines end.
Pre-Arrange 1031/721 Solutions
- Help long-time owners avoid the inertia of 'status quo' by offering tailored tax-deferral pathways and pre-packaged replacement options.
- Dwight says sponsors can tee up solutions so sellers don't scramble under 1031 deadlines.