Why Realpage Bought Cherre
Realpage is betting that decades of accumulated data can become an AI-era advantage
Deal Structuring
Real estate deal structuring, where most failures actually originate. Thesis Driven examines capital stack design, OpCo-PropCo and platform structures, waterfalls promote and fee economics, governance control and approval rights, joint venture and partnership terms, capital call and removal provisions, exclusivity and ROFR mechanics, and the recurring structural mistakes that break otherwise good platforms.
21 articles
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Refreshing the Brick-and-Mortar Capital Stack
Three new brick-and-mortar financing models bolstering the bedrock of the American economy
Alpaca's Big PropCo Play
A deep dive into Alpaca's foray into real estate private equity aiming to take OpCo-PropCo models into the mainstream
Three Emerging Models for PropCo "Seed" Investments
Real estate investors are defining their own version of venture investing, making $10mm+ commitments to seed the real estate portfolios of emerging OpCo-PropCo sponsors. But strings are attached.
Insights from Blueprint: OpCo-PropCo Models
Miss our live discussion at Blueprint? Get the takeaways from the conversation on the future of OpCo-PropCo models
Everything You Need to Know About Raising a PropCo
We spoke with veteran real estate entrepreneurs to get their tips on raising PropCo capital in today's challenging environment
The Future of the OpCo-PropCo Model
We spoke to top real estate technology investors about the PropCo structure, including how and where they might deploy it in future deals
Historic Tax Credits: Generating Returns While Saving History
Digging into the development math and how-tos of building with HTCs
The Big List of OpCo-PropCo Investors
The OpCo-PropCo structure can be powerful tool for companies innovating in real estate. Here are almost 50 firms that can lead OpCo-PropCo deals.
OpCo-PropCo Models and the Firms That Fund Them
A growing number of LPs are making investments in real estate operating companies as well as the underlying assets. Who are they?