If you’ve been investing in commercial real estate for any length of time, you’ve likely seen it: the pitch deck that promises 20% IRRs, a “value-add” strategy with barely a strategy, and operators with more Instagram followers than completed projects.
It looks good. The projections are glossy. There’s usually a render or two of some modern-looking flex space or a retail center “coming soon.” The deal sounds big, the return looks better, and the excitement is contagious.
