
Zed Truong
Partner
Former PGIM and Voit Real Estate. Closed $1B+ in CRE transactions, underwrote $11B+ across every asset class.
by
Skip the expensive consultants. The most up-to-date AI agents course for commercial real estate, with videos and copy-and-paste examples. Built for tech-forward investors, brokers, operators, and developers.
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What you build
Playbooks we refresh as the models change, built on your own live deals. One part of membership, not the whole of it.
Close more deals, faster.
Underwrite sharper.
Run a tighter portfolio.
Price debt, brief LPs.
01 / 09AI Foundations for CRE
01 / 09AI Foundations for CRE
All of it comes with membership, unlocking as you build, and it keeps updating.
From the founding cohort
Pulled from the member community and our inbox. Nothing here is invented, and the photos are the members’ own.

“I've been really impressed with what I've seen. The maturity that seasoned, institutional decision-makers look for is generally lacking in AI circles, and this team has it. Sincerely nice work.”

“I split Mission Control across my three businesses. I've been running it since Friday and it is already my landing page for the day.”

“Mission Control is now an application on my computer with my team's colors, ready to connect my own tools.”

“I'm replicating Union Square Ventures' eight agents as an exercise for my own deal ingestion and management.”
Join the room they're building in.
Take your seatSee it running
Two real recordings from inside: the welcome that opens your first module, and the full tour of the member area you land in.
Start here. The welcome that opens Foundations: why this 30-day build exists and what you walk out with.
Inside the member area. The community, courses, live events, and vault your membership opens.
The problem
If you're running Claude/ChatGPT/CoPilot, you already feel it.
These are workspaces, not search bars. Claude alone runs Chat, Cowork, Code, and your phone. You have been working one corner of one tab and calling that AI.
Generic CRE-AI content, recorded once and sold to everyone: information you can find and search online, without the practical context to apply it on a live deal.
The middle is missing: real AI research applied to real deals. So you are left to bridge acquisitions and neural networks by yourself.
A thousand tools and a new model every week, and not one institution built to push CRE forward with clarity instead of noise.
Don’t worry
We have lived every one of these, building AI inside institutional CRE firms. The Institute is the missing middle, built so you do not have to bridge it alone.
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.
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

AI PhD · 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 methodWe 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.
Every 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 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. 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.
Side 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.
The first 30 days
The certificate is self-paced, so the timeline is yours. If you finish the AI Fluency Certificate within your first month and you haven't gotten your first win, we refund that month in full. If it isn't valuable, we don't want your money.
On top of the 7-day free trial: $0 today, and your first paid month is covered by the guarantee. Cancel anytime, in two clicks.
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 early member access rate is then locked for life.
If you finish the AI Fluency Certificate in your first month and it hasn't paid off, we refund that month. No risk in trying it.
Source-traceable outputs. The same standard we hold for institutional clients.
Free for 7 days. Foundations opens the moment you join, and courses unlock as you build. Cancel anytime.
Early member access rate locked for life from $69/mo, cancel anytime from your account.
By the end, you walk away with
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 that closed $1B+ and underwrote $11B+ on acquisition teams at PGIM and Voit. 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.
Early member access starts at $69/mo with a 7-day free trial: $0 today, billed monthly once the trial ends, cancel anytime from your account. There is no setup fee and no long contract. The early member access rate is locked for life, it never rises for you, even as the public price climbs. A premium tier with deeper access and priority mentorship is available at $129/mo. Either way the guarantee covers you: The certificate is self-paced, so the timeline is yours. If you finish the AI Fluency Certificate within your first month and you haven't gotten your first win, we refund that month in full. If it isn't valuable, we don't want your money.
Yes, and it is specific. The certificate is self-paced, so the timeline is yours. If you finish the AI Fluency Certificate within your first month and you haven't gotten your first win, we refund that month in full. If it isn't valuable, we don't want your money. The certificate is the first credential in the program, earned by completing the foundations coursework and passing the exam, which is exactly the work that produces the first win. We are not putting a clock on how fast you move through it; the window is simply how long the refund stays open. Reach out to the team within your first month and the refund is processed, no forms and no hoops. That sits on top of the free trial, where you pay $0 up front, and you can cancel anytime from your account in two clicks.
When you apply, we score your fit on the spot and your result shows on-screen right away, no waiting on an email. Early member access is open now: clear the bar and a seat opens for you to claim at the early member access rate. If the timing is not right, you can hold a next-cohort seat with a card on file. No rate is locked while you wait: when the next cohort opens, you confirm that cohort's rate before anything is charged.
It is an ongoing membership, not a course that ends. Your monthly rate keeps your access to the full build library, the live weekly workshops, and the member network for as long as you stay in. The library is not frozen: we add and refresh training as the AI tools change, so what you can reach grows over time. You are not buying a finite catalogue you race to finish, you are joining a room that compounds.
You build as you go. Your first working workflow runs on a real deal in your first week. Modules are short and self-paced, so the program fits around a full-time desk. Most members spend a few hours, not a semester.
Yes. The curriculum maps to the work you already do: sourcing, underwriting, IC memos, BOVs, OMs, rent rolls, T-12s, LP reporting. You build on your own deals, in the tools you already use.
Both. The build curriculum is self-paced, so you start the day you buy. The community and live office hours run every week, so you are never building alone.
One workflow you build pays for it. If underwriting an OM drops from a day to an hour, the program returns itself on the first deal.
Most members do. It is professional development with deal throughput attached: the program pays for itself if it saves one analyst-week per quarter. Ask us for the one-page manager justification letter. It covers what the program includes, the time it returns per deal, and the work products your team keeps.
Two reasons. Early members lock the lowest price the Institute will ever offer, and that price steps up at public release. And every week you wait is a week of OMs underwritten by hand and outreach you never sent. The downside is covered: build your first working workflow in 30 days or get your money back.
Yes. Members get a personal invite link from inside the member area. Share it with CRE peers: each one gets 10% off their first 3 months when they reserve a seat, and once two of them become paying members, you earn 30 days free too. If you have a sizable network and want to talk about a larger partnership, reach out and we will set it up.
The model was never the problem. The method was. We teach CRE-specific workflows that ground every output in the source document, the same standard we hold for institutional clients.
No. If you can follow a recipe, you can run these. No AI experience needed to start. Everything runs inside Excel, Yardi, and the tools you already have.
PSV deploys these systems for institutional firms as a managed service. The program teaches you to build the same systems yourself. Same methods, your hands on the controls.
The lifecycle covers more than two seats. Developers, asset managers, capital raisers, and IR all build the workflows that move their numbers. You run the modules that fit your seat.
It is for working CRE operators: brokers, acquisitions and investment teams, developers, asset managers, and principals who want to run AI on their own deals. It is not for anyone looking for a magic button, a passive training they will never open, or a way to skip the reps. You build real systems here, and that takes a few focused hours. If you are willing to do that, it pays you back fast.
Got your answer? Early member access locks today's rate, 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.
If you finish the AI Fluency Certificate in your first month and it hasn't paid off, we refund that month.
From $69/mo. Early member access rate locked for life. Built by the team that closed $1B+ in CRE deals at PGIM and Voit.
Have an account? Log in
For teams
The membership makes one person your firm’s AI expert. For a whole desk, we run it live and private, shaped to your deals and your stack.
Custom pricing, built around your team. Tell us what you’re solving and we scope it with you.
Prefer email? zed@pacificsoftwareventures.com
What we run
| 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 · 01