(This is not a knock on people who went to private school lol, just a demonstration showing how your environment can affect your perception - which is ok, and actually a good thing for you to be able to determine what makes sense to invest for you!)

@Ken Mull, a hostile rental environment is certainly a reason to change your intent. 

The shift in rate environment could also accelerate the luxury STR market as inventory is exceedingly low and jumbo rates have fallen precipitously. 

To do a clean BRRRR in today's interest rate and highly competitive environment is very difficult.

Stocks-  we are very uncomfortable with the economic environment.  

In today's fast-paced real estate environment, having a flexible strategy is key to growth.

The regulatory environment is also a key factor for me as a first-time investor. 

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).

However, this time, with stronger financial backing, the family is hoping to regain control and potentially monetize their 350 locations, including the flagship Seattle store and Nordstrom Rack outlets.The outcome remains uncertain, but this bold move could shape Nordstrom’s future in a challenging retail environment.

This structure explains why institutional players dominate - they likely have the capital, connections, and infrastructure to operate effectively in such an environment.