Mutiny
Mutiny
Backed by Y Combinator
HABU is an AI-native real estate developer that builds apartments and townhomes. We use AI and proprietary software to complete projects up to 20% faster, 10-15% lower cost, and we share the extra returns with our investors.
0 parcels
ScreeningFind sites with development potential
TipTop VC
Our AI-native model is built to automate manual work and make development decisions earlier.
| Stage | Traditional workflow | HABU model |
|---|---|---|
| Sourcing Underwriting | Manual property searches and spreadsheet underwriting Weeks to months | Automated sourcing and first-pass underwriting |
| Feasibility Due diligence | Manual review of reports and site constraints 6 to 18 months with approvals | AI-assisted diligence linked to underwriting |
| Architecture Engineering | Separate design and cost reviews coordinated by email 4 to 8 months | AI-assisted design reviews linked to project economics |
| Construction | Separate tools and manual progress updates 12 to 36 months | Connected project data with AI-assisted exception tracking |
| Operations Sale | Manual operating reports and spreadsheet sale analysis 6 to 18 months to stabilize; sale timing varies | AI-assisted hold-or-sell analysis using connected data |
Proprietary AI-Native Operating System that will run 5x more projects per development manager, complete projects up to 20% faster, with a lower total project cost
Highest And Best Use is a foundational concept in urban economics and land planning. It explores the best use of a property or parcel of land. There are four criteria:
What uses are allowed by zoning, land-use rules, and other legal constraints?
What can the site’s size, shape, terrain, and infrastructure support?
Can the proposed use generate enough value to justify its costs?
What is the highest output of value a parcel can provide given all constraints?
We use AI and technology to determine the highest and best use of properties exponentially faster and at massive scale.
Our development strategy is Class A, market-rate multifamily in the Phoenix MSA. We welcome co-GP and JV structures to qualified partners.
Want to make your money make more money? Let's talk.
Bryan will reply within 2 business days.
AI-Native Services are businesses that sell the final outcome, like cash-flowing buildings, instead of the selling inputs or software, lke SaaS or traditional proptech companies, to someone else who then provides the final outcome.
Our view at HABU is that most developers are actually just service providers to their LPs; if they do not have an LP then they do not have a project. We're building our company around that frameshift. We are a service provider to LPs: we provide service of developing real estate on their behalf and them the best possible financial outcome at a national scale.
It means that a company built AI into the core company workflows, systems, and decision making from Day 1. To be an AI-native real estate developers means that we still provide the final outcome itself, cash-flowing buildings, but we build our own internal tooling to perform the development process exponentially faster and at higher quality then a non-AI developer.
HABU's investment offerings are open to accredited investors, including individuals, family offices, and institutional investors. Individuals in the technology and startup industry are our most common type of investor. HABU also welcomes co-GP and joint venture partners on select projects. To start a conversation, use the investor form.
Minimums vary by project size and scope, but typically no less than $100k per LP and up to $15M. HABU shares the target return metrics on a project by project basis.
HABU is an AI-native real estate developer. We don't sell SaaS- we are the actual developer. We find land, construct a building, lease it up and operate, then sell it for a profit. We provide that service on behalf of our LPs, Limited Partners, who are the investors in individual real estate projects.
HABU focuses on medium to high density, market-rate multifamily on infill sites in the Phoenix metro: townhomes, build-to-rent communities, and apartments, built by-right under existing zoning (i.e- no rezoning is required). Projects typically run 15 to 100 units.
Bryan Tharalson, CEO and Co-founder, is a long time technology GTM leader turned real estate developer and a top graduate of ASU's Master's of Real Estate Development Program. Junhao Chen, CTO and Co-founder, is a former AI/ML Team Lead at Meta, Senior Technical Consultant at Accenture, and started in the US Navy managing Aviation Logistics for F-18's and F-35's.
HABU is backed by institutional investors like Y Combinator, TipTop VC, and Copper Sky Capital. Along with strategic angel investors from tier 1 tech companies like Rippling, Apple, Meta, Mercury, Gong, and Mutiny.
HABU is a real estate developer and the sponsor of its own projects. It builds the internal software and AI it runs on, but it does not sell that software to anyone. What HABU delivers is a newly built property that produces cash flow for its investors, so HABU competes with other developers, not with real estate software companies. We are frequent users of proptech and AEC software products and always looking for frontier solutions.
Individual project forecasts are shared privately. From a general market-wide review of multifamily projects, investors have seen IRR's in the high teens to low 20%, with an equity multiple of 1.5x to 2.0x (i.e- every $1 invested the investors receive $1.5 to $2.0's back).
Big disclaimer here: this is not a solicitation to invest or a statement of projected returns, these are market-wide metrics from publicly available sources, all investments carry risk, do your own due diligence.