In today’s multifamily market, most conversations revolve around interest rates, rent growth, and capital flows — but the real driver of long-term performance may be something far less discussed: supply. In this episode, we sit down with Dwight Dunton, Founder and CEO of Bonaventure, to unpack why understanding supply dynamics is often the defining factor between durable returns and disappointing performance. Drawing from decades of experience leading a vertically integrated investment platform through multiple market cycles, Dwight explains why disciplined market selection and capital allocation matter more than chasing short-term demand trends.
We explore how overbuilding quietly erodes rent growth, why constrained markets create resilience through downturns, and how long-term operators evaluate risk differently than short-term investors. If you want to sharpen your underwriting lens, better anticipate market shifts, and build a multifamily portfolio designed for longevity rather than speculation, this conversation will reshape how you think about supply — and why it may be the real secret behind sustainable wealth creation in real estate.
Episode Highlights Here:
Brett
Before we jump into this episode, I want to invite you to join our community to help you become abetter steward scale to billions and ultimately give more or all of it away. All I want you to do isto click the subscribe button right now. I love your support. It’s incredible to see your comments, and we’re just getting started. I can’t wait to go on this journey with you. Thank you so much for subscribing. It means the world to me. Welcome to the build it to billions podcast where we guide successful entrepreneurs and investors on their journey from millions to billions. We believe the key to scaling and compounding your wealth and life starts every single day with the mindset and practice of stewardship over ownership and applying billionaire biblical principles. Our ultimate goal is to have you scale and compound your wealth and life so we can give more of all the way to help. MVPs, my name is Brett Swarts. I’ll be your host today. Each episode, we’re joined by some of the world’s top entrepreneurs, millionaires or billionaires, and they share their secrets, wisdom and insight with us, so we can all compound and make a bigger impact. Today, I’m excited about our next guest. He’s out of Virginia, and he’s the founder of Bonaventure. You can find it bonaventure.com and they offer practical strategies for institutional precision with real estate, mostly multifamily investing. For over 25years, they have forged a distinct path in private real estate investing, guided by long term vision, entrepreneur, entrepreneurial agility and institutional grade execution. Excellent track record. I’m excited to have Mr. Dwight Dunton on the show. Dwight, how you doing?
Dwight
I’m great. Brett, thanks for having me. I’m excited for a little conversation, excellent.
Brett
And for our listeners getting to me for the first time, would you give us just a little bit more about your story and your current focus?
Dwight
Oh yeah. I started this business 25 years ago to help our family continue building wealth through investing in multifamily real estate, and over that last 25 years, we’ve built a business to help hundreds of families build wealth to afford their long-term dreams, whatever those are, and we do it through the lens of housing policy is broken in the United States, and as the economy cycles, there’s always an opportunity to make money, and we’ve been doing this for 25 years, and we’re the largest investor in our program, and we look at not how much you make, but how much you keep. And we have a real focus on after tax returns. Excellent, fantastic. Again. People learn more about Dwight by going to their website, bonaventure.com bonaventure.com so greattrack record. It looks like 2.8 billion in assets under management, 590 million plus of capital invested, 9000 units, average IRR of 24% and such, 36 full cycle events. What’s been the most surprising thing in the last 12 to 24 months, given your track record for 25 years in the multifamily space? Yeah, I’d say the most surprising thing is retail investors get their news from the Wall Street Journal, which is nine months behind the curve. And so, there was a, you know, an overbuilding in Sunbelt markets that led to negative no growth, but there’s lots of other markets where there wasn’t overbuilding, and no is have continued to march ahead. And so, you know, people missed the bottom a little bit because they are reading just generic business publications. But you know, it’s been a pound the table opportunity in multifamily and senior housing for about two years.
Brett
Excellent. What markets are you finding that to be the most prevalent?
Dwight
Yeah. So, what we found is the number one predictor of cash flow growth in NOI is lack of supply. And so, there’s you know headlines are about the dynamic job growth of new companies, moving from, you know, economically regulatory, constrained markets, to more free markets, but also a ton of capital that went there. So, if you were in Charlotte, Austin, Nashville, great places to live, live, lots of job growth, but even more supply growth. But if you move to Northern Norfolk, Virginia, there hasn’t been quite as much job growth, but there’s been like virtually no supply growth. And so, our no is in those secondary markets that maybe aren’t on everyone’s radar have been marching ahead, while some of those markets I mentioned earlier, they’ve gotten clobbered, got it. So, the key metric here is really supply, you can, you can really just in Job was maybe the growth, and, you know, the sexy moves from California to Tennessee to Texas to Florida and North Carolina. And you’re saying, okay, yeah, that was cool when things were red hot. But, or, you know, you know, a decent, still good indicator, of course, but what you’re saying is the key, if you if we can performance indicator, really we’re looking at here is supply, lack of it, and so places like Virginia, any other places stick out for you, like that? Yeah. I mean, there are lots of markets in the Carolinas with
Brett
So, if you like this little, short clip of the interview I just did, click over here to watch the. Full interview, and please don’t forget to subscribe. Thanks so much, everybody.
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About Dwight Dunton
Dwight Dunton is the Founder, Chief Executive Officer, and Chief Investment Officer of Bonaventure, a vertically integrated real estate investment and operating company focused on multifamily assets. Since founding the firm in 1999, he has led its evolution from a private investment platform into a fully integrated organization overseeing acquisitions, development, asset management, and capital markets strategy across multiple market cycles.
With a background in corporate finance and strategic development, Dwight brings a disciplined, research-driven approach to real estate investing. His leadership philosophy centers on long-term value creation, capital stewardship, and supply-conscious market selection — principles that have shaped Bonaventure’s investment strategy and portfolio growth. Known for his emphasis on operational excellence and thoughtful risk management, he has built a reputation as a strategic thinker in the multifamily investment space.
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