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Real Estate Dictionary

What is a Target IRR in Real Estate?

In real estate, a Target IRR (Internal Rate of Return) is the return that investors or sponsors aim to achieve on a project or investment over its holding period. It is a forward-looking benchmark that helps guide decisions about acquisitions, developments, or value-add strategies.

September 26, 2025

What is an Entry Note in Real Estate?

In real estate, an Entry Note is a type of promissory note that documents the borrower’s initial promise to repay a loan.

September 26, 2025

What Does OER Mean in Real Estate?

In real estate, OER stands for Operating Expense Ratio. It’s a financial metric used to measure how efficiently a property is being managed by comparing its operating expenses to its gross operating income (GOI).

September 26, 2025

What is a Submarket in Real Estate?

In real estate, a submarket is a smaller, distinct segment within a larger market area (often within a metropolitan region). It is used to group properties and track performance at a more granular level than the overall market.

September 26, 2025

What is a Railroad Style Bedroom?

A railroad-style bedroom refers to a bedroom that is part of a railroad apartment layout—a housing style common in older urban buildings (especially New York City).

September 26, 2025

What is an Extended Period of Indemnity in Real Estate?

An Extended Period of Indemnity (EPI) in real estate refers to an optional coverage extension in commercial property insurance policies—most commonly tied to business interruption insurance.

September 26, 2025

What is Fee Transparency in Multifamily?

Fee Transparency means replacing hidden or confusing costs with clear, line-item disclosures, ensuring residents know what they’ll pay, operators stay compliant, and investors can properly evaluate income.

September 19, 2025

What is a Double Occupancy in Student Housing?

In student housing, Double Occupancy refers to a unit type where two residents share the same bedroom.

September 16, 2025

What is Typically Included in a Multifamily Investment Committee Memo?

For institutional IC memos, the emphasis is typically on clear, data-driven justification: market defensibility, risk-adjusted return, and execution feasibility. Here's a full summary.

August 18, 2025

Does a Heated Garage Count Toward Square Footage?

A heated garage does not count toward square footage unless it has been legally converted into finished living space that is fully integrated with the rest of the home.

August 5, 2025
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