
Zed Truong
Partner
Former PGIM and Voit Real Estate. Closed $1B+ in CRE transactions, underwrote $11B+ across every asset class.
by
Founding-member pricing for the first 50 members. Price goes up after.
Think ULI, for the AI era in CRE. The network, the events, the people, plus always-current AI training and a working tool library. We keep you ahead of every model update and make you the AI domain expert at your firm and in your market.
Built by CRE investors with $1B in deployed capital, alongside AI engineers and AI PhDs with published research.
Ship a working AI workflow on a real deal in 30 days, or your money back.
1,000,000+ reached from across channels, followed by CRE teams at
Wondering what’s inside? See everything membership includes.
Not ready to apply? Read a free lesson or grab the free CRE + Claude playbook.
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The value
The Institute hands you the playbook, the standards, and a room of operators, so you build them yourself on your own live deals. The teams and numbers below are the receipts.
We use PSV to underwrite IOS deals and produce BOVs in 1/10th the time it used to take us.

The team is loving PSV. Really rooting for you guys and stoked to help spread the word any way we can.

We can’t speak high enough of you guys. Our team is extremely impressed.

From CRE firms running these systems with PSV’s done-for-you team. The Institute teaches you to build the same systems yourself.
This is the playbook we run for them.
Run it on your dealsWhat you build
This is one part of membership, not the whole of it. A living library of AI playbooks we refresh as the models and tools change, so it never goes stale. And you do not work through it alone: you build each system on your own live deals, with weekly office hours and a vetted room of operators building beside you.
Close more deals, faster.
Underwrite sharper.
Run a tighter portfolio.
01 / 09AI Foundations for CRE
01 / 09AI Foundations for CRE
All of it is inside the moment you join, and it keeps updating.
We show the work
Not a promise on a slide. This is the work you produce in the program, finding deals, closing them, and operating them, and the time it takes once your system runs. You build it live on your own deals, with the room and weekly office hours when you get stuck. Institutional standard, while everyone still working by hand falls behind.
A sample, not the full menu. Your system produces dozens of these across sourcing, closing, and asset management.
| 1 | MESA RIDGE APARTMENTS | Analysis Date: Jun-2026 | ||
| 2 | 248-Unit Value-Add Acquisition | Fort Worth, TX | 5-Year Hold | ||
| PROPERTY & DEAL SUMMARY | ||||
| 4 | Purchase Price | $48,500,000 | Units / Year Built | 248 / 1998 |
| 5 | Price / Unit | $195,565 | Net Rentable SF | 231,072 |
| 6 | Going-In Cap (T-12) | 5.25% | Physical Occupancy | 93.5% |
| 7 | Stabilized Yield on Cost | 6.00% | Exit Cap / Hold | 5.25% / 5 Yr |
| 8 | Senior Loan (65% LTV) | $31,525,000 | Rate / Amortization | 5.60% / 30 Yr |
| 9 | DSCR Yr 1 / Stabilized | 1.36x / 1.82x | Debt Yield (Stab.) | 10.2% |
| OPERATING PRO FORMA SUMMARY | ||||
| 10 | T-12 | Year 1 | Stabilized | |
| 11 | Gross Potential Rent | 4,261,600 | 4,448,000 | 5,167,900 |
| 12 | Vacancy, LTL & Bad Debt | (426,100) | (478,100) | (361,800) |
| 13 | Other Income (RUBS, fees) | 312,500 | 322,000 | 359,000 |
| 14 | Effective Gross Income | 4,148,000 | 4,291,900 | 5,165,100 |
| 15 | Operating Expenses | (1,601,750) | (1,889,900) | (1,955,100) |
| 16 | NET OPERATING INCOME | 2,546,250 | 2,402,000 | 3,210,000 |
| RETURNS (5-YEAR HOLD) | ||||
| 17 | Levered IRR (5-Yr) | 13.9% | Equity Multiple | 1.85x |
| 18 | Unlevered IRR | 9.4% | Avg Cash-on-Cash | 5.0% |
Pricing Guidance · June 2026
Broker Opinion of Value
Airpark Commerce Center | 3636 E Air Lane, Phoenix, Arizona
84,000 SF Infill Industrial · 100% Leased · WALT 3.8 Yrs
Subject Property
Airpark Commerce Center
Concluded Value
$14,000,000
$166.67/SF · 6.20% cap
Low
$13,500,000
$160.71/SF · 6.43% cap
High
$14,500,000
$172.62/SF · 5.99% cap
Pricing guidance reflects the subject's infill location, 100% occupancy across three tenants (WALT 3.8 years), and a 7% mark-to-market opportunity at rollover, weighted toward the direct capitalization approach.
Valuation Approaches
Direct Capitalization
$14,000,000
$166.67/SF
In-place NOI $868,000 at a 6.20% cap
Sales Comparison
$13,944,000
$166.00/SF
Five comps, concluded at $166.00/SF
Discounted Cash Flow
$14,210,000
$169.17/SF
7.25% discount, 6.50% exit cap
Sale Comparables
| Property | Submarket | Sale Date | SF | $/SF | Cap |
|---|---|---|---|---|---|
| 4150 E University Dr | Sky Harbor | Mar-26 | 96,400 | $174.50 | 5.95% |
| Broadway Commerce Center | Tempe | Jan-26 | 72,850 | $170.75 | 6.10% |
| 2640 S 16th St | Sky Harbor | Nov-25 | 58,200 | $181.75 | 6.00% |
| Riverside Distribution Ctr | SW Phoenix | Sep-25 | 111,600 | $158.50 | 6.55% |
| 1855 E Watkins St | Sky Harbor | Aug-25 | 84,900 | $165.25 | 6.30% |
| Subject (concluded) | Sky Harbor | Jun-26 | 84,000 | $166.67 | 6.20% |
* Comps reflect closed sales over the trailing twelve months; subject metrics per in-place rent roll.
CONFIDENTIAL · Prepared at the request of ownership. This analysis is an opinion of probable market pricing, is not an appraisal, and has not been prepared in conformance with USPAP.
Generated by PSVPricing Summary · 01Exclusively Offered · Grocery-Anchored Retail
The Grove at 12 South
128,500 SF Whole Foods-Anchored Neighborhood Center · Nashville, TN
MSA
Nashville-Davidson, TN
Submarket
12 South
Subject Property
The Grove
Price
$35,950,000
Cap Rate
5.65%
In-Place NOI
$2,031,000
Price / SF
$280
Total GLA
128,500 SF
Occupancy
96.2%
Investment Highlights
Irreplaceable 12 South location. Hard-corner asset in Nashville's most supply-constrained, walkable submarket, with average household income above $142,000 inside one mile.
Internet-resistant, service-driven tenancy. Whole Foods Market anchors a roster weighted toward grocery, fitness, medtail, and food-and-beverage uses that draw recurring daily-needs traffic.
Durable, below-market in-place income. 96.2% leased with a 7.8-year WALT and shop rents roughly 14% under market, leaving mark-to-market upside on a staggered rollover schedule.
True NNN structure. An absolute-NNN anchor and shop tenants on NNN reimbursements insulate ownership from operating-expense and tax inflation.
Lease & Income Summary
| Tenant | SF | % GLA | Lease Type / Expiry |
|---|---|---|---|
| Whole Foods Market | 41,000 | 31.9% | Absolute NNN · 2039 |
| National Fitness (Jr. Anchor) | 24,500 | 19.1% | NNN · 2034 |
| Medtail & Wellness · 4 tenants | 22,200 | 17.3% | NNN · 2030-2033 |
| Food & Beverage · 7 tenants | 19,400 | 15.1% | NNN · 2028-2032 |
| Service & Soft Goods · 9 tenants | 16,500 | 12.8% | NNN · 2027-2031 |
| Vacancy | 4,900 | 3.8% | Available |
* Occupancy and WALT as of trailing month-end rent roll. Guidance reflects in-place NOI of $2,031,000 at a 5.65% cap rate.
This Offering Memorandum is confidential and furnished solely for the recipient's evaluation of the subject property. It contains select information and does not purport to be all-inclusive. PSV Capital Advisors makes no representation or warranty as to its accuracy or completeness. Recipient agrees not to reproduce or distribute it without prior written consent.
Generated by PSVInvestment Summary · 01DD Day 18 of 30 · June 2026
Red-Flag Report
Mesa Ridge Apartments · 248 Units · Fort Worth, TX
Subject PropertyVerdict
Proceed
Nothing here breaks the deal at $48.5M. The two high flags need answers before the financing contingency expires July 11, and both carry a number, not an opinion.
Documents Reviewed
14
Flags Raised
6
High Severity
2
Days to Contingency
12
Findings by Severity
| High | Phase I ESA · §6.2 | Former dry-cleaning operation on the adjacent parcel. Consultant recommends a vapor encroachment screen before close. |
| High | Tax bill · Tarrant CAD | Assessed value sits 29% below contract price. Reassessment at sale adds roughly $318,000 in annual tax versus the T-12. |
| Med | T-12 · ln 44 | One-time $41,200 insurance claim credit booked against opex in October. T-12 NOI is overstated 1.6% as underwritten. |
| Med | ALTA survey · Sch. B-II, item 9 | A 20-foot utility easement crosses the north lot, where the business plan adds 24 carports. |
| Med | Rent roll | 31 of 248 units (12.5%) are month-to-month, and 41% of leases roll inside the first six months of the hold. |
| Low | Service contracts · §4 | Laundry agreement auto-renews for five years on Dec 31 unless notice is given 90 days prior. |
* Severity reflects pricing or timeline impact if unresolved. Each citation points to the page and line in the data room. Sample report on a sample deal.
Generated by PSVMesa Ridge · 01Reporting Period · May 2026
Budget Variance Report
Brookwood Apartments · 220 Units · Charlotte, NC
Value-Add Capital Project · Pool & Amenity Renovation

Phase 1 pool and amenity renovation completed April 2026 from the capital budget, distinct from operating R&M below. The upgraded common areas anchor the rent premiums underwritten in the value-add business plan.
NOI · Actual
$225,500
NOI · Budget
$232,300
Variance
($6,800)
Variance %
-2.9%
Occupancy
94.1%
YTD vs Budget
+1.2%
| May 2026 | Actual | Budget | Var $ | Var % |
|---|---|---|---|---|
| Revenue | ||||
| Gross Potential Rent | 412,500 | 410,000 | +2,500 | +0.6% |
| Loss to Lease & Concessions | (18,400) | (15,000) | (3,400) | -22.7% |
| Vacancy & Bad Debt | (22,100) | (20,500) | (1,600) | -7.8% |
| Other Income (RUBS, fees) | 31,200 | 28,000 | +3,200 | +11.4% |
| Effective Gross Income | 403,200 | 402,500 | +700 | +0.2% |
| Operating Expenses | ||||
| Payroll | (44,800) | (43,000) | (1,800) | -4.2% |
| Repairs & Maintenance | (28,600) | (22,000) | (6,600) | -30.0% |
| Utilities | (19,300) | (21,000) | +1,700 | +8.1% |
| Marketing & Leasing | (6,200) | (7,500) | +1,300 | +17.3% |
| Admin & Management Fee | (24,500) | (24,300) | (200) | -0.8% |
| Insurance | (15,900) | (14,000) | (1,900) | -13.6% |
| Real Estate Taxes | (38,400) | (38,400) | 0 | 0.0% |
| Total Operating Expenses | (177,700) | (170,200) | (7,500) | -4.4% |
| Net Operating Income | 225,500 | 232,300 | (6,800) | -2.9% |
Variance Commentary
May NOI finished $6,800 (2.9%) under budget. The miss is concentrated in repairs and maintenance, $6,600 over plan from two HVAC condenser replacements in Building C, plus a $1,900 insurance true-up at renewal. Utilities and marketing ran favorable and partly offset. R&M is expected to normalize in June, and full-year NOI remains 1.2% ahead of budget.
* Unaudited, trailing calendar month. Variances shown favorable (green) or unfavorable (red) to budget.
Generated by PSVOperating Summary · 01Marcus Webb · Eastdil Secured
Reply now8:41 AMRe: Airpark Commerce Center, best and final Friday
Seller wants best and final by 5pm Friday. Can you confirm your number and timeline?
Marcus, confirmed. We will have best and final in by Friday 5pm ET. Our number is $14.25M at a 6.10% in-place cap, 30-day close, $500K hard at signing. Survey and Phase I are in hand. LOI redline to follow within the hour.
Linda Cho · Wells Fargo
Reply now8:12 AMStonebridge refinance: rate lock window
We can lock at 6.35% today. I need the signed application back to hold it.
Property Mgr · Brookwood Apts
Today7:55 AMMay variance ready for your review
NOI landed 2.9% under, R&M driven. Commentary attached for your sign-off.
CoStar Alerts · Listing feed
FYI6:30 AM3 new listings in your Sky Harbor buy-box
84k SF infill industrial, 6.1% cap, 100% leased. Two more inside your filter.
DocuSign · Completed
Auto-filedYesterdaySigned: NDA, The Grove at 12 South
All parties have signed. Filed to the deal folder automatically.
Generated by PSV6 prioritized · 41 filedYear 3 of 5 · Analysis June 2026
Hold / Sell Analysis
Cedar Port Logistics · 312,000 SF · Dallas, TX

Recommendation
Sell now
Forward return to holding (11.2% over the next 24 months) sits below the fund's 13.0% reinvestment hurdle, and today's 5.75% exit pricing is near a cyclical low. Launch a sale now and redeploy the proceeds.
Scenario Comparison
| Sell Now · Rec | Hold 24 Mo | Hold to Plan | |
|---|---|---|---|
| Gross Value | $54.0M | $57.4M | $59.3M |
| Exit Cap | 5.75% | 5.85% | 6.00% |
| Net Proceeds to Equity | $25.89M | $29.6M | $31.4M |
| Levered IRR (since acq.) | 18.4% | 15.1% | 14.2% |
| Equity Multiple | 1.95x | 2.18x | 2.41x |
| Incremental Forward IRR | n/a | 11.2% | 11.8% |
Sell-Now Sensitivity
| Exit Cap | Net Proceeds | Levered IRR |
|---|---|---|
| 5.50% | $28.35M | 19.5% |
| 5.75% (base) | $25.89M | 18.4% |
| 6.00% | $23.67M | 17.0% |
Position
Acquired
Jun 2023 · $42.0M
In-Place NOI
$3,105,000
Loan Balance
$27.3M
Leverage
65% LTV
* Projected scenarios assume contractual rent growth and the exit caps shown. Forward IRR is the incremental return earned by holding from today. Not investment advice.
Generated by PSVInvestment Committee · 01PSV Real Estate Partners II, LP · April 2026
Letter to Limited Partners
First Quarter 2026 · Unaudited, net of fees

Net IRR
14.8%
TVPI
1.35x
DPI
0.27x
NAV
$71.4M
Dear Partners,
The portfolio ended the quarter ahead of plan, with all three assets cash-flowing and the fund's tenth consecutive quarterly distribution, $900,000, paid on April 15. The Grove at 12 South went to market in March, and the committee takes up the Cedar Port hold/sell question in June. Detail on both follows.
Portfolio Summary
| Asset | Occ. | NOI vs Plan |
|---|---|---|
| Cedar Port LogisticsIndustrial · Dallas · Hold/sell goes to committee in June | 100% | +4.2% |
| Brookwood ApartmentsMultifamily · Charlotte · Watching payroll and turn costs | 94.1% | +1.2% YTD |
| The Grove at 12 SouthRetail · Nashville · On market, call for offers May 5 | 96.2% | +1.8% |
Capital Account
Committed
$85.0M
Called (78%)
$66.3M
Distributed
$18.2M
Q1 Distribution
$0.9M
* Figures are unaudited and net of fees. Full schedules and asset-level reports follow in the data room. Sample letter on a sample fund, not an offer of securities.
Generated by PSVQ1 2026 · 01Every figure traces back to the OM, rent roll, and T-12. Built to survive committee.
And the time it takes
Scroll for more
Figures are typical for the workflows taught. Your deal, your files, your numbers.
Produce these on your own deals.
Build your first workflowThe problem
If you're running Claude/ChatGPT/CoPilot, you already feel it.
ChatGPT, Claude, fifty wrappers, a new one every day. No way to tell which five actually matter for your seat.
A new model, a new wrapper, a new promise every week. You have deals to close. You can’t keep up, and you shouldn’t have to.
The mandate is clear. The first step is not. So the spreadsheet wins again, and another quarter goes by, all done by hand.
It ignored the cap rate, invented a figure, and handed you something you would never put in front of IC. So you went back to doing it yourself.
Don’t worry
We have hit all four ourselves, building AI inside institutional CRE firms. That is exactly what we put back together for you.
The problem was never the tools. It was the foundation no one poured. Pour ours, built inside institutional CRE firms today, and become the operator your firm cannot afford to lose.
Why this is different
In the lineage of the institutions that shaped CRE, built for the AI era. You leave AI-fluent, more valuable to your firm, and plugged into a vetted room of operators leading the same shift. A program and a community, not a video library.
The room
Brokers, acquisitions, and principals who close deals. Answers from people who hold your seat, not from Reddit.
The network
Connect with serious professionals spearheading AI in CRE and build relationships that compound over the next decade.
The career
The most engaged members get introduced to recruiters and firms hiring AI-fluent CRE talent. Your standing in the room becomes your next move.
The credential
Earn your AI certification and we open doors to the top-tier CRE firms racing to hire AI-fluent talent.
The summits
Members-only summits and a presence at the industry's biggest conferences, where you see new tools live and catch deals before they hit the market.
The faculty
Taught by people deploying AI inside Cushman- and PGIM-tier firms today, not lecturing about it.
The build
You build live on your own deals and walk away with systems that keep running, not a prompt list you never open.
The trust gate
The one thing no generic AI training will touch: a confidentiality-safe way to run real deal docs through AI without leaking a thing.
The defensible number
Source-traced to the page, with a named human who owns it. The answer to 'where did this come from' that black-box tools can't give.
The living library
Sourcing, underwriting, IC memos, BOVs, LP letters, the work that already pays you, with playbooks we refresh as the tools change.
The shift
The firms winning with AI are not writing better prompts. They run AI systems. An analyst, a deal sourcer, an asset manager, each running a full workflow inside their own templates and tools.
Learn it here and become your firm’s AI leader.
Who teaches it
$1B+ in CRE closed, $11B+ underwritten, and production AI shipped. Team experience spans PGIM, Goldman Sachs, and AWS. This is who you learn from.
Team experience at
Partners

Partner
Former PGIM and Voit Real Estate. Closed $1B+ in CRE transactions, underwrote $11B+ across every asset class.

Partner
Former Kochava and HPE. NSF-funded research on physics-informed neural networks. Designs the agents behind every PSV AI employee.
Advisors

Engineering · Uber
Uber’s 7th employee and first Head of Engineering. Built the real-time dispatch that scaled Uber to millions of rides a day. Now researches applied AI at UC Berkeley / UCSF.

Co-founder & CEO · Doorvest
Co-founder and CEO of Doorvest. Raised ~$98M to deploy institutional capital into single-family rentals at scale.
The operators who built this teach it themselves.
Learn the methodIncluded in the program
Workflows proven inside institutional firms, packaged as program material. Copy one, point it at your deals in week one, and it pays for itself on the first deal it touches. Members fork them, trade improvements, and share new ones back.
Underwrites the OM and builds the model.
Hands you
A populated model and an IC-ready summary.
Screens your buy-box and resolves owner contacts.
Hands you
A ranked target list with direct contacts.
Runs personalized outreach at real volume.
Hands you
Sequenced, personalized emails out the door.
Builds the investor pipeline and the deck.
Hands you
A live investor pipeline and a raise deck.
Drafts LP updates and the quarterly letter.
Hands you
A quarterly LP letter, drafted from your data.
Tracks P&L and watches loan covenants.
Hands you
A live P&L with covenant and lease alerts.
Handles tasks, follow-ups, and data hygiene.
Hands you
A clean task list and current deal data.
Pulls market and submarket comps on demand.
Hands you
A submarket comp set, sourced and dated.
All 8+ are inside the moment you reserve.
The first 30 days
Day one starts the moment you join.
Start day oneSide by side
A tool list overwhelms you. Generic AI training lectures you, then leaves you to implement alone. This installs the system, with the room and the team building it beside you.
Community and events
The library is the entry point, not the product. The real value is the room: a vetted network of CRE operators, direct mentorship from the team deploying these systems inside institutional firms, in-person events, and the introductions that move careers. The training stays current. The relationships compound.
Every member is a practicing CRE professional. We screen for it. You ask a question and get an answer from someone who has closed the deal you are working.
Weekly office hours. Bring a real deal, get unstuck on the call. Plus masterclasses as new workflows land.
Member dinners, deal teardowns, and meetups in the major CRE markets. Shake hands with the operators running these systems, trade real deals face to face, and get first word on new city dates.
Acquisitions VP · Sun Belt multifamily · Tue 9:14 AM
Fed the T-12 workflow an owner statement buried in a 38-tab workbook this morning. Clean normalized statement in 4 minutes. We screened 11 deals today instead of 3.
24 likes · 9 replies
Senior Broker · Industrial · Mon 4:38 PM
Anyone have a prompt chain that holds up on Argus rent roll exports? Mine keeps dropping the recovery structures.
Director of Asset Management · Office
Chunk by tab, extract to structured JSON, reason over the JSON instead of the raw export. The Module 4 template handles recoveries. Posting my version in the vault.
13 replies · Answered
Illustrative threads. The live feed opens when you reserve.
See what's insideThe partners

Zed Truong
$1B+ closed, $11B+ underwritten in CRE.

Aidan Scudder
Designs the agents behind our AI employees.

Gedeon Baende
Ex-Goldman engineer and AWS AI scholar.
From the team
Between the three of us we have closed over $1B in commercial real estate, underwritten $11B more, and shipped production AI at Goldman Sachs, HPE, and Kochava. Then we started PSV, where institutional firms pay us to wire AI into the way they actually run deals.
Every engagement tells us the same thing. The tools were never the gap. Every shop already has ChatGPT, Claude, or CoPilot. Most teams are still hesitant, or don’t yet know the full capabilities of AI.
That is why we started The CRE AI Institute: to push real estate forward with real AI implementation. And it is an institution, not just training. You get the workflows, the prompts, and the guardrails, plus weekly office hours, in-person events, and a vetted room of operators to network and do deals with.
If you work deals for a living, you will earn this back on the first CRE workflow you run through it. Build a workflow you trust inside 30 days, or take the refund. We stand behind that.
Zed, Aidan & Gedeon
The partners at Pacific Software Ventures
Diligence before commitment
We showed the builds, the time they save, and the people who teach them. Look through the free resources before you reserve. Your founding rate is then locked for life.
Ship a working AI workflow on a real deal in 30 days, or your money back. No risk in trying it.
Source-traceable outputs. The same standard we hold for institutional clients.
No charge until July 6. Cancel anytime.
Founding rate locked for life from $69/mo, cancel anytime from your account.
By the end, you walk away with
Prefer to look first? Take a look at free resources.
Our partners
We work with firms shipping real AI into commercial real estate and capital markets. Want to build with us, or send us deals you can't serve alone? There is a place for you in the PSV partner program.
You open the door, we build the AI. Earn on every engagement you bring.
Free resources
Tools, playbooks, and research from the same team, free and no commitment. Benchmark where you stand and put AI to work before you ever pay a cent.
Questions
Think of it as ULI for the AI era in CRE: a professional membership, not a one-time training you buy and shelve. The value is the room, a vetted network of brokers, investors, developers, and principals going AI-native together, plus live events, weekly workshops, and direct mentorship from PSV, the team behind $1B+ in closed CRE deals and $11B+ underwritten. Alongside it sits a living library of AI training we refresh as the tools change, so it never goes stale. You build working AI workflows on your own deals (sourcing, underwriting, IC memos, BOVs, OMs, rent rolls, T-12s, LP reporting), and the most engaged members get introductions to recruiters and firms hiring AI-fluent talent. No coding or prior AI experience required, and you build your first working workflow in your first week.
Got your answer? Founding seats lock the lowest price the Institute will ever offer.
Still deciding? See what's inside or browse the free resources.
by
The operators who install this now will out-prospect, out-underwrite, and out-raise everyone still working by hand. Build your AI workforce on a real deal in your first week.
Ship a working AI workflow on a real deal in 30 days, or your money back.
From $69/mo. Founding rate locked for life. Built by the team behind $1B+ in closed CRE deals.
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