Sector fixture
In developmentDiligence for commercial real estate — property and manager.
Both a direct-property review and a CRE fund-manager assessment in one fixture, each applying the ILPA real-estate module of 2025.
In development and well advanced. Your House is told at the introduction when it is live.
The sector
About 44 percent of single-family offices prefer to hold commercial real estate directly, and the industrial sub-sector adjacent to data centres is the fastest-growing target. ILPA released a real-estate DDQ module in 2025 that no diligence tooling has yet operationalised. The workflow that underwrites property has run on the same shape for three decades.
The diligence gap
The gap in CRE is not the process; it is the cross-document comparison the process has never automated. Appraised NOI against trailing-twelve actual is the most important comparison in any direct review, and it requires reading four documents together. Lease-roll concentration within twelve months, set against the income assumptions in the model, requires the same. The fixture performs those comparisons, surfaces the contradictions, and tests the file against the ILPA framework in both modes.
What the fixture produces
- A valuation analysis comparing appraised NOI to trailing-twelve actual, with appraisal-staleness detection at twelve months.
- A title and legal analysis identifying open liens, unresolved exceptions, and nonconforming use.
- An environmental analysis covering Phase I findings, unresolved Phase II requirements, and water rights in stressed geographies.
- An income-stability analysis covering lease-roll concentration within twelve and twenty-four months and single-tenant concentration.
What the fixture includes
Document set
- MAI appraisal
- Current rent roll
- Preliminary title report
- Phase I environmental site assessment
- Property financial statements (T-12 and T-3)
- Purchase and sale agreement (where applicable)
- Zoning confirmation and survey
- Property condition assessment (where applicable)
Risk flags
- Appraisal older than 12 months
- Unresolved Phase II environmental requirement
- Open liens or title exceptions
- Lease-roll concentration above 30 percent within 12 months
- Single-tenant concentration above 40 percent
- Immediate repair needs above 3 percent of purchase price
- Nonconforming use
- Underwritten NOI more than 10 percent above T-12 actual
- Office-sector headwind (informational)
Releasability dimensions
- Title and legal clarity25%
- Valuation adequacy25%
- Environmental clearance20%
- Income stability20%
- Physical condition10%
Sample output
A twelve-section property memorandum — or a manager assessment in fund mode — with a Releasability Score across the five named dimensions and a record of cross-document findings.
Without this fixture
The variance between appraised and actual NOI — the most common valuation disagreement in direct CRE — requires manually cross-referencing four documents that the fixture compares for you.
Who uses this
- Investment teams at single-family offices making direct CRE investments without an in-house property function.
- CIOs at real-estate fund-of-funds conducting ILPA-aligned manager reviews.
- Senior advisors at multi-family offices holding direct CRE across client portfolios.
Every fixture clears the same floor the eight workflows did — measured against an authored data room before release, against the standard set out in what we measure.