Tyson Dirksen

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Stress-Tested Investing for Institutional Real Estate Capital

Stress-Tested Investing for Institutional Capital Introduction Real estate development underwriting typically begins with a financial model. These models project development costs, financing structures, lease-up timelines, and long-term operating income. However, financial models rely on assumptions about future conditions. The further those assumptions extend into the future, the less certain they…
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Construction Productivity: Unlocking the Physical Ability to Build at Scale

Construction Productivity: Unlocking the Physical Ability to Build at Scale Introduction: The Physical Constraint on Development Real estate development ultimately depends on the ability to build. Capital may be available. Zoning may permit development. Demand for housing may be strong. But if the construction industry cannot physically produce buildings efficiently,…