Investors focusing on the property are missing what actually determines the outcome.
In private equity real estate, you are investing in a decision maker, not a building.
So what should you look for.
Start with track record you can verify.
Not vague claims.
Real deals, similar to this one.
Same asset class.
Same business plan.
Same market.
Then ask how those deals actually performed.
Not just projections.
Real results.
And most important, how did they perform under stress.
When rates moved.
When expenses increased.
When things did not go to plan.
Anyone can look good when everything works.
The operator shows up when it does not.
What do you look for first when you evaluate an operator?