Development risk rarely sits in one place. A site can look mispriced until entitlement timing, tenant fit, debt terms, construction pricing and exit liquidity are tested against one another. The mistake in choosing a real estate development and investment company is treating the acquisition judgment as separate from the finance discipline. In the current market, this split exposes buyers to stalled approvals and thin carry assumptions that depend on a resale window that may not exist when work is complete.
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