Entitlement — 8 min read
How the California land entitlement process actually works
Entitlement is the single largest driver of value in Bay Area land development. Here is the sequence, the decision points, and where schedules typically slip.
Insights
Land, entitlement and patience.
Notes from the work: how approvals actually move, how land is underwritten, and what separates a land investment from a land position.
Investment — 7 min read
Underwriting a land development deal: the numbers that matter
Land does not produce income, so it cannot be underwritten like income property. It is underwritten backwards, from the finished value of what the entitlement permits.
Markets — 6 min read
Repositioning Class B multifamily in the Phoenix market
Phoenix combines sustained in-migration with an aging Class B stock. That pairing creates a repositioning opportunity, provided the basis is right.
Land Development — 6 min read
Infill subdivision on the Peninsula: small sites, large constraints
Three lots in Belmont can outperform three hundred acres elsewhere. The reason is scarcity, and the cost is process.