Think it's always prudent to at least contemplate the type of buyer who be there to sell to at the end of the hold period.
I'm specifically looking at a Multifamily development in SoCal (good submarket) which is being built as entirely large 3 bedroom townhouse style units. Given a realistic NOI and cap rate, the 200 units would project a value wel north of $100MM at exit/stabilisation. That being said, trying to exit by selling off as individual homes is too time consuming and risky, and selling to a single buyer would be the only way my equity group would consider investing in the development.
I've heard from a number of sources that a public REIT like EQR or Avalon would likely not be a player for this given the lack of balance in the floorplan/unit mix. I'm trying to wrap my head around who the fck would be able to stroke that size check and want to buy this type of asset.