Tier · Compass
Market Discovery Layer
Compass
Real estate alpha does not live in the markets every fund already underwrites. It lives in the ones nobody bothered to model — the county where the supply pipeline collapsed, the MSA where institutional capital just fled, the submarket where infrastructure flipped on last quarter. Compass scans 3,143 US counties and 600+ international markets, by every asset class, against 5,000+ data sources, and surfaces the cells where institutional IRR is actually living. Not the consensus top twenty. The right one — for your asset class, your strategy, your mandate.
Every fund underwrites the same twenty markets. Alpha lives in the other three thousand.
Open any pension consultant's real-estate allocation memo, any broker's 2026 outlook deck, any fund's LP report. The same MSAs, in the same order, with the same Sun-Belt-good / Rust-Belt-bad narrative arc. Capital is herd-concentrated; the spread between the median bid in Phoenix multifamily and the second bid is a basis point, because every fund modelled the same comp set off the same broker call. The consensus markets are fully priced. They are not where the money is. The money is in the markets nobody underwrote — the county where the fundamentals shifted in February and the broker community has not yet caught up.
- Phoenix · multifamily~ 11.2% IRR
- Austin · multifamily~ 10.4% IRR
- Dallas-Fort Worth · MF~ 11.0% IRR
- Atlanta · industrial~ 8.9% IRR
- Tampa · multifamily~ 11.8% IRR
- Charlotte · multifamily~ 11.5% IRR
- Nashville · MF / industrial~ 10.6% IRR
- Miami · mixed-use~ 9.8% IRR
- … and twelve more, all clustered9 – 12%
- Lakeland-Winter Haven, FL multifamily · supply pipeline drought21.4% IRR
- Springfield, MO last-mile industrial · I-44 corridor18.6% IRR
- Iowa City, IA student housing · enrolment growth19.2% IRR
- Boise, ID self-storage · sqft-per-capita gap17.6% IRR
- Cheyenne, WY data center · transmission surplus24.1% IRR
- Bowling Green, KY BTR / SFR · auto-corridor wages17.1% IRR
- Sioux Falls, SD medical office · network expansion16.8% IRR
- Chattanooga, TN life sciences · UTC corridor18.4% IRR
- … 712 more alpha cells ranked & sourced
Every county, every asset class. The cells where IRR is actually living.
Compass evaluates every cell in the matrix — 3,143 US counties × the 20+ asset classes that fit each one — and ranks the universe by projected alpha spread vs comparable-risk benchmarks. Below: a sample of the live ranking. Twenty cells out of the 720+ above the institutional hurdle. Each rank-ordered, each with a measurable thesis, each within a fund’s reach today.
3,143 US counties multiplied by 20+ asset-class fits per county. Every cell scored on supply pipeline, demographic momentum, capital flows, regulatory catalysts, basis erosion, and cap-rate spread. Every cell traceable to the primary record that moved the score.
No top-N truncation, no “top 50 MSAs” shortcut, no pre-filtered universe. The whole country, all asset classes, every quarter. If a county shifts, the cell shifts. If a cell shifts, the ranking re-orders.
Add 600+ international markets across the UK, EU, GCC, LATAM, APAC — the same engine, in the same architecture. Alpha is global. The scan is global.
The Market Discovery Layer.
Compass is not a market report. Compass is a continuous engine. Every county is fingerprinted across hundreds of economic, demographic, regulatory, and capital dimensions. Every asset class is fitted to every county, scored on the alpha signals that matter for that asset class, and ranked against every comparable-risk benchmark on the platform. The output is a live, sourced, confidence-graded ranking of the cells where institutional IRR is mispriced — re-rank weekly, deep-rank monthly, signed at every cycle.
Five thousand feeds. Six families. Reconciled, normalised, signed.
The general-purpose model can read what Google indexed. Compass reads what the country actually publishes — primary feeds at county and tract granularity, subscription platforms institutional capital relies on, foreign-language registries, broker-restricted research, and the platform's own deal-flow record. Every feed normalised onto the same geographic spine. Every assumption traceable to the row it came from.
- US Census Bureau — ACS, Decennial, Building Permits Survey
- BLS — CES, QCEW, JOLTS, regional employment
- BEA — Regional GDP, Personal Income
- IRS Statistics of Income — county-to-county migration
- USPS Change-of-Address — net migration flows
- HUD CHAS & AHS — housing stock & affordability
- NCES — school & university enrolment
- State labour-market dashboards
- Commercial property data — full universe of comps & pipeline
- Submarket research feeds — submarket fundamentals
- Witten Advisors — multifamily forecasts
- Regional listing services — for-sale & rental listings
- KBRA, Morningstar DBRS — rated CMBS & CRE CLO
- MBA — mortgage origination & commercial debt
- Federal Reserve — Senior Loan Officer Survey
- FHFA — agency lending volumes
- SEC EDGAR — REIT 10-Q / 10-K extraction
- FCC — broadband deployment, gigabit availability
- USDOT & BTS — freight flows, highway, rail, port volume
- USACE — port traffic, lock & dam, waterway
- EIA — power capacity, transmission, electricity prices
- FAA — passenger & cargo throughput, runway data
- EPA Envirofacts — environmental hazard registries
- USDA — agricultural yield, water & soil
- State DOTs — capex pipelines
- County recorders & tax assessors
- Building permits at jurisdiction level — BPS & municipal
- Planning & zoning records — recent amendments & pending
- Local broker bulletins & primary listings
- Court filings — foreclosure, lis pendens, probate
- Council minutes — TIF, OZ, abatement actions
- Public-utility filings — capacity & rate cases
- Regional trade press & primary research
- FRED — full regional macro indicator universe
- BEA Regional — international, trade, FX
- IMF, World Bank — country-level macro
- OECD — labour & demographic comparators
- Eurostat — EU regional NUTS data
- Statistics agencies — UK ONS, DE Destatis, FR Insee, etc.
- UAE Statistics, Saudi GASTAT — GCC primary feeds
- Global research
Alpha is not a vibe. It is a measurable shift the consensus has not yet integrated.
A market is alpha when its fundamentals have moved and its pricing has not. Compass scores every cell against eight families of signal — the ones with calibrated historical correlation to forward IRR. No story-telling, no narrative arcs, no “Sun-Belt good” heuristics. Just measurable shifts, ranked.
- Pipeline drought — units / sqft permitted vs absorption
- Pre-leasing & pre-sale velocity
- Construction starts — quarterly delta
- Land entitlement supply at submarket level
- Replacement-cost basis vs trading basis
- Days-on-market & concession trends
- Net in-migration — IRS & USPS reconciled
- Employment & wage growth — QCEW & CES
- Household formation rate
- Age-cohort momentum (key cohort per asset class)
- Educational attainment shift
- Income-distribution thickening at target tier
- Institutional bid & ask volume — RCA
- Capital-flight signals — net divestment
- Loan origination & refinancing volume — MBA
- Private-market vs public-market spread
- Sponsor concentration (mispriced when low)
- Foreign-capital flow vs domestic
- New port, rail, fiber, transmission capacity
- University & research-corridor expansion
- Federal IRA / CHIPS allocation — county-level
- State DOT capex pipeline
- Airport throughput delta
- Power capacity & transmission availability
- Recent zoning amendments enabling density
- OZ designation & clock status
- Tax abatement & TIF programmes
- Rent-control / rent-stabilisation overlays
- Permitting-velocity delta
- Insurance-market regulatory action
- Trading basis vs replacement cost
- Land basis vs development RLV
- Existing-asset NOI vs stabilised pro-forma
- Discounted-distress sales as % of volume
- Sponsor-distress signals
- Refinancing-wall exposure
- Cap-rate vs comparable-risk benchmark
- Spread to 10-yr Treasury — historical band
- Implied risk-premium vs realised volatility
- REIT public-market dislocation signal
- Cross-asset spread anomaly
- FX-adjusted spread for cross-border
- Major employer announcements — relocations & expansions
- Anchor-tenant moves at corridor level
- SEC filings — corporate footprint shifts
- State-incentive deal flow
- Logistics & e-commerce node migration
- Health-system & university expansion plans
- Eight signals weighted per asset class
- Mandate weights overlaid per fund
- Confidence grade per cell
- Volatility-adjusted alpha spread
- Historical-back-test calibration
- IC-defensibility threshold
Five markets the consensus deck did not feature. Five trades it should have.
Five live cells from the platform — each begins with the consensus pitch the analyst desk would have written, and ends with the cell Compass surfaced and ranked. Different asset class, different geography, same engine, same scoring axes, same primary-source attribution. Alpha is repeatable when the scan is rigorous.
Lakeland-Winter Haven, FL · Polk County · projected IRR vs Tampa
Cheyenne, WY · Laramie County · projected IRR vs Northern Virginia
Iowa City, IA · Johnson County · projected IRR vs Big-10 average
El Paso, TX · El Paso County · projected IRR vs national industrial
Erie, PA · Erie County · projected IRR vs PA cold-storage
Click any cell. See the eight scores. See the data that moved them.
Compass does not return a top recommendation and ask for trust. It returns the entire ranked universe, the score on every alpha axis per cell, the inputs that drove the score, and the source for every input. Walk into IC with the rationale already attached.
A consensus deck describes the past. Compass scores the present.
A live, ranked map of where alpha is — for your asset class, your mandate, your geography.
3,143 US counties
Every administrative geography in the country, every release cycle, at the granularity primary records publish — not just the famous twenty.
600+ international markets
UK, EU, GCC, LATAM, APAC. Same engine, same eight axes, same source-attribution standard. The country borders are not the boundary.
Every asset class fitted
62,860+ cells per US cycle. Every asset class scored against every county that fits — from multifamily to data centers to IOS to land.
Eight alpha-signal axes
Supply, demographic, capital, infrastructure, regulatory, basis, cap-rate, employer migration. Each axis calibrated to historical IRR correlation.
Live data stack
5,000+ feeds — primary, subscription, foreign-language, broker-restricted, platform-internal. Reconciled to the same geographic spine.
Submarket drilldown
The county is the entry. Compass drills to the corridor, tract, catchment — the specific place inside the county where the trade actually clears.
Spread vs benchmark
Every cell ranked by spread to a comparable-risk institutional benchmark — not absolute IRR. Risk-adjusted, volatility-aware, mandate-tuned.
Confidence per cell
Every ranking signed with a defensibility grade. Below threshold, the cell is flagged for human attention before it reaches the IC memo.
Trained on your mandate
Your hurdle rates, your asset-class focus, your geographic constraints, your prior committee decisions. The ranking gets sharper for your taste.
The geographic layer of your underwriting stack.
Compass does not run in isolation. It is the entry point to the platform. The cells it surfaces feed Heavy — every winning market gets its institutional-grade pro-forma. They feed Plays — the strategy & risk discovery layer runs every applicable play on every cell. They feed Scout — once a market is ranked, Scout drills it for off-market deal flow. They feed Light — the 30-minute screen runs at speed against the cell-of-record.
What you receive is not a research deck. It is a live geographic engine that runs across your entire pipeline — quietly, continuously, refreshed on every cycle — and brings the cell where alpha is actually living to the top of your inbox before the broker community has written its first piece on the market.
The flow: Compass picks the market → Plays picks the strategy → Heavy underwrites the asset → Scout sources the deal. Four layers, one engine, one library, one signature. The full pipeline, end-to-end, from country to closing.
Sharper signals. Faster cycles. Wider geography.
Alpha moves at the speed of data, not deck cycles.
Today: weekly delta, monthly deep re-rank. 2026: daily delta, weekly deep re-rank. When the BLS releases QCEW Tuesday morning, the affected cells re-rank by Tuesday afternoon. Alpha is a moving target; the scan moves with it.
The cell is the market. The deal is the closing.
Once a cell ranks, Compass-2026 surfaces the specific assets trading or pre-trading in that cell — sponsor profile, broker channel, off-market signals, recent comps. The market scan and the deal-flow scan, fused.
Every alpha call, replayed against the tape.
Every cell Compass has ever ranked, replayed against actual subsequent IRRs and capital flows. Calibration in the open. Models retrained on what the platform got right and what it got wrong. The case for the next call is the track record of the last hundred.
The same eight axes, in 600+ markets.
UK localised by LSOA, Germany by Stadtbezirk, France by IRIS, GCC by emirate, Japan by chōme. Same primary-feed standard, same submarket-drilldown architecture, same alpha-spread benchmarking. Cross-border alpha at the same precision as domestic.
Twenty markets is not a research universe. It is a default.
Compass is the market discovery layer of the Titleman platform. 3,143 counties, 600+ international markets, every asset class, eight alpha-signal axes, 5,000+ data feeds. The same engine that powers Heavy, Plays, and Scout — pointed, in this layer, at every market on Earth. We deploy alongside one investment platform at a time, configured to your mandate.
Compass is included in every Heavy mandate. Available standalone for institutions running their own underwriting stack. Onboarding includes ingestion of your mandate, asset-class focus, geographic constraints, and prior committee decisions. Typical deployment, four to six weeks.
Bring us a deal you already closed
We run it through Titleman and show your team the finished work next to their own.