Least risky; stabilized, fully leased, credit tenants in-place, major markets (Class A property in the most desirable locations), long-term hold period.

Balanced risk vs. return (in-place cash flow), physical and management improvements/reposition the property; achieve higher rents, lease to credit tenants, Class B/C markets, 3-7 year hold period.

Highest risk/return; significant renovations, fully vacant, ground-up development, all markets, short-term hold post development and lease-up completion.