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Risk and Private Real Estate Investments

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  • Roger Brown

Abstract

Executive Summary. The reason investors purchase individual properties is not well understood. The purchase of a parcel of real property comes with burdens peculiar to real estate. A close look at the activities of private investors discloses that they take advantage of the combination of ownership and control in ways that can affect the investment outcome. A similar influence, absent a controlling interest, is not available in securities markets. This study presents a theoretical model for why some investors self-select into a market in which they can combine entrepreneurial labor with their capital, resulting in a unique mix of determinism and probability.

Suggested Citation

  • Roger Brown, 2004. "Risk and Private Real Estate Investments," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 10(2), pages 113-127, January.
    • Handle: RePEc:taf:repmxx:v:10:y:2004:i:2:p:113-127
    DOI: 10.1080/10835547.2004.12089698
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    Cited by:

    1. Fabrice Barthelemy & Jean-Luc Prigent, 2011. "Real Estate Portfolio Management : Optimization under Risk Aversion," THEMA Working Papers 2011-12, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    2. Fabrice Barthélémy & Jean-Luc Prigent, 2009. "Optimal Time to Sell in Real Estate Portfolio Management," The Journal of Real Estate Finance and Economics, Springer, vol. 38(1), pages 59-87, January.
    3. Charles-Olivier Amédée-Manesme & Michel Baroni & Fabrice Barthélémy & Mahdi Mokrane, 2015. "The impact of lease structures on the optimal holding period for a commercial real estate portfolio," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 33(2), pages 121-139, March.
    4. Charles-Olivier Amédée-Manesme & Michel Baroni & Fabrice Barthélémy & Mahdi Mokrane, 2015. "The impact of lease structures on the optimal holding period for a commercial real estate portfolio," Journal of Property Investment & Finance, Emerald Group Publishing, vol. 33(2), pages 121-139, March.

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