What a track record tells you that entitlements alone cannot

Entitlements de-risk the land, a track record de-risks the build, and conflating the two is how shovel ready gets mistaken for done.

When Cadence Fund I acquired its land portfolio across four markets, the entitlements were only half of what we bought. The other half was a development platform with a track record, dozens of prior communities built and leased in this same product, in these same kinds of markets. Shovel ready tells you the approval risk is handled. An acquired track record is what tells you the execution risk is too, and we treat those as two separate questions, not one.