Crowdstreet deal analysis

[Graham Dersley]

Can someone walk me through how to analyze a potential investment on a site like Crowdstreet?  For example, there is this deal available to invest in the adaptive reuse of a historic property:  https://app.crowdstreet.com/properties/kex-mp/

Target investor IRR is 20.1% but these numbers are optimistic projections, right?

Are we mainly looking at prior performance and the business plan of the developer?  For those of you with experience investing in these types of deals, what makes you choose one over another?